Quote:
Originally Posted by FG111
Hello -
Like most here, I'm just sitting at home playing the stock market with little to no knowledge of how the market works. This last month, I got VERY lucky with $GME, $UVXY & $OZSC. On my cash account I had some spare money, gambled and profited 82K this month.
Do I take 32% and pay my tax on my next quarterly federal tax payment or wait till the end of the year or just pay it now ? Also, I lost last year about 10K in the market. Can I carry the loss into this years gain ?
Yes, of course I will ask my tax preparer, but just asking how others would handle this.
Thxs
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I have no idea why people ask this sort of question on Talk of the Villages. If, there are any problems due to what you chose to do I can promise you but someone on Talk of the Villages said ........... will not save you from any penalties.
My understanding, you must pay as much as the previous year. So if, you had a large gain this year, you do not need to pay any more than you did last year until the end of the year. You say you had an 82,000 gain. You should know if it was a long term or a short
term gain. If, short term it is taxed at your ordinary income rate. An 82,000 gain may put you into a higher bracket. If, your top bracket was 30% last year you will need to have 25000 in cash to cover the tax on that gain. If, it was a long term gain the tax rate is 15% at most.
You say you have an accountant. It would be wise to talk to them. If, you owe 25,000 or possibly more. Money sitting in a money market is not earning you anything. You, depending on how disciplined you are might choose to divide the tax due by four and pay it 1/4ly.