What would total tax bill be for 4466 short term gain if in highest bracket & if full amount given to charity?

Question

short term capital gain 4466.33
highest federal and state (wisconsin) tax bracket
giving full amount to charity
I am subject to AMT

Answer 1

Question can't be answered without doing your entire return, since it depends on your basis on the property and the effect the AMT would have on you.

Donating the item to the charity and letting THEM sell it would have been better for your tax bill.

Answer 2

Capital gains on assets held for a year or less are taxed at your ordinary income tax rate (anywhere from 28% to 39.6%, depending on your specific ordinary tax rate).

What you should have done was to donate the stock directly to the charitable organization. You would have received a tax benefit without having to pay taxes on the gain.