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ATme5
New Member

Why am I being taxed on Capital gains of $22,771. When under $48,000 is tax free?

 
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3 Replies

Why am I being taxed on Capital gains of $22,771. When under $48,000 is tax free?

What is your taxable income on line 15 of your 1040?

ATme5
New Member

Why am I being taxed on Capital gains of $22,771. When under $48,000 is tax free?

 
MayaD
Expert Alumni

Why am I being taxed on Capital gains of $22,771. When under $48,000 is tax free?

Short-term capital gains are taxed as ordinary income according to federal income tax brackets.

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