Capital Gain Rates

Dividends & Long Term Capital Gains - Qualified Tax Rate for 2016

Asked Sunday, January 15, 2012 by an anonymous user

CPA Answer:

The rate for Individuals whose other taxable income is in the 10% or 15% bracket pay no tax on their qualified dividend’s in 2013. The rate is 15% for Individuals whose other taxable income exceeds the 15% bracket and are in the 25% or 28% or 33% or 35% bracket. The rate is 20% for Individuals whose other taxable income is in the 39.6% bracket.
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Mileage Rate Deductions

Standard Mileage Rates - 2013

Asked Sunday, January 15, 2012 by an anonymous user

CPA Answer:

Business       56.5 cents per mile
Charitable       14 cents per mile
Medical and Moving     24 cents per mile
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Roth IRAs

Roth IRA Phaseout of Deduction for 2013 and 2014

Asked Sunday, January 15, 2012 by an anonymous user

CPA Answer:

In 2016, the AGI phase-out range for taxpayers making contributions to a Roth IRA is $184,000 to $194,000 for married couples filing jointly, up from $183,000 to $193,000 in 2015.
For singles and heads of household, the income phase-out range is $117,000 to $132,000, up from $116,000 to $131,000.
For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
In 2015, the AGI phase-out range for taxpayers making contributions to a Roth IRA is $183,000 to $193,000 for married couples filing jointly, up from $181,000 to $191,000 in 2014.
For singles and heads of household, the income phase-out range is $116,000 to $131,000, up from $114,000 to $129,000.
For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
In 2014, For the filing status of: Married Filing Jointly AGI Phase-out range = $181,000 - $191,000
For the filing status of: Single AGI Phase-out range = $114,000 - $129,000
For the filing status of: Married filing Separately AGI Phase-out range = 0 - $10,000
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Capital Gain Rates

Long Term Capital Gains (greater than a year) Rates

Asked Sunday, January 15, 2012 by an anonymous user

CPA Answer:

Long term rates apply to gains from the sale of capital assets such as stock that you held for MORE than one year.
Long-term gains and qualified dividends are taxed at;
0% if taxable income falls in the 10% or 15% marginal tax brackets 15% if taxable income falls in the 25%, 28%, 33%, or 35% marginal tax brackets 20% if taxable income falls in the 39.6% marginal tax bracket 25% on Depreciation Recapture 28% on Collectibles 28% on qualified small business stock after exclusion
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Capital Gain Rates

Short Term Capital Gains ( less than a year)

Asked Sunday, January 15, 2012 by an anonymous user

CPA Answer:

Short term capital gains are taxed at ordinary income rates.
However, you can offset short term capital gains with long term and short term capital losses and any capital losses carried over from previous years that you did not use.
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Exemptions Personal 2016

Personal Exemptions 2016

Asked Sunday, January 15, 2012 by an anonymous user

CPA Answer:

Every taxpayer is entitled to this deduction for themselves, spouse and each of their dependents. For the year 2016 there is a phase-out of this deduction.
The Phase-outs are:Single $259,400 to $381,900
MFJ and surviving spouses $311,300 to $433,800
MFS $155,650 to $216,900
Head of Households $285,350 to 407,850.
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Kiddie Tax

Kiddie Tax

Asked Thursday, January 12, 2012 by an anonymous user

CPA Answer:

First $1,000 = no tax
Next $1,000 taxed at child's rate
Amounts over $2,000 taxed at parents marginal rate
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Alternative Minimum Tax

Alternative Minimum Tax - Tax Rates - 2013

Asked Thursday, January 12, 2012 by an anonymous user

CPA Answer:

All filing status's except MFS
AMT taxable income between $0 and $179,500 = 26%
AMT taxable income greater than $179,500 = 28%
filing status of MFS:
AMT taxable income between $0 and $89,750 = 26%
AMT taxable income greater than $87,500 = 28%
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Capital Gains & Losses

Capital Gains Tax Rates -2013

Asked Thursday, January 12, 2012 by an anonymous user

CPA Answer:

If your tax bracket = 10% or 15%, the Short Term Capital Gain is taxed at ordinary income rates, Long Term Capital Gains and Qualifying Dividends tax rate = 0%
If tax bracket = greater than 15%, the Short Term CG taxed at ordinary rates Long Term CG and Qualifying Dividends tax rate = 15%
For 2013: ATRA, extends the current capital gains and dividends rates on income at or below $400,000 (individual filers), $425,000 (heads of households), and $450,000 (married filing jointly) for tax years beginning after December 31, 2012.
For income in excess of $400,000 (individual filers), $425,000 (heads of households) and $450,000 (married filing jointly), the rate for both capital gains and dividends is 20 percent. .
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Taxes - My Tax Return

Capital Gains Tax Rates

Asked Thursday, January 12, 2012 by an anonymous user

CPA Answer:

If tax bracket = 10% or 15% the Short Term CG taxed at ordinary rates Long Term CG and Qualifying Dividends tax rate = 0% If tax bracket = greater than 15% the Short Term CG taxed at ordinary rates Long Term CG and Qualifying Dividends tax rate = 15%
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