how do i find out how much taxes i own if i sold some of my stocks?

Answer 1

You have to do your tax return. The gain on the sale of stocks is reported on Schedule D, with the gain transferred to the 1040.

When you have capital gains, it is necessary to do a worksheet to figure your taxes. So, use a preparer or a software package.

The tax on the gain depends on whether you held the stock for more or less than one year, and on the tax bracket you are in.

If you held the stock for one year or less, the gain is added to your other income and taxed as ordinary income. If you held the stock for more than one year, the maximum tax on the gain is 15%.

Answer 2

You need to find what your basis is on the stocks you sold. This would be what you bought them for, plus any reinvested dividends since then. If you did the buying and selling through the same broker, they can probably give you the information - it might be on the 1099 you got at the end of the year showing the sale.

You are taxed on your gain, which is the selling price minus the basis. That will go on a schedule D on your tax return. The tax will be either 5% or 15%, depending on what your marginal tax rate is. Your marginal tax rate is determined by how much ALL of your income is, and your filing status, exemptions and deductions.

Answer 3

Short-term (1 year or less)
- ordinary income tax rates up to 35%

Long-term (more than 1 year)
- 5% for taxpayers in the 10% and 15% tax brackets
-15% for taxpayers in the 25%, 28%, 33%, and 35% tax brackets