turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Our Community is moving to a new platform on June 8th! Read more here!!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

royalties

i sold rights  what is tax rate on profits (over 6figger)if i make less than 40,000 per yr in income  single.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
BillM223
Expert Alumni

royalties

It appears that selling copyrights of articles produced by you is considered ordinary income to you. You might review this blog article by a law firm that specializes in this type of law.

 

The tax rate will depend on how much income you end up with (6 figures covers a lot of ground) and your filing status. You will have to add your income from the sale to your other income and subtract your Standard Deduction (if that's what you use), to get at your taxable income.

 

Take a look at TurboTax's Tax Bracket Calculator to get an idea of what your tax rate will be.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question