Friday, December 09, 2022 10:01:44 AM
If you earn income less that $41,675.00 a year, you are in the 0% Long Term Capital gain tax bracket, That DOES NOT INCLUDE MONEY YOU MADE TRADING!!
Read the article I posted. That explains it.
https://www.cnbc.com/amp/2022/02/08/heres-how-much-you-can-make-and-still-pay-0percent-in-capital-gains-taxes.html
Your long term capital gain tax rate is based on how much money you earn, not on how much money you earn in stock transactions. Only your earned income after deductions.
You may qualify for the 0% long-term capital gains rate for 2021 with taxable income of $40,400 or less for single filers and $80,800 or less for married couples filing jointly.
You calculate taxable income by subtracting the greater of the standard or itemized deductions from your adjusted gross income.
Do not figure the money you make in the stock market as earned income. That’s capital gain, either short term capital gain or long term capital gain. It’s not income.
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