taxes for long term capital gains

Forum|Forum|3 years ago
January 15, 2023
2 replies
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I thought I knew the formula for capital gains but I am getting something different. If I make 100k from a sale in 2022 and had no other income as a single filer, would the calculation be this:

100k - 41,675 (0% Rate) = 58,325 - 12950 (Standard Deduction) = 45,375 x .15 (15% Rate) = 6,806.25

This is what I get though: 6,642

Then CO State taxes calculated like this:

100k - 12950 (Standard Deduction) = 87,050 x .044 = 3830.2

This is what I get though: 3,837

Where am I going wrong? Or am I right?

Best answer by Mike9241

$6806 is correct for federal. we can't see your return so you need to review the qualified div/cap gain worksheet

Mike9241Answer

$6806 is correct for federal. we can't see your return so you need to review the qualified div/cap gain worksheet

TomD8

Employee

According to this online calculator, if your only income was the $100K capital gain, your federal capital gains tax would be $8306. Your CO state capital gains tax would be $4630. Total federal + state = $12,936.

https://casaplorer.com/capital-gains-tax-calculator

**Answers are correct to the best of my ability but do not constitute tax or legal advice.