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asked about this in the stock thread, but no replies there. so, trying the tax thread...: anyone here know the tax treatment for schedule K-1 volatility ETF gains (or losses) in a tax-advantaged IRA? free and clear or those gains taxable? in particular, SVXY: https://www.proshares.com/funds/svxy.html https://etfdb.com/etf/SVXY/#etf-ticker-profile proshares just says check with your tax advisor: https://www.proshares.com/faqs/volatility_commodity_currency_proshares_taxation_faqs.html (question #10)
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Apr 13, 2021 14:44
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is anyone who filed taxes at the deadline still waiting on their electronic refund? not an issue for me, I'm just curious as to how the IRS is doing this year (efficiency-wise)
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May 28, 2021 15:17
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all numbers here made up, I just want to make sure I understand something with regard to tax loss harvesting on capital gains: in tax year 2022 you have a $1 billion overall realized loss on capital gains. (to give an absurd example). in tax year 2023, you have a $10k overall realized capital gains. in each year, you have $100k other ordinary income how is the carried-forward loss applied to the 2023 capital gains for taxes? on one hand, you have basically infinite losses to carry forward. so the $10k could be entirely offset by that, no taxes to be paid on them. but I have also read that only $3,000 can be applied carry forward per-year to ordinary income. thus, you'd have a $3,000 deduction for the 2022 losses in every year going forward until you died (edit: and it would NOT fully offset the 2023 capital gains) which is correct? I think it's the latter? if it's the latter, it seems there's not a whole lot of benefit to ending the year with significant overall realized net losses, yes? to be clear this is to answer something for a family member with a terrible advisor, not for me edit: just read info elsewhere that leads me to believe it's the first case, where the prior year capital losses can be used to offset future capital gains in any year pmchem fucked around with this message at 02:02 on Oct 17, 2022 |
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Oct 16, 2022 19:59
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sullat posted:I think most Americans are well aware that expats don't even start to pay taxes until they're over $100k in foreign earned income and they get a dollar for dollar credit towards foreign taxes paid, so whatever measly amount of taxes they do pay to Uncle Sam more than covers their share of the cost of the expeditionary force that will come and get them if things go south. you vastly overestimate median knowledge of the tax system. most americans don't even understand how their own progressive tax brackets work.
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Dec 20, 2022 14:25
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ok, you two, knock off the slapfighting. this is a tax thread not a politics thread or eat-the-rich thread. thanks.
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Dec 20, 2022 18:50
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Gabriel Grub posted:I'm a CPA and international tax specialist, so insert your entire head up my rear end in a top hat and lick me clean with this bullshit. I get that that international taxes are personal for you but knock it off with the aggro posts. This post is terrible. I'd give you a sixer but you're in Japan and probably about to sleep it off. I did not expect the tax thread of all places to have a year-end meltdown. Next person to pick a fight in here in 2022 gets a long posting vacation.
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Dec 21, 2022 13:47
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what in the hell? there’s a breaking-bad-jesse explaining to walt meme in there somewhere about how he messed up his taxes and got audited, but I’m too tired.
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Mar 22, 2023 05:10
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just as a heads up for anyone who did a backdoor roth through vanguard and then closed the now fully-converted trad IRA (it's auto-closed at EOY by VG is the balance is zero): your 1099-R for the closed trad IRA will NOT be displayed on the default (new scheme) vanguard UI. you have to click on a link about missing documents to go back to the OLD vanguard UI website, which actually has ALL the relevant tax year documents (including for closed accounts). just no  large enough for all the repeated failings of vanguard's "transition" to a new web UI and its related mobile app
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Apr 16, 2023 19:43
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smackfu posted:I’ve never had that happen. hmm, I don't recall asking a VG rep to specifically do it, but I also didn't click the button myself. maybe I'm misremembering on that point. regardless, it's gonna be a common thing for people who do fully converted backdoor roths, where the (temporary, like only need for less than a week) trad IRA is closed after conversion. if you're doing this with VG -- watch out for that 1099-R hidden away on an old non-default page!
