topic We made $87,00 last year in addition we sold stock netting us $30,000 Given a standard deductible of $27,500 does this mean we pay zero capital gains tax? in Get your taxes done using TurboTax

We made $87,00 last year in addition we sold stock netting us $30,000 Given a standard deductible of $27,500 does this mean we pay zero capital gains tax?

sandraahaus — Mon, 23 Feb 2026 11:03:24 GMT

Re: We made $87,00 last yearin addition we sold stock netting us $30,000Given a standard deductible of $27,500 does this mean we pay zero capital gains tax?

DoninGA — Fri, 06 Jan 2023 17:55:14 GMT

Your tax liability on Line 16 of the Form 1040 will be calculated using the Qualified Dividends and Capital Gain Tax Worksheet for the amount of taxable income on Line 15 of the Form 1040.

IRS Form 1040 Instructions QDCG Worksheet page 36 - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=36

This assumes the holding period for the stock sale was long term.

Re: We made $87,00 last yearin addition we sold stock netting us $30,000Given a standard deductible of $27,500 does this mean we pay zero capital gains tax?

Mike9241 — Fri, 06 Jan 2023 17:52:03 GMT

no because the capital gain adds to your taxable income and from that the "threshold" is subtracted, to compute the tax on capital gain

not sure what year you're referring to or how you arrived at that standard deduction

anyway using your figures you have $89,500 of taxable income

from that the threshold (2022) of about $83,500 would be subtracted leaving taxable capital gains of about $6000 taxed at 15% =$900

this also assumes the entire $30K of capital gain is long-term. short term is taxed like other ordinary income

the above numbers are approximate and used for simplicity.

Re: We made $87,00 last yearin addition we sold stock netting us $30,000Given a standard deductible of $27,500 does this mean we pay zero capital gains tax?

VolvoGirl — Fri, 06 Jan 2023 18:00:45 GMT

For 2022 the standard deduction amounts are:

Single 12,950 + 1,750 for 65 and over or blind (14,700)

HOH 19,400 + 1,750 for 65 and over or blind (21,150)

Joint 25,900 + 1,400 for each 65 and over or blind (27,300/28,700)

Married filing Separate 12,950 + 1,400 for 65 and over or blind (14.350)