Hi,
I used TurboTax, and it seems that my long term capital gain from stocks are taxed at 24%. I understand that long term capital gain is bracketed, but I couldn't find the info. I need this for future tax planning purpose.
Thank you.
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@ ncknck
I also added some info above and an article about the 3.8% Net Investment Income Tax, if you are a higher-income filer subject to it. Any NIIT can be reviewed on Form 8960.
Also to see how TurboTax calculated your tax, it likely used the Qualified Dividend and Capital Gain Tax Worksheet. You can review that worksheet.
Long-term capital gains can be taxed at 0 % (lower income filers), 15%, or 20%. There are a few exceptions for less-common assets. See the info and chart in this article:
Also, are you a higher-income filer subject to an additional 3.8% Net Investment Income Tax (NIIT)?
@ ncknck
I also added some info above and an article about the 3.8% Net Investment Income Tax, if you are a higher-income filer subject to it. Any NIIT can be reviewed on Form 8960.
Also to see how TurboTax calculated your tax, it likely used the Qualified Dividend and Capital Gain Tax Worksheet. You can review that worksheet.
Thank you so much! I really appreciate it!
You're welcome. Good luck.
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