So I know that long term capital gains are taxed after 40k annual income, however how much of the sell off is taxed?
For example let’s say I’ve put 100k in my retirement account and over the years it has grown to 200k. I reach retirement and sell off 60k to live off for a year. Would ALL of that 60k be considered capital gains? Even though only technically half was gains and the other half was my initial investment which shouldn’t be taxed?
Capital gains taxes are from taxable brokerage accounts, not retirement accounts.
In a traditional retirement account, all withdrawals are regular taxable income. In a Roth retirement accounts withdrawals after age 59.5 have no taxes due.
Capital assets are taxes at preferred rates after being held for a minimum amount of time, usually a year. Retirement accounts, as mentioned, are taxed at regular rates.
If something hasn’t changed, I don’t know what that $40k amount you’re referring to is.
The rates are 15% and after reaching an income threshold, capped at 20%.
You retirement accounts are just treated as income. You will receive a 1099-R.
401k, 403b, 457, etc and IRA are pre-tax dollars.
ROTH IRA are post tax dollars,
No capital gains tax on retirement accounts.
Line 5a, it is called an annuity from 401k, 403b.
Distributions from an IRA go on line 4a
distributions from a pension go on line 5a, add pension and annuity together.
You would put $60,000 on line 5a and it is treated as INCOME.
No clue about the 40,000 annual income statement. I suppose this might mean you are MFJ and claiming standard deduction and getting income to $14000, but I am just guessing.
I have always claimed long term and short term gains on Schedule D and form 8949, which is treated as income on LINE 7
You may find our [Taxes wiki](/r/personalfinance/wiki/taxes) helpful.
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The capital gain is the difference between the buy price and the sell price.
Assuming you’re talking about a taxable account (as opposed to a tax-deferred one like a 401k or an IRA), your brokerage should be keeping track of your various tax lots. As you buy more and more investments, each of those purchases will have their own cost basis, and when it’s time to sell, you will choose which lots you want to sell. Your taxes are dependent on, for each lot, 1) the difference between your sale price and cost basis (that’s your profit), and 2) whether or not you’ve held that lot for more than a year (that determines the percentage of your profit you owe). That said, if you sold any lots at a loss, you can use that to offset your income by no more than 3k/year, reducing how much you’ll owe.
None of this applies to tax-deferred accounts, as those sales are treated as ordinary income in retirement
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