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Apr 16, 2023 20:30
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friends don't let friends buy mutual funds in taxable accounts even vanguard mutual funds have eaten dirt on this before (e.g. the TDF debacle)
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Apr 21, 2023 21:04
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Methanar posted:wait so me holding fxaix in my unregistered is bad? oh it's not bad per se, I mean it's a huge index fund that presumably you're holding in a fidelity account and it has minimal tax worries. I just have a preference for using ETFs, they are super convenient and fewer types of potential tax worries.
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Apr 21, 2023 21:10
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H110Hawk posted:Actively managed mutual funds turn over stock a ton. I missed the account balance but it's all within reach. well, more of a subject for the long term thread and clearly there's no one size fits all "correct" answer for this, but if you want to use ETFs instead of mutual funds, some suggestions are at the boglehead site here: https://www.bogleheads.org/wiki/Three-fund_portfolio#Other_than_Vanguard,_Boglehead-style (see section subtitled "Three-fund portfolios using exchange-traded funds")
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Apr 21, 2023 21:14
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Baddog posted:Hahaha it looks like it worked! lmao. now email and fax some people about the online app throwing a 101
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Oct 13, 2023 02:50
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it's the annual black friday / cyber monday turbotax sale: https://www.amazon.com/TurboTax-Deluxe-State-2023-Amazon/dp/B0CNB2JNDM
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Nov 25, 2023 17:16
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MrLogan posted:Looks like it's still more than twice as expensive as freetaxusa.com. we tried both that and the online turbotax last year. online turbotax got us a lower tax bill and we weren't audited 
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Nov 25, 2023 23:30
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dunno what to tell you guys; we went through the turbotax returns line by line before submission and everything looked correct. I didn't have the leisure that weekend of picking apart what freetaxusa was missing. someone else is welcome to compare the two this tax year and post results in thread. it's not an uncommon occurrence for the two to differ, here's one trivially googleable result where freetaxusa was not doing something right related to a new kid: https://www.reddit.com/r/tax/comments/tdji9f/i_compared_my_returns_from_turbotax_vs_freetaxusa/ I don't care what software people use, I was just pointing out a sale for those who do use turbotax
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Nov 26, 2023 17:32
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tax folks how hosed is this MIT guy? https://twitter.com/billackman/status/1735499808176026038?s=46
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Dec 15, 2023 04:40
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in a well actually posted:Not a tax guy but DAFs and similar structured charity donations are wildly fucky and so full of self dealing* that this barely registers. I am reasonably confident MIT’s experienced advancement legal staff (as evidenced by their extensive engagement with Epstein) fig-leafed this with enough arms length technicalities to give him cover. well, to clarify the ackman bit, he did NOT have an option to buy it back if it appreciated. from Levine's Money Stuff: quote:The stock he was giving was valued at $10 million, but Ackman said he agreed with Harvard that if the value went below $10 million he would make up the difference. But if the company went public and the stock was worth more than $15 million, he would have the right “to allocate the excess realized value” above that amount to any Harvard-related initiative of his choice. and then money stuff quoting an ackman tweet, quote:In Wall Street speak, Harvard had a put to me at $10m, and I retained a call at $15m, with the right to allocate the excess value to the Harvard initiative of my choice. and the thing he was mad about, quote:He was informed that Harvard Management Co., which oversees the $51 billion endowment, had sold the stock back to Coupang in a private transaction in March 2020. Ackman said no one from Harvard Management or the administration contacted him at the time to ask if he wanted to buy back the stock or to apologize after the fact for missing out on $75 million of potential gains. so it's very different than how you described it. he was mad that harvard made a bad trade without consulting him, making him miss out getting his name on another building or program or whatever. he wasn't personally getting profits or missing any new tax benefit.
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Dec 15, 2023 13:18
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Ungratek posted:Just to confirm - both of those w-2s are yours correct? That’s what your return is showing. always happy when BFC helps another goon navigate things 
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Jan 21, 2024 15:18
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| # ¿ May 16, 2024 21:47 |
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anyone who has used both have a personal opinion about turbotax online vs. standalone download? https://thefinancebuff.com/tax-software-online-or-desktop.html
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Apr 7, 2024 15:56
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