Curmudgeon
Recycles dryer sheets
- Joined
- Oct 17, 2016
- Messages
- 255
Trying to do some tax planning for 2017. Had a question about taxation of different classes of income.
Let's say in 2017 (married filing jointly) I have 20K of wage and other normally-taxable income, plus 50K of LTCG & Qualified Dividends. I have 19K of exemptions and itemized deductions. Am I correct to assume:
AGI = 70K
Taxable income = 70K - 19K = 51K (So, 15% tax bracket, and 0% on LTCG & QD)
Tax: I can claim that 50K of the 51K is 0% tax, so my total tax would be 15% of the 1K that is wages?
Let's say in 2017 (married filing jointly) I have 20K of wage and other normally-taxable income, plus 50K of LTCG & Qualified Dividends. I have 19K of exemptions and itemized deductions. Am I correct to assume:
AGI = 70K
Taxable income = 70K - 19K = 51K (So, 15% tax bracket, and 0% on LTCG & QD)
Tax: I can claim that 50K of the 51K is 0% tax, so my total tax would be 15% of the 1K that is wages?