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Stock and tax question
Posted on 12/31/14 at 8:49 am
Posted on 12/31/14 at 8:49 am
Do I get taxed on only money I took out of my account or do I get taxed on money I still have in stocks?
3
Posted on 12/31/14 at 8:51 am to TechDawg2007
just on what you exercised and is reported as income
Posted on 12/31/14 at 8:53 am to TechDawg2007
You will get taxed on any idle cash that earned interest. You will also get taxed on stocks that you sold during the year as well as any dividends received. You will not get taxed on any stocks you are holding, unless you sell them today.
I believe that info is correct, but I pay an accountant and have since I started investing. I am sure Turbo Tax does a good job with it, but I just never trusted myself enough to do it myself.
I believe that info is correct, but I pay an accountant and have since I started investing. I am sure Turbo Tax does a good job with it, but I just never trusted myself enough to do it myself.
Posted on 12/31/14 at 11:05 am to TechDawg2007
I am assuming this is NOT a retirement account.
Your account value, contributions, or withdrawals is not relevant.
You are taxed on the income of the account.
Your income is: taxable interest, dividends, capital gain distributions (if you have mutual funds), and realized capital gains.
You will get a Form 1099 in the next 60 days that will spell all this out for you.
Your account value, contributions, or withdrawals is not relevant.
You are taxed on the income of the account.
Your income is: taxable interest, dividends, capital gain distributions (if you have mutual funds), and realized capital gains.
You will get a Form 1099 in the next 60 days that will spell all this out for you.
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