Question

I have $76000 capital gain tax and my taxes went up $10000 for federal

Forum|Forum|4 years ago
February 19, 2022
2 replies
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can $76000 capital gain increase federal tax by $10000?

TurboTax Online

KrisD15

Certainly.

Depending on whether it is long term or short term, it might be 0, 15% or 20%. (or more)

10,000 on 76,000 is 13%. Of course it might also affect credits.

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J

Jeffery_H

If it is all long term, it is going to cause a minimum of $5340 in additional taxes at the 15% bracket. If it is short term gains, that number will be even more. Additionally, if you received any Premium Tax Credits (Obamacare) throughout the year, you most likely will be paying all of that back.

Take a look at your Schedule D Tax Worksheet

and Form 8962 (if applicable).