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I have no income for the whole year (do not work). Do I have to pay the capital gains tax on stocks?

 
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2 Best answer

Accepted Solutions
Hal_Al
Level 15

I have no income for the whole year (do not work). Do I have to pay the capital gains tax on stocks?

Yes and no.

You have to report the capital gain, if it was more than $12,000* (a single person's filing threshold).  If the gain was less than $50,700, and is a long term gain, you will not pay any tax as long term capital gains (LTCG) are taxed at 0% for people in the lower tax brackets.

 

* The numbers  are different for people  who can be claimed as a dependent by someone else.  The filing threshold is $1050 and tax will be due on a LTGC greater than $39,750.

 

Those numbers assume you have no other reportable income.

View solution in original post

Hal_Al
Level 15

I have no income for the whole year (do not work). Do I have to pay the capital gains tax on stocks?

You pay 15% on $49,300.

TurboTax will show the tax calculations on the "Qualified Dividends and Capital gains worksheet"

View solution in original post

4 Replies
Hal_Al
Level 15

I have no income for the whole year (do not work). Do I have to pay the capital gains tax on stocks?

Yes and no.

You have to report the capital gain, if it was more than $12,000* (a single person's filing threshold).  If the gain was less than $50,700, and is a long term gain, you will not pay any tax as long term capital gains (LTCG) are taxed at 0% for people in the lower tax brackets.

 

* The numbers  are different for people  who can be claimed as a dependent by someone else.  The filing threshold is $1050 and tax will be due on a LTGC greater than $39,750.

 

Those numbers assume you have no other reportable income.

I have no income for the whole year (do not work). Do I have to pay the capital gains tax on stocks?

Thank you for you respond.

 

Unfortunately I have to pay the tax on long term gain.

 

Let's say I have $100,000 in long term gain.

Do I pay 15% on the $100K or $49,300 ($100,000 - $50,700)?

 

 

Hal_Al
Level 15

I have no income for the whole year (do not work). Do I have to pay the capital gains tax on stocks?

You pay 15% on $49,300.

TurboTax will show the tax calculations on the "Qualified Dividends and Capital gains worksheet"

I have no income for the whole year (do not work). Do I have to pay the capital gains tax on stocks?

Thank you!

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