What is the tax rate for long-term capital gains?

In Maryland, the tax rate for long-term capital gains is dependent on one’s filing status and taxable income. A single taxpayer with a taxable income of $0-$1000 pays a rate of 2%, and a single taxpayer with a taxable income of $3,001-$150,000 pays a rate of 5.75%. A married couple filing jointly with a taxable income of $0-$1000 pays a rate of 2%, and a married couple filing jointly with a taxable income of $3,001-$150,000 pays a rate of 5.75%. A married couple filing separately with a taxable income of $0-$1000 pays a rate of 2%, and a married couple filing separately with a taxable income of $3,001-$150,000 pays a rate of 5.75%. For example, a single taxpayer who earned $10,000 in long-term capital gains in 2020 would pay a rate of 5.75%. In addition, a married couple filing jointly who earned $20,000 in long-term capital gains in 2020 would pay a rate of 5.75% as well. In some cases, there may be an additional tax imposed on excess income. This tax is imposed on long-term capital gains that exceed a certain amount in one’s taxable income and is calculated based on the Maryland tax tables. The additional tax can range from 0.20% to 6.75%, depending on the amount of taxable income. Overall, it is important to be aware of the various tax rates that apply to long-term capital gains in Maryland, as this can help taxpayers ensure they are paying the correct amount of taxes. Taxpayers should also keep in mind that they may need to pay an additional tax on any excess income.

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What is the tax rate for long-term capital gains?

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