Just did my taxes....

[VegasMichael]

Just finished my taxes. 19k for the Feds and $1200 for NY. Maybe I should renounce my U.S. citizenship.

The thing that pisses me off the most is dividend taxes. In my brokerage account I always reinvest dividends in additional shares. Why should I pay taxes on money I'm not taking? The initial money invested is after tax to begin with and now you are taxing me again? And when I go to sell the shares in the future you are taxing me yet again??? In essence I'm getting taxed three times on the same damn money.

 

[PC03GT]

Just finished my taxes. 19k for the Feds and $1200 for NY. Maybe I should renounce my U.S. citizenship.

The thing that pisses me off the most is dividend taxes. In my brokerage account I always reinvest dividends in additional shares. Why should I pay taxes on money I'm not taking? The initial money invested is after tax to begin with and now you are taxing me again? And when I go to sell the shares in the future you are taxing me yet again??? In essence I'm getting taxed three times on the same damn money.

Then you die and everything will get taxed again

 

[Crimson2v]

Just finished my taxes. 19k for the Feds and $1200 for NY. Maybe I should renounce my U.S. citizenship.

The thing that pisses me off the most is dividend taxes. In my brokerage account I always reinvest dividends in additional shares. Why should I pay taxes on money I'm not taking? The initial money invested is after tax to begin with and now you are taxing me again? And when I go to sell the shares in the future you are taxing me yet again??? In essence I'm getting taxed three times on the same damn money.

That’s what I keep asking our accountant. Why the hell am I taxed on something that hasn’t been realized yet?

 

[Lambeau]

Just finished my taxes. 19k for the Feds and $1200 for NY. Maybe I should renounce my U.S. citizenship.

The thing that pisses me off the most is dividend taxes. In my brokerage account I always reinvest dividends in additional shares. Why should I pay taxes on money I'm not taking? The initial money invested is after tax to begin with and now you are taxing me again? And when I go to sell the shares in the future you are taxing me yet again??? In essence I'm getting taxed three times on the same damn money.

If you owe $19k to the feds, you must have a penalty too.

 

[VegasMichael]

If you owe $19k to the feds, you must have a penalty too.

I owed capital gains on a home sale last year.

 

[BlckBox04]

I owed capital gains on a home sale last year.

Yea that’s why

I feel the same way tho. Almost like unless you’re super wealthy it doesn’t pay to invest in the stock market. My portfolio lost so much last year yet I still got hit with capital gains tax on money that never made it to my bank account.

 

[Roots-type]

In essence I'm getting taxed three times on the same damn money.

And again when you spend it

 

[Black Gold 380R]

Taxes and insurance could be good things.

Problem is people who run the government don't know what the hell they are doing so we get stuck paying more and more and seeing less and less.

Insurance is the same way. You pay and you pay and the insurance companies are happy. But as soon as you need to make a claim they do everything in their power to deny your claim.

To hell with the government shitheads and insurance companies BS.....

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[ford fanatic]

I feel the same way tho. Almost like unless you’re super wealthy it doesn’t pay to invest in the stock market. My portfolio lost so much last year yet I still got hit with capital gains tax on money that never made it to my bank account.

Taxes or not, you should really look into how compound interest works. You'd give up hundreds of thousands of dollars to avoid paying a little tax? Don't get me wrong here, I think taxes are theft, but it's what we're forced to do.

Also, unless you pulled all of your money out, you didn't lose a thing. Just on paper, be patient, it will come back. It always does...

Actually everything is on sale now, time to up your investing.

 

[03cobra#694]

Insurance companies are the worse Glenn. @Black Gold 380R You should see some of the stuff we're seeing them do after that last big hurricane. Don't even get me started on health insurance and their prices. That said, I pay a shit load in taxes during the year, and still have to stroke a check.

 

[Riddla]

And it sucks we do not control where our taxes are going to and or spent on. Its borderline extortion .

 

[72MachOne99GT]

You’re just paying your fair share bro.

 

[1 Alibi 2]

If you owe the feds 19K,.......................you're doing WELL !!
.

 

[SID297]

That’s what I keep asking our accountant. Why the hell am I taxed on something that hasn’t been realized yet?

A dividend is realized upon issuance.

 

[Relaxed Chaos]

Just finished my taxes. 19k for the Feds and $1200 for NY. Maybe I should renounce my U.S. citizenship.

The thing that pisses me off the most is dividend taxes. In my brokerage account I always reinvest dividends in additional shares. Why should I pay taxes on money I'm not taking? The initial money invested is after tax to begin with and now you are taxing me again? And when I go to sell the shares in the future you are taxing me yet again??? In essence I'm getting taxed three times on the same damn money.

Stop yer whining. At least you are paying for:
- Ukrainian pension plans (while US social security goes bankrupt)
- Ukrainian border protection (while over 2M people invaded the US last year)
- The Biden government equity employment programs that prioritize skin color and sex organs over white males.
- missiles to shoot down our own weather and hobbiest balloons
- vaccines from Pfizer and Moderna to fight a pandemic created by Gates, Pfizer, Moderna, and Fauci.
- blowing up NordStream, instigating WW3
- Paying off college loans so worthless that the post graduate income leaves the knowing borrower broke and University admin rich
- funding a corrupt government that can print as much money as they want, crippling citizens with inflation (but they still need to steal your money via tax for some reason)
- bunch of other stupidass bullshit

Sleep well...

 

[MG0h3]

I didn’t think tax on unrealized gains went through.

Sure you’re doing that right?

As Sid said, you have realized your dividend earnings. You choosing to reinvest them is your choice and you’ll only get taxed on any gains from investing them. The dividend reinvested is reported as cost basis and is not taxed.


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[JimCSHO]

A dividend is realized upon issuance.

Dividend reinvestment doesn't stop that you received the dividend. How do you think that you bought the new shares? You still got that income, you just invested it.

 

[JimCSHO]

I didn’t think tax on unrealized gains went through.

Sure you’re doing that right?

As Sid said, you have realized your dividend earnings. You choosing to reinvest them is your choice and you’ll only get taxed on any gains from investing them. The dividend reinvested is reported as cost basis and is not taxed.


Sent from my iPhone using svtperformance.com

A dividend is income, not a gain.

So you get a dividend it doesn't matter what you did with it i.e. reinvested it. You still received that income and could have done anything you wanted with it. So yes, the reinvested dividend is income that you get taxed on.

You are mixing up income (dividend) with capital gain (growth in value). You don't pay tax on capital gains until they are realized - i.e. you sell the asset for more than your cost basis.

 

[MG0h3]

A dividend is income, not a gain.

So you get a dividend it doesn't matter what you did with it i.e. reinvested it. You still received that income and could have done anything you wanted with it. So yes, the reinvested dividend is income that you get taxed on.

You are mixing up income (dividend) with capital gain (growth in value). You don't pay tax on capital gains until they are realized - i.e. you sell the asset for more than your cost basis.

I’m very clear on both.

Someone above made it sound like they are paying taxes on unrealized gains.

I remember the biggest thief in the world, our Government, floated that idea.

I didn’t think they could or did push that through.


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[BlckBox04]

Also, unless you pulled all of your money out, you didn't lose a thing. Just on paper, be patient, it will come back. It always does...

Actually everything is on sale now, time to up your investing.

If I were to pull everything out now I would be down half my original investment