Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#31
|
||
|
||
When you sell a stock for a higher price than you paid for it, you generate taxable income. If it was held for less than a year, the gain would be taxed as ordinary income. It sounds like you may be creating a complicated gain and loss paperwork exercise on your tax return.
|
|
#32
|
||
|
||
Quote:
My feeling is since tax law changes all the time and really do not want new dealings with the IRS better to pay a good professional. |
#33
|
||
|
||
Quote:
|
#34
|
||
|
||
Quote:
|
#35
|
||
|
||
Quote:
|
#36
|
||
|
||
TurboTax !!!
|
#37
|
||
|
||
I thought you had to choose from a limited number of percentages ie 10%,12% or 15%. I would like to know as well thank you 😊
|
#38
|
||
|
||
Quote:
Would help if you quoted the poster you are referring to help better understand your question. |
#39
|
||
|
||
Withholding Taxes
I am a CPA. Many times I have seen withholding taxes on a brokerage statement.
I do have not a sense of how this has been calculated but if you talk to your agent he would probably know the answer. Withholding can be set up on practically anything including the sale of a property ( may be appropriate in the sale of a commercial property). Haggar
__________________
Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence. John Adams |
#40
|
||
|
||
If you are referring to the RMD, I have never heard of specific percentages. As long as you withdraw the required amount within the year, you can make as many or as few withdrawals as you want.
|
#41
|
||
|
||
Quote:
Some of my clients take their RMD monthly, some take it in pieces and some take it as a lump sum.. Form 5498 issued by the trustee of each IRA advises you what your RMD from that plan is, They are generally issued in March of each year for the preceding year. If you have multiple IRAs you can add up all of the RMD's for all of your IRAs and take it out of one plan. I would take 401(k) from each plan as required. Don't short the RMD - penalty is very severe.
__________________
Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence. John Adams |
#42
|
||
|
||
Quote:
|
#43
|
||
|
||
Quote:
trading can be summarized as a pay to play and pay scheme good luck |
#44
|
||
|
||
I take taxes out for both social security and regular IRA distributions. It's a lot easier than doing quarterly payments, with no worries about underpayment penalties. No need for a CPA to charge you for a reminder to pay. Have used Turbo Tax for years .. that's all I need. To each their own..
|
#45
|
||
|
||
Quote:
When you call to make the withdrawal they ask you if you wish them to withhold taxes. You do not need to pay the tax until the end of the year. You will not be hit with any penalties so long as you have paid 110% of last years taxes. What to do? Return on safe cash, ie money market is minimal. The choice is pay em now or pay em latter, that is the only choice you have. |
Closed Thread |
|
|