Ready
Thinks s/he gets paid by the post
I'm a bit confused about the new tax rules and I have not been able to find a calculator on the internet that helps me to plan for my 2018 tax liability. I'm no longer working so I will have no earned income, but I will have $55K in capital gains and $7K in interest.
I know the interest is taxed as ordinary income but the gains should be taxed at the lower CG rates.
I file married filing separately, so I think my standard deduction is $12K, which leaves me a net of $50K in income. But this is where I get confused on how to calculate the estimated taxes.
I know the taxes rates on CG's are 0% up to about $38K, but since I'm over, how do I calculate the estimated taxes?
I know the interest is taxed as ordinary income but the gains should be taxed at the lower CG rates.
I file married filing separately, so I think my standard deduction is $12K, which leaves me a net of $50K in income. But this is where I get confused on how to calculate the estimated taxes.
I know the taxes rates on CG's are 0% up to about $38K, but since I'm over, how do I calculate the estimated taxes?