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FAQ

On a federal tax return, specifically, where is the tax on long-term capital gains tax reported and computed?
Capital gains, generally, are primarily reported on Schedule D. Long term gains are reported in Part II of Schedule D. However, some types of gains may be reported in other places; detailing all of these would be annoyingly long.The manner in which one gets from the reporting on Schedule D to the variable tax rates ultimately comes down to the instructions for Line 44 and the instructions for Schedule D, which in some cases tell you to disregard the main instructions for Line 44, and use the worksheet in the Schedule D instructions instead. Those instructions perform the arithmetical gyrations necessary to compute the allowable portion of long-term capital gains at the applicable capital gains rates instead of the rates that apply to ordinary income.Put more simply: there is not guaranteed to be a close relationship between the number on line 43 and the number on line 44, either because the instructions for Line 44 told you to use the worksheet for Line 44, or because Schedule D’s instructions told you to disregard the instructions for Line 44 and use its substitute instructions instead.
What section of the 1040 compensates for the tax rate differential between long and short-term capital gains?
When you figure your tax on Line 44, you use the Qualified Dividends and Capital Gain Tax Worksheet in the Instructions for Form 1040 (2021). That's where the rate differential comes into play.
Do I need to file taxes if I am an unmarried dependent student who made under $5000 in 2015?
First consult Filing Requirements 2 | Internal Revenue Service where it tells you:An unmarried dependent student must file a tax return if his or her earned or unearned income exceeds certain limits. To find these limits, refer to Dependents under Who Must File, in Publication 501, Exemptions, Standard Deduction, and Filing Information.This gives you a strong clue that the answer is to be found in Pub 501, the 2021 version of which tells you:A person who is a dependent may still have to file a return. It depends on his or her earned income, unearned income, and gross income. For details, see Table 2. A dependent must also file if one of the situations described in Table 3 applies.So trudge over to Table 2. You’ll see:Single dependents—Were you either age 65 or older or blind?No. You must file a return if any of the following apply.1. Your unearned income was more than $1,050.2. Your earned income was more than $6,350.3. Your gross income was more than the larger of—a. $1,050, orb. Your earned income (up to $6,000) plus $350.Yes. You must file a return if any of the following apply.1. Your unearned income was more than $2,600 ($4,150 if 65 or older and blind).2. Your earned income was more than $7,900 ($9,450 if 65 or older and blind).3. Your gross income was more than the larger of—a. $2,600 ($4,150 if 65 or older and blind), orb. Your earned income (up to $6,000) plus $1,900 ($3,450 if 65 or older and blind).So, assuming that you only made $5,000 and this was earned income, you don’t meet the filing requirement.Whew! You’re done, aren’t you?Not quite. Remember, a dependent must file if one of the situations in Table 3 applies. Guess where I’m going to next?If any of the six conditions listed below applied to you for 2021. you must file a return.You owe any special taxes, including any of the following.a. Alternative minimum tax. (See Form 6251.)b. Additional tax on a qualified plan, including an individual retirement arrangement (IRA), or other tax-favored account. (See Pub. 590-A, Contributions to Individual Retirement Arrangements (IRAs); Pub. 590-B, Distributions from Individual Retirement Arrangements (IRAs); and Pub. 969, Health Savings Accounts and Other Tax-Favored Health Plans.) But if you are filing a return only because you owe this tax, you can file Form 5329 by itself.c. Social security or Medicare tax on tips you didn't report to your employer (see Pub. 531) or on wages you received from an employer who didn't withhold these taxes (see Form 8919).d. Write-in taxes, including uncollected social security, Medicare, or railroad retirement tax on tips you reported to your employer or on group-term life insurance and additional taxes on health savings accounts. (See Pub. 531, Pub. 969, and the Form 1040 instructions for line 62.)e. Household employment taxes. But if you are filing a return only because you owe these taxes, you can file Schedule H (Form 1040) by itself.f. Recapture taxes. (See the Form 1040 instructions for lines 44, 60b, and 62.)2. You (or your spouse if filing jointly) received Archer MSA, Medicare Advantage MSA, or health savings account distributions.3. You had net earnings from self-employment of at least $400. (See Schedule SE (Form 1040) and its instructions.)4. You had wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security and Medicare taxes. (See Schedule SE (Form 1040) and its instructions.)5. Advance payments of the premium tax credit were made for you, your spouse, or a dependent who enrolled in coverage through the Health Insurance Marketplace. You should have received Form(s) 1095-A showing the amount of the advance payments, if any.6. Advance payments of the health coverage tax credit were made for you, your spouse, or a dependent. You or whoever enrolled you should have received Form(s) 1099-H showing the amount of the advance payments.Okay, you’ve decided you don’t meet any of these. Time to relax and pop open a nice craft beer …Hold on. You remember that I said before that I was citing to the 2021 version of these documents. You have to figure out a way to check on the 2021 requirements and see if they differ.Now you start to reach for that beer again …But you’re not completely done.If you had income taxes withheld and you don’t owe any taxes, you are eligible for a refund. But guess what you have to do to get the refund? That’s right, file a return.You may now have an understanding of why people find it useful to hire tax preparers, who see these questions all the time and have software and experience to streamline this process.And there’s plenty of additional factors that could affect this analysis.
