Planning for 2021 taxes. Trying to find out if my only income is social security and I sell stock do I incur capital gains tax?

Forum|Forum|5 years ago
March 12, 2021
1 reply
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Social security under 25,000

TurboTax Deluxe Online

ThomasM125

You will have capital gains if you sell stock at a gain. However, you may not owe any tax on the capital gains, as they are not taxable if you are in a low federal income tax bracket.

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Toyota22

Unsure as if tax owed when social security income under $23k and profit from stock sale will be $25k.

xmasbaby0

Employee

@Toyota22 You have not mentioned your filing status.

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.

Who has to file?

http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**