'My wife and I are retired and need money from our mutual funds. What will we pay in taxes?'

摘要

DEPENDING ON YOUR INCOME, you might not have to pay any taxes on your gains. The on-again, off-again 0% long-term capital gains rate for taxpayers in the 10% and 15% tax brackets has been made permanent - and that could benefit a lot of retirees. In 2013, married couples who file jointly qualify for the 0% capital gains rate if their taxable income is $72,500 or less; for single filers, the cutoff is $36,250. Rates for taxpayers in higher brackets range from 15% to 23.8%. Taxable income is what's left after you subtract personal exemptions (worth $3,900 each in 2013 for you, your spouse and your dependents) plus your standard or itemized deductions from your adjusted gross income. If you don't itemize, note that seniors 65 or older qualify for a larger standard deduction than younger taxpayers ($14,600 for married couples who are both 65 or older; $7,600 for single filers).