What percentage of tax do I have to pay for my short term stock investment?

i tried to figure out the tax rate for my short term investments on turbo tax but so far they are not consistant, some stock is 20% some is 25% then one of them was 35%

WTF? I am not sure if I am being ripped off here, is it my eyes playing tricks on me or the government just take whatever they want?

Thank you Kiker, none of them are even answering my question at all lol

WTF?! There are some insanely stupid answers here!

Turbo Tax sucks this way. There are two tax categories for capital gains: Long-term; anything held and then sold after 365 days of ownership and short-term; anything held and then sold within less than 365 days. Now this is very important! The IRS considers capital gains as portfolio income, NOT regular income...so it has nothing to do with your tax bracket...whoever said that is dumber than a box of rocks. I have been trading for years and doing my taxes myself...I am not ignorant to this tax issue.
Long-term capital gains are taxed at 15% and short-term capital gains are taxed at 35%. I have no idea why turbo tax is giving you different numbers. The only thing I can think Turbo Tax is doing is confusing some of your capital gains as interest &/or dividend income received from investments. Those are NOT considered portfolio income, but REGULAR income (which is why I hate them so damn much!).

Hope this helped. I used Turbo Tax once....once....it screwed up too much for me to use it again.



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Mark S.
I realize that the short and long terms amounts depend on the tax bracket of the individual, but my answer was structured specifically to the question. Since Apple has one of his capital gains stating he owes 35% on it, that it is likely they all do (Short-terms). Why Turbo tax is breaking them off into different brackets is beyond me.

Tax here in Canada and tax in the us are different. Here your income from investments tax differently IE interest capital gain or dividend. Provincial tax rates are different as well. I don't know but I am assuming it could be different for diff rent Sates as well. Maybe more info if needed to give a correct answerer.

First, did you realize an investment gain? If so, in the US you will pay "Short-term" capital gains tax which is equivalent to your FEDERAL income tax rate. I would recommend visiting irs.gov and under the search option type in 2007 tax bracket to help you identify what rate you fall under. Good Luck.

Short-term capital gains are taxed as ordinary income, so it depends on your total income.

Kiker may be overpaying his taxes if he's paying 35% on his short term capital gains. Short term capital gains are taxed at the same rate as normal income, but hey, if Kiker wants to pay 35%, that's fine with me, maybe he's in the 35% tax bracket.

The attached link has a calculator that will estimate the federal tax you owe. It is very easy to use and will help you isolate the problem you are having on turbotax.

http://www.smartmoney.com/tax/capital/in...