How To Avoid Taxes On Brokerage Account
ฝัง
- เผยแพร่เมื่อ 3 ก.ค. 2024
- How To Avoid Taxes On Brokerage Account
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In today’s video, I'll share valuable strategies and tips on how to minimize and legally avoid taxes on your brokerage account. As an investor, understanding tax implications is essential for maximizing your investment returns. By implementing the strategies that I mention in this video, you can optimize your investment portfolio while reducing your tax burden. Join me as I guide you through the process of minimizing taxes on your brokerage account.
Timestamps:
00:00 What Is A Brokerage Account?
01:17 How Can We Avoid Paying Taxes On Brokerage Accounts
06:41 How To Reduce Taxes
⭐#taxplanning #financialindependence #financialfreedom
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I think those rates and dollar ranges are relative to their taxable income, not what they can pull out.
Hello ❤ can you do a video, or maybe you already have, about where to keep emergency fund. Maybe high yield savings accounts, CDs, Money Market Accounts, etc? Thank you, great video as always!
Here you go! 🙏 Where To Put Short-Term Savings
th-cam.com/video/-VXJE__8hcc/w-d-xo.html
I love how topic-targeted and detailed this video is. Question: with the taxable brokerage account that has 0% tax on gains for withdraws up to about $44k for a single person, the contributions are made with after-tax dollars, right?
Also, if I am maxing 401k and Roth IRA, is the taxable brokerage investment account better as a 3rd account, or an HSA that will be used as a retirement account rather than for medical expenses??
I need to know what to do after the 401k and Roth IRA are maxed.
Contributions to a taxable brokerage account are after-tax dollars.
The taxable brokerage account has more flexibility, but if you’re just going to use the HSA after retirement age, you can pull it out for whatever you’d like and pay taxes, no penalty, so it is a great account for that.
Here’s more info on HSA: th-cam.com/video/rWqN1FGBcIg/w-d-xo.html
And on the taxable brokerage account: th-cam.com/video/eZBrucVxfk0/w-d-xo.html
I just started paying estimated taxes by credit card. There is a detailed explanation of how to do this on the boglehead forum, but it is based on the 2.62% cashback bank of america premium rewards card. Cc rewards are tax free and the fees can be deductible if you have a business.
That’s excellent Tracy! Thanks for the tip!
What are your thoughts about MLP's or Master Limited Partnerships? They have some tax advantages and usually pay high dividends or distributions.
Hello, I maxed out my Roth IRA, and matched my 401k, I’m going to open a brokerage account with Vanguard for Index Funds, you think is better to max my 401k instead of just match or put more money in my brokerage account? Thank you, love your videos!
Thank you Juan. Great job maxing your Roth. If the expense ratios on the funds in your 401k are high and you want flexibility with your investments, I’d say invest in a brokerage account.
Does the single tax filing status and the 0% tax rate apply to the annual income that someone makes each year? Meaning if someone makes 100k a year at their job and they have a totally separate brokerage account (not at their job) that has 200k in it and they've held stocks in that account longer than a year, if they pull out the max, $44,625, they will pay 0% tax on the $44,625??? Or will their income now be $144,625 (100k yr job + $44,625 withdrawal) and they pay taxes on that? Any help would be appreciated- Thanks!
Long term capital gains are taxed separately, but you’d still need to pay your ordinary income tax rate for your salary. Hope that helps.
Long-term capital gains are calculated separately, but his taxable income is used to calculate the rate. @jeremyryan7632 is likely paying 15% on the entire $44,625 withdrawal.
If you are earning an income is that included to put you at a higher tax rate or is that a different category? Example say you are married filing jointly. And you pull out the $80k to be in the 0% bracket but are also earning a salary does that bump you up?
Great question! The long term capital gains are taxed at a different rate than your ordinary income tax rate so you’d pay $0 in federal taxes for the gains and then be taxed at your ordinary rate for your salary. :) The gains would increase your adjusted gross income though (so you may not be eligible to contribute to a Roth IRA, or things like that).
@@WealthyTiffany super helpful. Thanks so much
@@planaheadstayahead You're welcome!
I am not a tax person, but this answer I believe is very misleading or incorrect.
The salary *does* put him out of the 0% bracket and into the 15% LT capital gains.
This is because the LT capital gains tax is based on “Taxable income” and that includes earnings as well as capital gains .
Are you sure you are giving out the correct information on long-term capital gains and taxable income
This is not correct information for long-term capital gains (LTCG), or at least is misleading. Please consider revising the video or taking it down before people make a big tax mistake.
You have to do more calculations to determine LTCG taxable rate. The key is you MUST include your taxable income (adjusted gross income minus standard/itemized deduction) when determining the LTCG rate.
Dont waste ur time on this nothing vedeo..she will get u in trouble. With the IRS.
I really think you are misleading people.
🤷♀️
Yep, hopefully these people use a tax expert before they file their returns.
I was thinking same. This video is full of misleading and false information. Report her.