Tax question

[wanaberetiree]

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?

 

[FIREd]

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%.

 

[wanaberetiree]

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?

 

[FIREd]

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.