https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/planning-for-2021-taxes-trying-to-find-out-if-my-only-income-is-social-security-and-i-sell-stock-do/01/2066889#M67074 Social security under 25,000 Fri, 12 Mar 2021 08:48:28 GMT redpj720 2021-03-12T08:48:28Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/planning-for-2021-taxes-trying-to-find-out-if-my-only-income-is-social-security-and-i-sell-stock-do/01/2066889#M67074 Social security under 25,000 Fri, 12 Mar 2021 08:48:28 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/planning-for-2021-taxes-trying-to-find-out-if-my-only-income-is-social-security-and-i-sell-stock-do/01/2066889#M67074 redpj720 2021-03-12T08:48:28Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-planning-for-2021-taxes-trying-to-find-out-if-my-only-income-is-social-security-and-i-sell-s/01/2070877#M67171 <P>You will have capital gains if you sell stock at a gain. However, you may not owe any tax on the capital gains, as they are not taxable if you are in a low federal income tax bracket.</P> Sat, 13 Mar 2021 00:48:21 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-planning-for-2021-taxes-trying-to-find-out-if-my-only-income-is-social-security-and-i-sell-s/01/2070877#M67171 ThomasM125 2021-03-13T00:48:21Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-planning-for-2021-taxes-trying-to-find-out-if-my-only-income-is-social-security-and-i-sell-s/01/3406205#M116685 <P>Unsure as if tax owed when social security income under $23k and profit from stock sale will be $25k.</P> Sat, 07 Dec 2024 02:20:34 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-planning-for-2021-taxes-trying-to-find-out-if-my-only-income-is-social-security-and-i-sell-s/01/3406205#M116685 Toyota22 2024-12-07T02:20:34Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-planning-for-2021-taxes-trying-to-find-out-if-my-only-income-is-social-security-and-i-sell-s/01/3406378#M116690 <P><a href="https://ttlc.intuit.com/community/user/viewprofilepage/user-id/5641995">@Toyota22</a>&nbsp;You have not mentioned your filing status.</P> <P>&nbsp;</P> <P>&nbsp;</P> <P>You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.</P> <P>&nbsp;</P> <P>Who has to file?</P> <P><SPAN><A href="http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F" target="_blank">http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F</A></SPAN></P> <P>&nbsp;</P> <P>&nbsp;</P> Sat, 07 Dec 2024 18:01:20 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-planning-for-2021-taxes-trying-to-find-out-if-my-only-income-is-social-security-and-i-sell-s/01/3406378#M116690 xmasbaby0 2024-12-07T18:01:20Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-planning-for-2021-taxes-trying-to-find-out-if-my-only-income-is-social-security-and-i-sell-s/01/3406624#M116693 <P><SPAN>Q. Unsure as if tax owed when social security income under $23k and profit from stock sale will be $25k?</SPAN></P> <P><SPAN>A. You will not owe any income tax, but you are required to file an income tax return.</SPAN></P> <P>&nbsp;</P> <P><SPAN>The capital gain raises you total income past the filing threshold, but the amount is still within the 0% long term capital gain rate bracket.</SPAN></P> Sun, 08 Dec 2024 14:47:57 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-planning-for-2021-taxes-trying-to-find-out-if-my-only-income-is-social-security-and-i-sell-s/01/3406624#M116693 Hal_Al 2024-12-08T14:47:57Z