Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I want to sell some stock. My estimated w-2 income for 2017…

Customer Question
I want to sell...

I want to sell some stock. My estimated w-2 income for 2017 will be $13,000.00. My estimate Long Term gain will be $50,000.00. Will the 50 get added to the 13 making my taxable income 63? Or does my taxable income stay at 13 and I'd pay a separate Long Term gain rate on the 50?

Accountant's Assistant: The Expert will know how to help. Is there anything else the Expert should be aware of?

I think if my taxable income stays at $13,000.00 then I'd pay zero Long Term Cap Gain tax, but if the 50 gets added to the 13 to make my taxable income 63 then I would get taxed on the stock sale. Which way is correct? thanks

Submitted: 11 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 13 minutes by:
8/22/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 11 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,442
Experience: Certified Public Accountant
Verified

Hi, my name is Mark. I will be happy to help you with your questions. The $13,000. The $13,000 would be taxed first. The $50,000 long-term gain would be taxed next. The amount that is in the 10 and 15% bracket would be taxed at 0% federally.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I'm filling out my 1040 and am stuck on #44 -- how to
Hi. I'm filling out my 1040 and am stuck on #44 -- how to calculate my tax. Either the tax table (I earned less that $100K) or the qualified dividends and capital gain tax worksheet, which tells me --… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I have a tax question, I am a US Tax resident with a Home in
I am a US Tax resident with a Home in USA. I have a rental property where I earn rfental income in Canada. If I see the rental property, what is the tax implication in USA tax filing. Is it Capital gains or Ordinary income and what is the tax rate for 2017? … read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
Will I have to pay capital gains taxes on a home I owned for
Will I have to pay capital gains taxes on a home I owned for less than a year? I purchased my home in September 2016 for $140,000 and sold it last month, August 2017 for $175,000. After it was all sai… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Grossman, EA Client sold property in Brooklyn, 50%
Customer: ***** ***** Grossman, EA Client sold property in Brooklyn, 50% residential rental and 50% personal residence. Is capital gain taxed separately for NY State and NYC? If so, what is NYC capita… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
if I have a negative year in terms of my ordinary income earned
if I have a negative year in terms of my ordinary income earned about $600k but business expenses were $700k and I sell an asset at long term cap gains rates for $200k. What cap gains rate will I pay?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am currently unemployed and about to get divorced. As I make
I am currently unemployed and about to get divorced. As I make zero income, I am in the 0% tax bracket. I will, however, be receiving a transfer of a stock portfolio in my divorce as part of a non-tax… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
I am married and have filed jointly with my spouse for 24 years.
I am married and have filed jointly with my spouse for 24 years. Over the past 7 years +/- my spouse has earned 90k +/- and i have earned 30k +/-. Approximately 8 years ago I made an investment in a p… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I submitted this question yesterday but didnt have time to
I submitted this question yesterday but didn't have time to pursue the answer until today, therefore I'm re-submitting the question: I did my taxes with tax software and it came up a total 2013 tax bi… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I sold stock from a qualified Employee Stock Purchase Plan
I sold stock from a qualified Employee Stock Purchase Plan (ESPP). I have the 1099 forms and know the applicable stock values for calculating ordinary income, capital gain, loss, etc. However, it is n… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master\u0027s Degree
3,104 satisfied customers
I am interested in selling my employee benefits insurance agency.
I am interested in selling my employee benefits insurance agency. No physical assets, just a cash flow from ongoing commissions. I have had the agency, an S corp for over 20 yrs. I am sole shareholder… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I retired in Jan. 2011. My husband is disabled and our combined
I retired in Jan. 2011. My husband is disabled and our combined gross income is around $50,000 yearly. I have $46,000 in a 401lK that I left with my previous employer. I'd like to cash out the enitre … read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I have the following two (2) entries for my 1040 tax form that
I have the following two (2) entries for my 1040 tax form that I don't know where they go. #1 From a 1099 DIV box 2a (total capital gain dist) 25.00 #2From a 1099-B stocks, bonds, etc a loss of (50.00… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
I am about to distribute stocks from my Fathers estate and
I am about to distribute stocks from my Father's estate and I understand the stepped-up and alt stepped up basis rules. Question: Rather than distribute the stock certs, can I sell the stock within th… read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
236 satisfied customers
Under all aspects of the TIPRA act, I sold a long-term held
Under all aspects of the TIPRA act, I sold a long-term held stock in 2009. My total income for 2009 was less than $67,000. I realized a capital gain of $7,610, and the IRS has assured me that I did no… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
can i avoid california long term capital gains tax if i buy
can i avoid california long term capital gains tax if i buy home and move to washington before i sell stocks which would generate large cap gains. my wife would stay in california until she retires. s… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
In the 10% and 15% brackets, the current tax rate for long-term
"In the 10% and 15% brackets, the current tax rate for long-term capital gains is 5%. That's pretty attractive, but it can't match the 0% rate in effect from 2008 to 2010. This year, taxable income up… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
If a person has income of $20,000 a year and makes a
If a person has income of $20,000 a year and makes a short term capital gain of 150,000 in the stock market. What is the tax rate for the short term cap gain of $150,000?… read more
RD
RD
Self Employed
Master\u0027s Degree
1,164 satisfied customers
I sold employee stock purchase plan stocks for which I ...
I sold employee stock purchase plan stocks for which I originally paid 85% of market price. My employer reported the total income from the stock sale on my W-2 form as other income, which I included i… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x