Where'd the bull mask go Spidey?

I sold a portion of my position, and have reinvested as the tech market has fallen. Did you read the "okay, twice..." part, or are you trolling outside the NASDAQ thread now?

Another reason I don’t trade. The tax implications can be huge. The wash sale shit was a big eye opener for me.

Long term capital gains taxes are very generous for stocks, ETFs and real estate, if you meet certain requirements. Generally, the first $40k, per year is 0% tax and a $250k exemption every few years.  In most cases, long term capital gains are taxed much lower than normal income tax.
I'm not a cpa, nor did I stay at a holiday inn last night.

Is my avatar fixed!!!???

No, I know all about wash sales and I dont use a shit brokerage so they account for these automatically.

Cool. Yet more reason to pay a long term money mgmt firm with long term tax planning.

Mine has me doing weird shit that makes no sense. But it’s not my job to second guess them. Only to understand why. That’s why I pay them.

You don’t hire a pro only to tell that damned professional he’s doing it wrong based on a few google searches.

Good. Like I said I don’t trade.

Yet here you are worried about a 15k tax bill. Sell some shit, pay stcg, and learn your lesson.

I repeat, you don’t want the IRS on your ass. They can levy your shit. File amended return, with a pro, and pay your shit by October.

If you have a 15k tax liability you’re moving decent money. Not something you want to do yourself. Taxes that is.

Since the IRS knows all, why don’t they just tell you what you owe?  Then you can whittle that down with your deductions and submit your return.  

Why this stupid game of having you take a stab at telling them what you owe and hope they agree?  I know, it’s always just been that way but it’s pretty stupid really.

Tax brackets are pretty straight forward. Its not a guessing game, it just that taxes in and of themselves are a thing of fuckery.

If you fix it BEFORE the current year filing deadline, you will file what is known as a superseding return. It essentially replaces the original return and becomes the return of record. Because you are filing a second Form 1040, you have to file in on paper-you can't e-file two 1040's for the same tax year.

If you wait until after the filing deadline, you will be filing an amended return, which is just a change to the return of record. An amended return, which is done with IRS Form 1040X can be e-filed in the same tax year a Form 1040 was e-filed.

Either way, your tax liability is due by the filing deadline, even if you had filed an extension (it''s too late to file an extension now, as you've already filed a return), and you'll owe penalties and interest from April 18th (19th in MA and ME).

You can ask the IRS to make a payment arrangement, though you will likely have fees to set it up (unless you plan to pay it off within a few months) and you will accrue interest until the debt is paid in full.

You may be able to get the IRS to abate, or waive, the penalties if you qualify for First Time Penalty Abatemennt.

<---Admitted to practice before the IRS as an Enrolled Agent

If you're talking less than a hundred bucks, they probably wouldn't bother collecting (but no guarantee).  If you forgot, just file an amended return and claim it.

NH taxes interest and dividends. I just got notified that I owe from 2018.

Bruh, everyone taxes dividends.

Actually, not all states do. There are eight states with no income tax, at all. New Hampshire does not have an income tax on wages, but does have a state income tax on dividends and interest.

I've played this game and lost enough times.

you know that you can amend your filling …

I personally think everyone should just stop paying federal taxes but whatever

Tax expert has entered the game.

My guys have me doing wonky shit, and it’s all about state taxes.

Agreed...

I can tell you that it will definitely be logged into your IRS file.  It’s possible it may already be there.

Not at all correct.  You just need to know what you are doing.  There is NOTHING a CPA does for me (beyond peace of mind), and my taxes are somewhat complex.  Tax advisement is a totally different thing than tax preparation.  If you own a business, having tax advisement on ensuring you are writing off as much as you can against business income will pay for itself.  

But for most Americans with W2, rental property, and investments, the online tax preparation is sufficient.

Attached File

We can tell.

It's not that the first $40k in long term capital gains is subject to 0% tax. It's that long-term capital gains (those gains on investments help for a year or more) are generally taxed at preferential tax rates (0, 15, o 20%), which are based on the taxpayer's marginal tax rate. If the taxpayer's marginal rate is 0, 10, or 12%, they are taxed at 0% on long-term capital gains. Of course, those marginal tax rates depend on filing status and taxable income.

The $250,000 exemption you're refering to (I assume, as it's the only thing which logically makes sense) is the ability for a taxpayer to exclude up to $250,000 in capital gains on the sale of a home, if they meet the requirements-one of which is the residency test, whcih requires the taxpayer to have lived in the home for 24 months of the last five years. For married couples filing a joint return, they may exclude up to $500,000 in capital gains on the sale of a home.

You are right when you said "In most cases, long term capital gains are taxed much lower than normal income tax." The exception being collectibles, as they are always taxed at 28%, not the usual 0, 15, or 20% rate of other long-term capital gains.

Not on a gain FFS....

Or if you are retarded and don't understand shit.

Simple answer, no.  Longer answer, I really don't know.

The IRS has set activity requirements for every type of 1099.  Brokerage services will probably go one step further and report any activity to the IRS, even if it is below the reporting threshold.  The brokerage firm will be reporting to the IRS electronically - the IRS will computer match.  It is close to 100% certainty they will know.  No human will be involved in sending out the notice and tax bill, it is all automatic.

Now for the I don't know part.  I have not actively prepared returns professionally for about 10 years.  Reporting has changed a bit over that time, and I honestly don't know exactly what is being reported - if anything it is more information not less.  That might be in your favor.  In the past, the 1099-B's only reported gross proceeds.  As such the IRS would know about a sale, but not the basis in the stock.  They would adjust your return as if the entire gross proceeds was gain.  Since 2012, brokerage firms were required to report basis on 1099-B's.  So at least there is a chance the IRS will only adjust your return for the net gain you failed to report, not the entire basis.  That said, I really don't know - when I still prepared returns as a CPA, the 1099-B's were not always accurate in reporting basis (often they did not have complete information), and could also fail to take into consideration wash sales (extremely common in day trading).  Perhaps the system works better now.  When I retired, the basis information was mostly for the recipients use not the IRS's.

The IRS can really get it's panties in a wad over day traders.  The numbers can be huge.  I had a client with several trillion dollars of day trading over the course of a year.  The IRS sent a Federal Agent (not an IRS agent) to his house.  Due to his method of day trading, almost all of the trading was wash sales - no gain/loss till until he was out of the position with the stock for 90 days (he would buy and sell the same stock several to many times in a single day, usually in 100k blocks).  I forget most data - but I think his 1099-B was over 300 pages long.  

That's all I was trying to say.   If OPs are long term, then the taxes due may not be as bad as he thinks.   If they are not that type, then obviously that don't apply but maybe they could have been if OP had known of the tax advantages available for long term capital gains.

I’d go toe to toe with any government agency . . . except the IRS.  They will destroy you.  You will owe interest + penalties.

Black cock loves white ass.

still need to file, or they can get you for tax evasion.

They have a what if I can't pay thing
https://www.irs.gov/newsroom/irs-offers-options-to-help-taxpayers-who-cant-pay

Your Stock Broker:
Attached File

OP:

Disagree. State tax planning.

For which I don't have any.  Just because something applies to you, does not mean it is applicable to others.

They'll notice, and probably send it back telling you to fix your shit.

You can file an amended tax return and not get into trouble

And that’s the fucking truth. My tax plan is not yours, yours is not mine,

But just viewing taxes as only a year thing is failure on tax planning. Federal and state.

One bright side - the computer matching is fast enough, if you thought you were getting a refund, they will probably be able to reduce/stop that from happening.  Applying an over payment - forget about it.