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Tax question
Old 02-23-2013, 07:29 PM   #1
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Tax question

I was under impression that in 2012 capital gains are %15, but I think I was wrong, so I am looking for smart people advise.

Say you had income ~100K in 2012 and you also had ~300K in long term capital gains.

How much roughly you should pay in taxes to the Fed and say California?
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Old 02-23-2013, 08:22 PM   #2
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Assuming you take the standard deduction, Taxcaster says you would owe $71K in Federal income tax if you are single, and about $67K if you are married filing jointly (you'd be in AMT territory).

I don't have an estimate for California but CA taxes long term capital gains the same as regular income. Looks like most of your $400K income would be taxed at 9.3%.
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Old 02-23-2013, 08:27 PM   #3
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Originally Posted by FIREd View Post
Assuming you take the standard deduction, Taxcaster says you would owe $71K in Federal income tax (AMT) if you are single, and about $67K if you are married filing jointly.
Nice and plus state I assume? Does it make sense to you?
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Old 02-23-2013, 08:31 PM   #4
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Nice and plus state I assume? Does it make sense to you?
I edited my previous post to add some info regarding state taxes.

Once we get in AMT territory, not much makes sense to me anymore to be honest.
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