I've already accumulated about $45,000 in short term capital gains this year. I need to liquidate another $40,000 in stocks or sell part of an inherited IRA which, as I understand, will be taxed as income. Is the tax hit going to be the same either way?
Last year I had taxable income of about $53,000 with next to no capital gains. This year I expect about the same taxable income plus the capital gains.
So many of our founding fathers strongly oppose income tax.
Federal income tax and other income taxes wasn't introduced until the mid to late 1800's and in 1913. This is after all our founding fathers are gone or dead.
Any readings you recommend to find out why income tax was introduced?
I lived in two different states during the 2009 tax year. On my federal tax, my 2 incomes are obviously combined. For the state forms, they ask you to enter information entered on the federal return. However, shouldn't I only report the income I earned in that particular state for which state withholding tax was withdrawn? If so, how to I make adjustments when it asks for my federal adjusted gross income?
I lived in two different states during the 2009 tax year. On my federal tax, my 2 incomes are obviously combined. For the state forms, they ask you to enter information entered on the federal return. However, shouldn't I only report the income I earned in that particular state for which state withholding tax was withdrawn? If so, how to I make adjustments when it asks for my federal adjusted gross income?
