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☆ Millions of high earners pay this investment income tax every year. Here's how to avoid it
  + stars: | 2023-07-05 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
Higher earners are more likely to owe an extra levy on investment earnings than a decade ago. Enacted as part of the Affordable Care Act health-care expansion, the 3.8% net investment income tax applies to capital gains, interest, dividends, rents and more once your so-called modified adjusted gross income, or MAGI, exceeds certain thresholds. MAGI can be higher than adjusted gross income because it adds back the foreign earned income exclusion. While dozens of tax code provisions adjust for inflation every year, the thresholds for net investment income tax have remained the same since 2013 — MAGI above $200,000 for single filers and $250,000 for married couples filing together. An estimated 7.3 million taxpayers paid nearly $60 billion in net investment income tax in 2021, compared with 3.1 million taxpayers paying $16.5 billion in 2013, according to the Congressional Research Service.
Persons: it's, It's, Brian Schultz, Plante Moran Organizations: Affordable, Finance, Congressional Research Service Locations: Southfield , Michigan
☆ Stocks are down, but it's a 'great time' for a Roth IRA conversion—here's why
  + stars: | 2023-01-04 | by ( Ryan Ermey | ) www.cnbc.com   time to read: +5 min
Because Roths are funded with money you pay taxes on upfront, you'll owe a bill on any investments you move over. Traditional vs. Roth IRAs: 'You can't beat a 0% tax rate'To understand the benefits of a Roth conversion, it's important to know the key differences between traditional and Roth IRAs. Because you haven't been taxed on any of the money in your traditional IRA, you'll owe taxes if you convert to a Roth. If you convert it to a Roth, you'd owe taxes on the dollar value of the shares: $1,000. Once your stocks are converted, they'll ideally continue to grow tax-free in your Roth account until you're ready to withdraw the money in retirement.
☆ 'Don't wait' to make this year-end move that could help cut your tax bill, says CPA
  + stars: | 2022-12-26 | by ( Ryan Ermey | ) www.cnbc.com   time to read: +2 min
If you sell an investment at a loss, the IRS allows you to use that loss to offset gains and income. Here's how tax-loss harvesting works. The rules around tax-loss harvestingTo understand tax-loss harvesting, you first need to remember how capital gains taxes work. At first, offsets must be like for like: Use short-term losses to offset short-term gains and long-term losses to offset long-term gains. How to take advantage of tax-loss harvesting
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