If we only have 30000 of ss income, but a lt capital gain of 80000, what rate is my capital gain taxed at?

Forum|Forum|4 years ago
February 13, 2022
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xmasbaby0

Level 15

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DanaB27

Level 15

It depends on your filing status and if these were long-term capital gains (held longer than one year).

If they were long-term capital gains some of it will be taxed at 0% for taxable income is less than or equal to $40,400 for single or $80,800 for married filing jointly or qualifying widow(er).

The rest will have a capital gain tax rate of 15% applies if your taxable income is more than $40,400 but less than or equal to $445,850 for single; more than $80,800 but less than or equal to $501,600 for married filing jointly or qualifying widow(er); more than $54,100 but less than or equal to $473,750 for head of household or more than $40,400 but less than or equal to $250,800 for married filing separately.

The tax will be calculated on the Qualified Dividends and Capital Gain Tax worksheet. TurboTax will automatically calculate this for you.

If they were short-term capital gains then your regular income tax rate applies.

Please be aware, part of your SS income will become taxable because of your increased income. Please see Is my Social Security income taxable?

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