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State tax filing
On your federal tax return, long-term capital gain will not push your ordinary income into a higher tax bracket.
The tax rate on your long-term capital gain is determined by your total taxable income, including the long-term gain.
In your example, some of the long-term capital gain will be taxed at the 15% rate because your total taxable income, including the capital gain, will be more than $89,250. But you have to calculate your taxable income. Taxable income is your total income minus adjustments (if any) and either itemized deductions or the standard deduction. We can't calculate the tax because you have not given enough information to calculate the taxable income.
‎December 13, 2023
7:55 PM
4,207 Views