I’d like to be sure I understand this correctly. I need to sell shares in my taxable account for living expenses. My MAGI needs to be around $25k (ACA) so if I sell say $22k, I’ll own no tax on LTCGs.
Short term capital gains (included in ordinary dividends on the 1099) along with interest from i-Bonds will generate a few thousand dollars in income which drops me into the 10% bracket. I'm usually in the 12% income tax bracket.
So:
1. I really don’t need to be concerned with the cost basis and lots when I’m selling this year.
2. My tax bill this year will be very small.
3. For ACA income purposes I’ll be aligned with the income level my subsidies are based on.
Does that sound correct and is there anything else I should consider?
Thank you.
Short term capital gains (included in ordinary dividends on the 1099) along with interest from i-Bonds will generate a few thousand dollars in income which drops me into the 10% bracket. I'm usually in the 12% income tax bracket.
So:
1. I really don’t need to be concerned with the cost basis and lots when I’m selling this year.
2. My tax bill this year will be very small.
3. For ACA income purposes I’ll be aligned with the income level my subsidies are based on.
Does that sound correct and is there anything else I should consider?
Thank you.
Statistics: Posted by Tejfyy — Mon Oct 21, 2024 10:19 pm — Replies 1 — Views 133