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1
Goran_K
2022 Apr 12, 10:28am
Goran_K
2022 Apr 12, 10:28am
Leaving California is the best thing you did.
They treat profits from stock sales as “normal income”. 😳
They treat profits from stock sales as “normal income”. 😳
2
GreaterNYCDude
2022 Apr 12, 10:44am
I am not looking forward to this year's return. Everyone I know in a similar economic situation ows, and by a substantial amount. Not sure why or how this happened.
I began 2021 unemployed but started a new job (which I am still at) in early Feb. I now work from home the majority of the time, which took some getting used to. Not sure how much of my incidental expenses (lights, heat, mortgage, etc.) are deductible. That's why I have an account to figure out how best to minimize my tax obligation.
The SALT cap also hurts us. It's a penalty on the upper middle class in Blue states. Yes I could move, but there are many reasons from a personal perspective to remain here, despite the costs.
I began 2021 unemployed but started a new job (which I am still at) in early Feb. I now work from home the majority of the time, which took some getting used to. Not sure how much of my incidental expenses (lights, heat, mortgage, etc.) are deductible. That's why I have an account to figure out how best to minimize my tax obligation.
The SALT cap also hurts us. It's a penalty on the upper middle class in Blue states. Yes I could move, but there are many reasons from a personal perspective to remain here, despite the costs.
3
clambo
2022 Apr 12, 11:15am
NYCdude,
Since Trump, the standard deduction for married is $25,100.
If self employed use a SEP-IRA to reduce your schedule C tax .
Goran, correct.
California has other sneaky taxes, it's a bummer.
Since Trump, the standard deduction for married is $25,100.
If self employed use a SEP-IRA to reduce your schedule C tax .
Goran, correct.
California has other sneaky taxes, it's a bummer.
4
zzyzzx
2022 Apr 12, 11:44am
zzyzzx
2022 Apr 12, 11:44am
GreaterNYCDude says
clambo says
That's every mutual fund capital gains distributions for 2021.
Not sure why or how this happened.
clambo says
So, last year the funds distributed their capital gains and dividends, which pushed my taxes up a shitload.
That's every mutual fund capital gains distributions for 2021.
I’m stuck with some accounts that are not IRAs nor Roth, nor SEP, nor variable annuity.
I recall IRA contribution limits were a measly $2000/year.
So, last year the funds distributed their capital gains and dividends, which pushed my taxes up a shitload.
I’m choking and shaking as I write the check to the US Treasury.
Buy Vanguard Tax Managed Capital Appreciation Fund after you max out your retirement accounts.
This fund doesn’t create a large 1099 each year.
Buy a Health Savings Account if you qualify, and invest it in capital appreciation mutual funds.
My HSA is at Fidelity, in Contrafund.
Fidelity sent me an ATM card to use to pay for any medical or dental expenses. So, I got a tax deduction when I bought the HSA, it grew tax free, and I can spend it tax free on the expenses above.
Edit: I left California which saved me $7000+ bucks at least.