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TRADITIONAL IRA-Amount limited in each year by income, or roll 401k,403b,etc to Traditional IRA No tax, No penalty, Annuitize by IRS out between ((59.5 & 70.5)HUGE PENALTY EARLY) Pay tax on entire amount as it comes out @ (hopefully) lower bracket - - - - - - - - - - ROTH $3000 year+500 Catchup over 55, Annuitize out between ((59.5 & 70.5)HUGE PENALTY EARLY) No tax ever. YOU & SPOUSE also (KIDS(watch this one can affect college loans) - - - - - - - - - - TAX Same year buy & sell, & all dividends, and all intrest taxable @ current tax rates. Captial gain Sell after 365 days current @ 15%, reduce by tax cut from 20%< (may go back up on a sunset provision). AND "YES" you should pay taxes. What a great country. - - - - - - - - - - FORMS Each of you should be filing QUARTERLY ESTIMATED TAXES TO IRS & STATE if applies. 1040es 3/15-6/15-9/15-1/15 othewise a HEAVY penalty kicks in. Of course complicated schedules & worksheets are required to calculate at end of year(that is why some are recommending an accountant. I do my Quarterlys and hire an accountant EOY - - - - - - - - - - VAN (Not an accountant)(Experienced tax payer) Posts: 1424 | From: Peoria, IL. USA | Registered: Oct 2003
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COMMENT Think of what the NET has done for a trader in the last ten years. Now think what it must be doing for the tax man. Is there any reason an agent could not run a screen on the top 1% gainers this year and look for ways to make sure tax is paid? VAN
Posts: 1424 | From: Peoria, IL. USA | Registered: Oct 2003
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BOB Just printed off a "Schedule 1" from Irs.gov trying to make sense of it. Looks easier that "D" (maybe a new form) VAN
Posts: 1424 | From: Peoria, IL. USA | Registered: Oct 2003
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