Author Topic: GCC Tax Calculator Question  (Read 1701 times)

BlueSkye

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GCC Tax Calculator Question
« on: November 30, 2020, 11:14:11 AM »
While trying out https://www.gocurrycracker.com/federal-income-tax-calculator/, I only see the 15% and 20% long-term capital gains tax rates. When trying to figure out an amount for capital gains harvesting, I don't seem to be able to figure out the boundaries for the additional 3.8% NIIT tax on top of the 15% and 20% thresholds.
What am I doing wrong, or is this surtax not implemented in this calculator? Thanks for clarifying.

gocurrycracker

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Re: GCC Tax Calculator Question
« Reply #1 on: November 30, 2020, 09:48:18 PM »
I haven't included the NIIT in the tax calc as the primary focus was on 0% gain harvests.

Do you think this would be an useful thing to add to the calc?


BlueSkye

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Re: GCC Tax Calculator Question
« Reply #2 on: December 01, 2020, 07:34:24 AM »
Thanks for confirming that, Jeremy. As for its broad usefulness, I'll acknowledge that in my case I was fine-tuning the amount of capital gains to harvest beyond the 0% tier and trying to understand the tax impact up until higher tier boundaries. Not sure it's a common use case. However, I find the calculator very handy and helpful otherwise! Thank you for your efforts and education.

gocurrycracker

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Re: GCC Tax Calculator Question
« Reply #3 on: December 01, 2020, 09:17:45 PM »
Thank you kindly.

I added a note to the disclaimers section of the calculator noting that it doesn't calculate the NIIT.

If there is anything else you would like to see included/changed, please let me know!