- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
there is only one scenario. you simply add the short term gain to your wages. You never stated whether you are single or married, but I will assume marreid
1) your wages are $100,000 and add to that the hypothical the $218,000 profit = $318,000 of adjusted gross income.
2) Then subtract the standard deducton of $25,900 leaves taxable income of $292,100.
3)if you look below, adding $218,000 means some of it is taxed at 12%, some at 22% and the rest at 24%
(Single) (Married Filing Jointly)
10% | Up to $10,275 | Up to $20,550 |
12% | $10,276 to $41,775 | $20,551 to $83,550 |
22% | $41,776 to $89,075 | $83,551 to $178,150 |
24% | $89,076 to $170,050 | $178,151 to $340,100 |
32% | $170,051 to $215,950 | $340,101 to $431,900 |
35% | $215,951 to $539,900 | $431,901 to $647,850 |
37% | Over $539,900 | Over $647,850 |
‎August 9, 2022
5:50 PM