i now agree taxes are Just Too Complicated (>;sent in my tax returns yesterday and then wanted to calculate marginal rate .. (just for grins)so i googled "tax table" and got one of those : 0% for such and so $$, 15% for so and whatever, etc ... and calculated my total tax to be something far above what TurboTax said i owed.'tax' goes on line44 of 1040, instructions for which say, SEE instructions for 1040 line 44...( 1040 instructions are 189 pages!! )where it says something like:if taxable income less than 100k, use tax tables, UNLESSyou have a schedule D where line 18 or 19 greater than zero --use 'Schedule D Tax Worksheet'or you have qualified dividends (line 9b) or no schedule D, but capital gains on line 13 OR Schedule D with lines 15 and 16 greater than aero..i which case, use 'Qualified Dividends and Capital Gains Tax Worksheet'i fall into the last group (need to use QDaCGTW)* Schedule D with lines 18 and 19 = 0* qualified dividends on line 9b (of 1040)* schedule D lines 15 and 16 greater than zerothe QDaCGTW computes tax using Tax tables and some bizarre function of taxable income and capital gains -- best as i can figure, cap gains and other income taxed separately --meaning different marginal rate (bracket) for each, and a lower marginal than if taxed as one (in my case, cap gains about 60% of total income)and since the amount of non-SS income determines how much of SS is taxable --it's a big mess ...
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimat