Hello all. Thanks for taking the time to read. I will be filing married filing jointly with 2 additional dependents.
For the year my W2 income will be $34,000 (after 401k and health premiums subtracted) and my 1099 income be about $4,000 but after mileage / other deductions the net profit will be about $2,700. Dividends and interest will be about $400. Thus I think I am quite safely in the 0% capital gains bracket.
In my taxable investing account I have around $2,000 in long term capital gains. I wish to harvest these gains and while keeping the same securities.
-
Is it as easy as simply selling all shares and then immediately purchasing as many shares as I can with the proceeds (ETFs)? Thus at the end of the day I'll have around the same number of shares as the beginning of the day.
-
If some of the individual lots are sold for a loss while overall the entire transaction is for a gain would this trigger a wash sale?
-
I believe the additional $2,000 would put me into the "0.2" bracket instead of the "0.5" bracket for the Retirement Savings Credit. However if I were to invest $2,000 into a traditional IRA then this would sort of cancel out the $2,000 in capital gains, right? My AGI would remain the same?
-
Any insight on how this would affect other common credits/deductions such as EIT, Child Tax Credit, Additional Child Tax Credit. I did look into them but did not find any potential problems like I did with the Retirement Savings Credit.
-
I have dozens of lots. When it comes to inputting these into tax software will they all go in individually or will they be consolidated into a single line for each security?
Thank you.
Submitted December 12, 2017 at 08:28AM by All_Good_Ones_Taken http://ift.tt/2C8B8yj