How do I find out my tax bracket? Is there a standard list that someone can share with me?
2021 Tax Computation Worksheet—Line 44See the instructions for line 44 to see if you must use the worksheet below to figure your tax.Note. If you are required to use this worksheet to figure the tax on an amount from another form or worksheet, such as the Qualified Dividends and Capital Gain Tax Worksheet, the Schedule D Tax Worksheet, Schedule J, Form 8615, or the Foreign Earned Income Tax Worksheet, enter the amount from that form or worksheet in column (a) of the row that applies to the amount you are looking up. Enter the result on the appropriate line of the form or worksheet that you are completing.Section A—Use if your filing status is Single. Complete the row below that applies to you.Taxable income. If line 43 is—(a) Enter the amount from line 43(b) Multiplication amount(c) Multiply (a) by (b)(d) Subtraction amountTax. Subtract (d) from (c). Enter the result here and on Form 1040, line 44At least $100,000 but not over $189,300$× 28% (0.28)$$ 6,928.75$Over $189,300 but not over $411,500$× 33% (0.33)$$ 16,393.75$Over $411,500 but not over $413,200$× 35% (0.35)$$ 24,623.75$Over $413,200$× 39.6% (0.396)$$ 43,630.95$Section B—Use if your filing status is Married filing jointly or Qualifying widow(er). Complete the row below that applies to you.Taxable income. If line 43 is—(a) Enter the amount from line 43(b) Multiplication amount(c) Multiply (a) by (b)(d) Subtraction amountTax. Subtract (d) from (c). Enter the result here and on Form 1040, line 44At least $100,000 but not over $151,200$× 25% (0.25)$$ 8,412.50$Over $151,200 but not over $230,450$× 28% (0.28)$$ 12,948.50$Over $230,450 but not over $411,500$× 33% (0.33)$$ 24,471.00$Over $411,500 but not over $464,850$× 35% (0.35)$$ 32,701.00$Over $464,850$× 39.6% (0.396)$$ 54,084.10$Section C—Use if your filing status is Married filing separately. Complete the row below that applies to you.Taxable income. If line 43 is—(a) Enter the amount from line 43(b) Multiplication amount(c) Multiply (a) by (b)(d) Subtraction amountTax. Subtract (d) from (c). Enter the result here and on Form 1040, line 44At least $100,000 but not over $115,225$× 28% (0.28)$$ 6,474.25$Over $115,225 but not over $205,750$× 33% (0.33)$$ 12,235.50$Over $205,750 but not over $232,425$× 35% (0.35)$$ 16,350.50$Over $232,425$× 39.6% (0.396)$$ 27,042.05$Section D—Use if your filing status is Head of household. Complete the row below that applies to you.Taxable income. If line 43 is—(a) Enter the amount from line 43(b) Multiplication amount(c) Multiply (a) by (b)(d) Subtraction amountTax. Subtract (d) from (c). Enter the result here and on Form 1040, line 44At least $100,000 but not over $129,600$× 25% (0.25)$$ 5,677.50$Over $129,600 but not over $209,850$× 28% (0.28)$$ 9,565.50$Over $209,850 but not over $411,500$× 33% (0.33)$$ 20,058.00$Over $411,500 but not over $439,000$× 35% (0.35)$$ 28,288.00$Over $439,000$× 39.6% (0.396)$$ 48,482.00$;"";""