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I took 10000 dollars out of my stock portifilo can I use income averaging when doing my tases?
Wiki User
∙ 15y ago
If you mean by stock portfolio, a pre tax fund such as a 401K then yes you'll owe taxes on the money removed
If you mean a plain stock portfolio that was funded with money already taxed such as your personal money, then it may not be taxable.
You may owe capital gains tax if you sold stock for more than what you paid for it
You may have a capital gains loss if you received less for the stock you sold than you paid for it.
If you receive dividends on the stock that you own, it does not matter if you remove the money from the portfolio or not, you must pay tax on the dividends earned in the year you earned it.
Income averaging is no longer an option. It was removed as an option by the 1986 Tax Reform act.
Wiki User
∙ 15y ago
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