Taxes 101
Investments & Impact on Your Income Taxes
Smooth Tax Moves
Taxpayers covered by a pension plan at work, the modified adjusted gross income limit for deducting traditional IRA contributions has increased. A couple filing married filing jointly whose income is between $95,000 and $115,000 can take a partial deduction this year....
The maximum tax rates for net capital gains are 0%, 15% and 20%. Short term capital gains are capital assets such as stocks or bonds held for one year or less and are taxed at ordinary income rates. Long-term capital gains are capital assets held for longer than one year before they are sold....
A child under age 19 and whose income is not more than half of their support, and/or a child who is a college student under age 24 and whose earned income is not more than half of the child’s support, will have their investment income taxed at their parents’ rate....
