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Re: ChillinZX post# 74272

Wednesday, 08/30/2017 2:57:32 PM

Wednesday, August 30, 2017 2:57:32 PM

Post# of 138022
That depends. Short term cap gains are 20% (selling a stock in less than 365 days). I'm gonna go out on a limb here and politely say you're in the 28% marginal tax bracket. So right there, you're at 48%...now add your state tax...you could be almost at 55%!!!

$100 = ~$45... Uncle Sam always wins!

Good luck, and always save some loot for the taxman.

OTTV$$$

UPDATED: I just re-read your post. With 4 dependents, you're probably in the 25% or less tax bracket, because if you're getting $6K back, you're income doesn't exclude your participation of child tax credits...

Not a tax guy, but I learned I cannot take advantage of that based on my income bracket... good luck again...