What is the tax rate for dividends?

In Virginia, the tax rate for dividends depends on the type of dividend and the amount of the dividend. For ordinary dividends, the tax rate ranges from 0% for taxpayers filing as single with income up to $12,000, up to 5.75% for taxpayers filing as married filing jointly with income over $17,000. For qualified dividends, which are taxed at the capital gains rate, the tax rate ranges from 0% for taxpayers with income up to $12,000, up to 5.75% for taxpayers with income over $501,400. For taxpayers with income over $501,400 filing as married filing jointly, the tax rate is 7.85%. For taxpayers filing as married filing separately, the maximum rate is 7.85%. It is important to note that dividend income is subject to federal income tax as well. The federal rate ranges from 0% to 20% depending on your filing status and income level. Additionally, Virginia may apply additional taxes to dividend income. If you have questions about your personal tax situation, it is best to consult a tax professional.

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