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Get your taxes done using TurboTax
Is your taxable income all from long-term gains? If you held on to your stock for more than one year, it’ll be taxed at the long-term capital gains tax rates of 0%, 15% or 20%, depending on your income. Look at your Form 1040/1040SR Wks - worksheet, under Line 15, Tax Smart Worksheet, what line is the X on? That is where you can see how the $0 was determined.
Do I need to file a federal tax return? You probably do need to file, but check this chart and the list of situations that require filing. The numbers are gross income, not taxable income.
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February 20, 2024
1:15 PM