Capital Gains Taxation Calculation
Hi
This is an excerpt from my Schwab Regular account. It's taxable and all dividends and capital gains have been reinvested from Edward Jones (pre-2010) to TDA (2010 I think) to Schwab. Nothing has been traded.
Each Mutual Fund shows Lot Details going back to 2010.
Yes, there is one fund with missing cost-basis that I am working on.
I want to know how much I will pay in capital gains taxes if I TRADE and/or SELL everything this year. Most likely, trade into a Money Market Fund.
I have no other income this year.
Is/should the Schwab data be accurate for the IRS for reporting next year?
Is calculating the Taxable Capital Gains only
Market Value - Cost Basis = $21,734.56 Taxable Capital Gains
Is there anything else I am missing?
This is below the $46,000 threshold for single filers, so there should be no Federal Taxes due. Only state taxes (Rhode Island, which I think is 3.75%).
Is my understanding correct?
Thank you and please be patient with explaining it to me. I am not very knowledgeable.
Andrew
$1,995.23 | -$52.43 | -2.56% | $1,374.68 | +$620.55 |
|---|---|---|---|---|
$2,452.94 | -$82.02 | -3.24% | $1,559.44 | +$893.50 |
$3,063.25 | -$126.86 | -3.98% | $1,932.38 | +$1,130.87 |
$2,786.32 | -$106.52 | -3.68% | $1,935.31 | +$851.01 |
$1,657.94 | -$27.99 | -1.66% | $1,306.15 | +$351.79 |
$3,877.90 | -$140.18 | -3.49% | $2,800.71 | +$1,077.19 |
$801.03 | -$21.67 | -2.63% | Incomplete | N/A |
$12,067.63 | -$411.18 | -3.3% | $10,334.50 | +$1,733.13 |
$15,610.41 | -$447.28 | -2.79% | $13,085.50 | +$2,524.91 |
$8,523.45 | -$366.72 | -4.13% | $6,252.17 | +$2,271.28 |
$52,609.30 | -$1,116.25 | -2.08% | $40,129.93 | +$12,479.37 |
$53,564.60 | -$642.00 | -1.18% | $55,763.64 | -$2,199.04 |
$159,010.00 | -$3,541.10 | -2.18% | $136,474.41 | $21,734.56 |
Market Value | Cost Basis |
Answers
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Anything prior to 2011 are considered non-covered shares. That means the broker is not required to send cost basis information to the IRS and you will need to provide instead.
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Thank you
How am I supposed to find information from 15+ years ago in accounts that no longer exist (Edward Jones and TDA)?
I seem to remember some emails about this back then because some CB was missing when Edward Jones transferred my account to TDA.
I think??? the CBs were added/rectified in my TDA account.
But, I am not 100% sure.
I never traded/sold anything.
So, I am assuming that my CBs are all up-to-date and complete
(except for the one I noted in my other forum question)
My Schwab account shows CBs and per-share $ values. Isn't that all the IRS needs for next year?
If I sell/trade anything, it will be 100%.
Thank you again
Andrew0 -
Your long-term capital gains tax rate is based on your TOTAL taxable income, including the capital gains. If you had other income, you need to account for that before determining your long-term capital gains tax rate.
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