Montana Clauses Relating to Capital Withdrawals, Interest on Capital
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FAQ
Capital gains are taxable at both the federal level and the state level. At the federal level, capital gains are taxed at a lower rate than personal income.
Taxes known as capital gains are levied on earnings made from the sale of assets like stocks or real estate. Based on the holding term and the taxpayer's income level, the tax is computed using the difference between the asset's sale price and its acquisition price, and it is subject to different rates.
While Montana does tax capital gains, the state offers the capital gain tax credit to offset the cost. The credit is equal to 2% of all net capital gains listed on your Montana income tax return. In effect, that lowers the top capital gains tax rate in Montana from 6.9% to 4.9%.
HB 192: Use surplus revenue for income tax and property tax refunds and payment of bonds. Puts a portion of the state budget surplus to income tax rebates.
Montana's itemized deductions are the same as federal itemized deductions with a few differences: Montana law allows a federal income tax deduction of up to $5,000 (or $10,000 for MFJ). Taxpayers itemizing on the federal return receive the deduction for state income taxes paid.
Capital gains tax rate ? 2022 thresholds RateSingleMarried Filing Jointly0%Up to $41,675Up to $83,35015%$41,675 to $459,750$83,350 to $517,20020%Over $459,750Over $517,200
Short-term capital gains taxes are paid at the same rate as you'd pay on your ordinary income, such as wages from a job. Long-term capital gains tax is a tax applied to assets held for more than a year. The long-term capital gains tax rates are 0 percent, 15 percent and 20 percent, depending on your income.
Are other forms of retirement income taxable in Montana? Income from a pension or retirement account, like a 401(k) or IRA, is treated as regular income and taxed at Montana's state income tax rates.
