Calculating the tax on capital gains is a complicated affair, and this video attempts to break down the process step-by-step, using the Qualified Dividends and Capital Gains Worksheet. Warning: lots of number manipulation here. Of course, these calculations are just about always done by computer, except by geeky masochists like myself.
2023 UPDATE:
Capital Gains Rates MAGI thresholds for 2023:
0%: less than $44,625 (S), $89,250 (MFJ, QSS), $59,750 (HOH)
15%: $44,626 - $492,300 (S), $89,251 - $553,850 (MFJ, QSS), $59,751 - $523,050 (HOH)
20%: over $492,300 (S), $553,850 (MFJ, QSS), $523,050 (HOH)
To make sense of this video, it helps to have watched the original video I made on capital gains. Click here to see it: • What is a Capital Gain? (and how are ...
Additional information and resources:
"Instructions for Form 1040 and 1040SR" (this includes the Qualified Dividends and Capital Gains Worksheet). https://www.irs.gov/pub/irs-pdf/i1040...
IRS Publication 550: "Investment Income and Expenses": https://www.irs.gov/pub/irs-pdf/p550.pdf
"2020-2021 Capital Gains Tax Rates--and How to Calculate your Bill" https://www.nerdwallet.com/article/ta...
The Tax Geek on The Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library
Background and Outro Music: George Street Shuffle, Kevin McLeod, http://incompetech.com via YouTube Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice for individual situations. If you have questions regarding your particular tax situation, please check out the resources below, or consult with a qualified tax professional.
The information in this video is based on tax law and IRS regulations in place when this video was published.
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