Quote:
Originally Posted by Gigi3000
I'm fairly new to investing and have never talked to a CPA. According to Vanguard, I've made $15,000 taxable income so far in 2023 so i should make around $21-23,000 by year end. Most of this taxable income is from my VMFXX Money Market at Vanguard where i have 60% of my funds. I know that a large part of the income from that fund is government securities. On my taxes last year, which i did myself on turbo tax, it asked if my income was from government securities and i said yes so i assume I didnt pay taxes on it. Long story short, do i need a CPA consult this year? Appreciate any enlightment....
|
Money market proceeds = income. This is going to affect a lot of people who have conservatively invested their money, since these funds and other investments like CD's have skyrocketed in 2023. Saw a credit union CD recently paying 5.6% recently. 2-3 years ago they were below 1%