I'm only working PT so my income is somewhat low this year. Parents can't claim me as a dependant as my income is between $10k-15k, and I'm only PT in college.
Noticed I can take the "savers tax credit" since I deposited to a ROTH IRA, so I'll be getting $1,000(not refundable) off my taxes, so basically no federal income taxes owed this year.
While my income is low now since I'm only PT, I expect it to be higher in the future once I start working FT, thus eventually putting me in the 15% bracket for long term capital gains and 25% for ordinary income.
I have a bunch of stocks bought earlier in the year, and I have a "buy and hold" mentality in which I just hold and collect dividends. Some have gone up, some have gown down. Should I sell and rebuy the winners, while holding onto the losers, to establish a higher basis point for future capital gains to offset future taxation? Or is this a bad idea?
Submitted October 24, 2017 at 06:04AM by skilliard7 http://ift.tt/2i0ObbV
