Investment Taxes 101: Capital Gains, Dividends, Tax Loss Harvesting, & More

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 8 March 2023

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Short-term capital gains? Qualified dividends? Tax loss harvesting? Strap in, people, we’re taking a cruise down the chocolate river of all things investment taxes, and I’ll be your Wonka. Fear of taxes (or maybe just uncertainty) keeps people out of the game, and I think that’s a little bit like declining a raise because you don’t want to pay taxes on the incremental income—if you owe taxes on your investments, it probably means you made money in the first place. Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatie Transcripts can be found at podcast.moneywithkatie.com. — Mentioned in the Episode Tax-sheltered accounts: https://www.irs.gov/retirement-plans/irc-403b-tax-sheltered-annuity-plans Capital gains & dividends: https://www.irs.gov/taxtopics/tc404 Capital gains tax rates: https://www.irs.gov/taxtopics/tc409 2022-2023 capital gains tax rates: https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates Ordinary vs. qualified dividends: https://www.investopedia.com/ask/answers/12/how-are-capital-gains-dividends-taxed-differently.asp Wash sale: https://turbotax.intuit.com/tax-tips/investments-and-taxes/5-situations-to-consider-tax-loss-harvesting/L06jlQWfl Tax loss carryforward: https://www.sofi.com/learn/content/tax-loss-carryforward/ — Follow Along at Money with Katie: https://moneywithkatie.com/ Watch on YouTube: https://www.youtube.com/@MoneywithKatie Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter - Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2 Follow the Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today, we're talking about the world's sexiest topic.
0:15.2	And I know what you're thinking, you're thinking, oh, the Ariana Grande music video for Side
0:19.2	and Decide? No, investment taxes.
0:37.6	Welcome back to The Money with Katie Show, Rich Girls, and Boys, I'm your host, Katie
0:42.2	Gatti Tossant, and to begin today, gather round for a story.
0:48.0	Was the tax season of 2019 for 2018 taxes and yours truly was an investing spring chicken?
1:03.9	I had put a few thousand dollars in different accounts and I felt positively hashtag adult
1:09.0	about it.
1:10.0	I was talking on the phone with my dad while strolling the aisles of Kroger for that week's
1:14.2	rations of potato chips, Norios, explaining how I was so ahead of the game that I had already
1:20.6	filed my tax return.
1:22.9	But have you gotten your 1099s yet?
1:25.3	He asked me, what?
1:27.3	I scoffed at my dad clearly and do nothing of the financial wizard I was.
1:31.7	And he was like, no, you're 1099s, like from your investment accounts.
1:36.1	And panic ensued.
1:38.2	I have to pay taxes on those.
1:40.2	I asked completely incredulous.
1:42.4	Why didn't anyone tell me?
1:45.8	And that's how I found out that you have to pay taxes on your investment accounts.
1:51.0	Surprise, guys.
1:52.0	It has been an absolute glow up over the last five years, started from the bottom now,
	...

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