Tax Season!

[mac5155]

I purchased a half a cow with mine. So I guess you could say I invested it

[Sam's Drunk Dog]

Passed on the magic beans.

[columbia]

I purchased a half a cow with mine. So I guess you could say I invested it :pop:

Hah. I was talking about the folks with no deductions.

[Factorial]

Owed $500 this year which is better than the $1800 last year. Thanks ex-wife for keeping all the tax credits for the kids.

[Letang Is The Truth]

i need to liquidate a brokerage account (fidelity). are there any clever ways to do this to minimize tax implications?

[Pitt87]

i need to liquidate a brokerage account (fidelity). are there any clever ways to do this to minimize tax implications?

Unless you have losses somewhere else that you can and are willing to take at the same time, probably not. Fidelty will probably estimate and take the Federal portion unless instructed otherwise.

My approach in these situations is to take all the cash (i.e. instruct the broker NOT to withhold taxes) and save 1/3-1/2 until after the next tax year. That's not advice, though, just how it works out best for me.

[Letang Is The Truth]

i need to liquidate a brokerage account (fidelity). are there any clever ways to do this to minimize tax implications?

Unless you have losses somewhere else that you can and are willing to take at the same time, probably not. Fidelty will probably estimate and take the Federal portion unless instructed otherwise.

My approach in these situations is to take all the cash (i.e. instruct the broker NOT to withhold taxes) and save 1/3-1/2 until after the next tax year. That's not advice, though, just how it works out best for me.

Is it 1/3-1/2 of the total balance of the gains I have had on those funds when they have been in the acct?

[Pitt87]

i need to liquidate a brokerage account (fidelity). are there any clever ways to do this to minimize tax implications?

Unless you have losses somewhere else that you can and are willing to take at the same time, probably not. Fidelty will probably estimate and take the Federal portion unless instructed otherwise.

My approach in these situations is to take all the cash (i.e. instruct the broker NOT to withhold taxes) and save 1/3-1/2 until after the next tax year. That's not advice, though, just how it works out best for me.

Is it 1/3-1/2 of the total balance of the gains I have had on those funds when they have been in the acct?

Sorry, I had that wrong... meant to say Fidelity WILL NOT estimate and withhold, but you should still instruct them to give you all the proceeds from the sale. You are responsible for your own tax estimate and payments. Again, I just save half until I know how much I have to pay, so I guess I sort of do my own backup withholding.

I usually save 1/3 to 1/2 of everything... but I am a saver.

[no name]

Going to buy me a new sliding glass door for the basement with the refund this year, save the rest.

[DropEmJayBird]

PFiDC - interesting I had a friend who was attempting to make extra mortgage payments for the purpose of claiming the interest on 2014 taxes. The bank said that his additional payments would be reported in the year they are due as opposed to when he paid them. Not sure if that was a bank policy, or law, or what... we both thought it was very odd.

[Jim]

Sent mine this morning...

[stopper40]

Going to buy me a new sliding glass door for the basement with the refund this year, save the rest.

I'm getting new tires and might to to Phoenix to see a friend