walkinwood
Thinks s/he gets paid by the post
We are ER'd. Our "income" from interest and non-qualified dividends is very low - way below the standard deduction. Our AGI this year, which is mainly long-term capital gains, will put us squarely into the 25% bracket.
I can't figure out how deductions (standard or itemized deduction + personal exemptions + HSA contrib) work. I know that they reduce taxable "income", but do they reduce taxable cap gains?
Can someone explain this to me or point me to a good tutorial? Thanks.
I know I can model this in Turbotax, but I'd like to understand the mechanisms at work.
Thanks.
I can't figure out how deductions (standard or itemized deduction + personal exemptions + HSA contrib) work. I know that they reduce taxable "income", but do they reduce taxable cap gains?
Can someone explain this to me or point me to a good tutorial? Thanks.
I know I can model this in Turbotax, but I'd like to understand the mechanisms at work.
Thanks.
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