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ypsiCPA

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ypsiCPA

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Re: ArmyguyinAK post# 343

Friday, 09/11/2009 7:02:18 AM

Friday, September 11, 2009 7:02:18 AM

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Your short-term capital gain is included in taxable income, so you're looking at $50,000 taxable income (less deductions and exemptions).

That translates to a 25% tax bracket if you're single, 15% if you're married.

Use the calculator at http://www.moneychimp.com/features/tax_brackets.htm to get a ballpark idea of your tax.

Roth IRA contribution is not deductible.
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