Tax Season!

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Re: Tax Season!

Postby mac5155 on Fri Mar 20, 2015 3:33 pm

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

Postby Sam's Drunk Dog on Fri Mar 20, 2015 6:35 pm

Passed on the magic beans.
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Re: Tax Season!

Postby columbia on Fri Mar 20, 2015 6:38 pm

mac5155 wrote: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.
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Re: Tax Season!

Postby Factorial on Fri Mar 20, 2015 6:49 pm

Owed $500 this year which is better than the $1800 last year. Thanks ex-wife for keeping all the tax credits for the kids. :thumbdown:
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Re: Tax Season!

Postby Letang Is The Truth on Wed Apr 01, 2015 5:48 am

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

Postby Pitt87 on Wed Apr 01, 2015 9:44 am

Letang Is The Truth wrote: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.
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Re: Tax Season!

Postby Letang Is The Truth on Wed Apr 01, 2015 10:13 am

Pitt87 wrote:
Letang Is The Truth wrote: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?
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Re: Tax Season!

Postby Pitt87 on Wed Apr 01, 2015 11:24 am

Letang Is The Truth wrote:
Pitt87 wrote:
Letang Is The Truth wrote: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.
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Re: Tax Season!

Postby no name on Mon Apr 13, 2015 7:09 am

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

Postby DropEmJayBird on Mon Apr 13, 2015 2:13 pm

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.
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Re: Tax Season!

Postby Jim on Tue Apr 14, 2015 5:48 am

Sent mine this morning...
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Re: Tax Season!

Postby stopper40 on Tue Apr 14, 2015 9:23 pm

no name wrote: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
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