Capital Gains and Losses

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Capital Gains and Losses

I sold some stock I have had over a year and had capital

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gains. The gain amount was...
I sold some stock I have had over a year and had capital gains. The gain amount was 29,000.00 and that put me in the 10 to 15% tax bracket where it states you would owe zero taxes being it is the only income I had. I would like to know why they said I would owe state 1,500.00 when I am within the limits of the income and the low tax bracket? I live in Kentucky.
Submitted: 1 year ago.Category: Capital Gains and Losses
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4/14/2016
Tax Expert: TaxRobin, Tax Preparer replied 1 year ago
TaxRobin
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 15,892
Experience: 15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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HelloKentucky has it's own rates for Capital gains that are separate from federal and how the federal taxes capital gains.While the federal government taxes capital gains at a lower rate than regular personal income, states usually tax capital gains at the same rates as regular income. In Kentucky, the uppermost capital gains tax rate was 6 percent. You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.
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Customer reply replied 1 year ago
Capital gains rates are designed to encourage long-term investing. Most people can get a significant advantage from holding stock investments for more than one year:Tax Bracket Capital Gain Tax Rate
Short Term Long Term
10% 10% 0%
15% 15%
25% 25% 15%
28% 28%
33% 33%
35% 35%
39.6% 39.6% 20%
Short term gains on stock investments are taxed at your regular tax rate; long term gains are taxed at 15% for most tax brackets, and zero for the lowest two.So that is off of a tax website and when it says zero it wouldn't apply to me? I thought it mean you would owe nothing, it doesn't specify only to federal and then yes when it comes to state tax.
Tax Expert: TaxRobin, Tax Preparer replied 1 year ago
Those are the federal rates. If you look over your federal return you will see a worksheet that calculated for federal but the states set their own tax laws.
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