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Form it 230 Separate Tax on Lump Sum Distributions Tax Year

Form it 230 Separate Tax on Lump Sum Distributions Tax Year

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Video instructions and help with filling out and completing Form IT 230 Separate Tax On Lump Sum Distributions Tax Year

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Instructions and help about it230 tax

in today's video I'm going to help you understand how capital gains impact the taxes you pay on the rest of your income hey everybody I'm James canole founder of root financial and I'm here to teach you how to get the most out of life with your money now most of us generally understand how taxes work we have a progressive tax system which means the first dollars that you earn are taxed a lower rate than future dollars that you earn if you take a look at the screen here you can see exactly what I'm talking about what you'll see in these are tax rates for 2022 just federal tax rates state tax rates are separate but what you can see here is the first amount of taxable income that you have so the first amount of taxable income for example from zero to twenty thousand five fifty that's taxed at ten percent then the next amount from twenty thousand five fifty into eighty three thousand five fifty that's tax at twelve percent and

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