Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-05-2021, 05:46 PM
Junior Member
 
Join Date: Nov 2014
Posts: 5
Taxes owed on capital gains

Do I pay the total percentage on capital gains, or is it calculated like income where it is staged. For example, if I make $65Kin income. I'm looking at a tax table for long-term capital tax rates that says the rate is 0% for incomes up to $53,600, and 15% for incomes from $53,600 to $469,050. The question is, do I pay 15% on the whole $65K, or do I pay 0% on the first $53,600 and 15% on the remaining $11,400?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-11-2021, 11:16 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by derohanes View Post
Do I pay the total percentage on capital gains, or is it calculated like income where it is staged. For example, if I make $65Kin income. I'm looking at a tax table for long-term capital tax rates that says the rate is 0% for incomes up to $53,600, and 15% for incomes from $53,600 to $469,050. The question is, do I pay 15% on the whole $65K, or do I pay 0% on the first $53,600 and 15% on the remaining $11,400?
you need to use your purchase and sale information to complete Form 8949 of so you can report your gains and losses on Sch D of 1040/the Qualified Dividends and Capital Gain Tax Worksheet and then transferred to line 13 of Form 1040.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Filing married jointly- without husband seeing all my taxes owed? nikelle44 For 2016 0 08-09-2017 01:22 PM
Taxes owed on bank account inheritance? Silber101 Income 2 07-06-2017 01:02 AM
Amended return Owed taxes????? oromero910 Estimated Taxes 1 10-18-2016 01:57 AM
Company merger, taxes owed? Kier For 2014 2 10-13-2015 06:22 PM
Do I report capital gains if taxes were already withheld? Taxed-Out Capital Gains 1 04-15-2011 10:40 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.