+- Twitist Forums (http://twitist.com)
+-- Forum: General Social Media & Marketing Forums (/forum-8.html)
+--- Forum: Social Marketing (/forum-10.html)
+--- Thread: So If I made 1 million in the stock market, what taxes would be taken out? (/thread-52584.html)
So If I made 1 million in the stock market, what taxes would be taken out? - Kyle Kyle - 12-19-2012 09:11 PM
totally a hypothetical question, BUT if i did make 1million in the market using the new nov 2010 tax laws and living in the state of ct how much do i lose to our favorite uncle and the state?
good grief, i never knew trying to be well off was so complicated. all i want is a small house in the country with a garden and no debt, maybe a dog too.
- ladystang - 12-19-2012 09:19 PM
at least 50%
- tro - 12-19-2012 09:19 PM
no the financial houses the handle your stock transactions do not withhold taxes
they issue you a 1099B on the proceeds, which does not mean that is the money you made on the stocks, on the amount they credit you as receiving
you want to make sure you have your purchase prices and dates of all your sales to arrive at your real profit or loss
and if you conduct this stock activity throughout the year, you would have been declaring on a 1040ES each quarter what you anticipate your income tax will be
- garyg7 - 12-19-2012 09:19 PM
What do you mean by the "new nov 2010 tax laws"? Are you asking if we have crystal balls to predict what Congress will do in two months?
As long as you provide a valid Social Security Number to the brokerage, no taxes would be withheld from your income. The actual tax liability would depend on the mix of income between qualified dividends, non-qualified dividends, interest, short-term capital gains, long-term capital gains, etc.
Also, if you have that much in income, you will likely itemize your deductions including any state income taxes paid.
In other words, there is no short answer to your question. The matter isn't that simple.
I hope this helps.
Gary
- Judy - 12-19-2012 09:19 PM
There aren't any "new nov 2010 tax laws" at this point.
Right now you'd owe 15% of your capital gain to Uncle Sam. If this gain is in later years, it will likely be more.
- Jan - 12-19-2012 09:19 PM
for that you need Technical analysis course
here is site for that
http://www.yallaboursa.com/en/Technical-analysis-Course-Elliottwave.html