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What line on my Form 2024 IRS1040 is the income used in determining my long term capital gain tax bracket?

 
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MinhT1
Expert Alumni

What line on my Form 2024 IRS1040 is the income used in determining my long term capital gain tax bracket?

The long term capital gain tax rates are based on your taxable income on line 15 of form 1040.

 

Long term capital gains are taxed at 0% if your taxable income is less than $47,025 for Single or MFS or less than $94,050 for MFJ..

 

However, long term capital gains are included in your taxable income for the calculation of these thresholds, and that part of long term gains which crosses over $47,025 (Single or MFS) or $94,050 (MFJ) is taxed at 15%. For taxable incomes over $518,900 (Single); $291,850 (MFS) or $583,750 (MFJ). The long-term capital gain tax rate is 20%.

 

Please read this IRS document for more information.

 

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