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The tax is graduated- see the chart for the brackets below 22%. You tax rate of 15% is a combination of you tax on the amounts in the brackets below 22% + whatever remains in the 22% bracket
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I think the OP's question was answered +20 posts ago.
chilout |
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also, with enough discussion, a professional will surely show up and answer the question to, to whom we self proclaimed experienced posters will finally bow down to as final |
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Still a need for CPAs. |
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(sigh)
I see the usual snarkmeisters are present and accounted for, taking swipes at some good conversation. So what? This is a good discussion. Good discussions take side roads sometimes and that's OK. We have seen the random pop-ins who always show up to state the obvious about not taking advice on the internet or consulting a professional...... Oh fergawd's sake, this bunch of old TOTVers all know that. If that's all ya got, at least look at previous posts in the thread and make sure you are not the upteenth poster to say the same old one-liner. But I am shocked. I tell you shocked, oh so very shocked to see a couple of oldtimers who usually contribute to this kind of discussion have suddenly decided to act like aging patrol boys. Geez. JFTR, I am sitting at my desk today projecting taxes. Am I grouchy right now? Well, yeah. Boomer |
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Haggar, I love it when your CPA-self stops by to rescue us from ourselves. I was hoping you would show up. Thank you. An extra thank you for taking up for us tax-planning types. As you well know, there are buy-and-hold, long-term investors who could be thinking about selling or gifting a few shares because their favorite individually held stock(s) just hit an all-time high. If they are paying attention, this should be on their minds. The October Kiplinger has an article touted on the cover as "How Much of Your Savings Can You Afford to Give?" The article says to be sure to take care of yourself first, but then goes into several ways to handle gifting. (I know you already know this stuff, of course, but I am throwing it in here in case anyone reading this post might want to find the article.) The other issue is considering selling and keeping it all for yourself -- except for that pesky cap gain tax. Gauging potential tax-bracket changes and/or a hit from IRMAA means tax-planning so no surprises. Not terrible problems to have but certainly a reason to plan -- and to talk to an accountant. Boomer |
Following the detour to tax planning taken by a handful of posters I have been reviewing my portfolios to see if some securities might be sold because I view it as advantageous to take LTCGs in 2024 rather than in 2025. Why? Because tax rates will be going up, maybe up, up, up. The writing is on the wall and I find it from at minimum confiscatorily scary to potentially terrifying.
Having for business associates aging out reasons fortuitously taken huge (for me) LTCGs in 2022 and 2023 I had hoped to coast this year, but... On a new detour I added $18K to each grandchild's 529 plan, maxing out my gift tax exclusions to them this year. I plan on doing it again early in 2025 as I believe the estate tax exclusion is in danger of being dramatically reduced. How to Prepare for Upcoming Estate Tax Law Changes | Kiplinger I am also considering setting up Crummey trusts for my children and other beneficiaries. Crummey Trust: Definition, Purpose, How It Works, and History. |
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Hang on, my popcorn is burning. |
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