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dantefromsomm (< 20)




December 08, 2009 – Comments (3)

        Does any one know all the exact details about the tax benefits this year on investments/stocks?Or have links to where it is clearly laid out?Much appreciated.

3 Comments – Post Your Own

#1) On December 08, 2009 at 9:54 AM, XMFSinchiruna (26.54) wrote:

Any helpful hints that you do generate as a community, if someone can post the "best of" to this blog post for the benefit of the students and parents of the Thurgood Marshall Academy, that would be enormously appreciated!

Fool on!

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#2) On December 08, 2009 at 11:15 AM, outoffocus (24.07) wrote:

I will try to cover some basic tax advantages but if you could be a little more specific as to what you are looking for that would help alot.

Capital Gains and losses

Capital gains and deductible capital losses are reported on Form 1040, Schedule D. If you have a net capital gain, that gain may be taxed at a lower tax rate than the ordinary income tax rates. If your capital losses exceed your capital gains, the amount of the excess loss that can be claimed is the lessor of $3,000, ($1,500 if you are married filing separately) or your total net loss as shown on line 16 of the 1040 Schedule D, Capital Gains and Loses. If your net capital loss is more than this limit, you can carry the loss forward to later years.


Traditional IRA

Traditional IRA contribution and deduction limit. The contribution limit to your traditional IRA for 2008* increased to the smaller of the following amounts:

$5,000, or

Your taxable compensation for the year.

If you were age 50 or older before 2009, the most that can be contributed to your traditional IRA for 2008 is the smaller of the following amounts: 

$6,000, or 

Your taxable compensation for the year.

 * It appears that the amounts are the same for 2009

Roth  IRA

Unlike a traditional IRA, you cannot deduct contributions to a Roth IRA. But, if you satisfy the requirements, qualified distributions are tax free.

Municiple bonds:

Interest you receive on an obligation issued by a state or local government is generally not taxable.Interest on a bond used to finance government operations generally is not taxable if the bond is issued by a state, the District of Columbia, a U.S. possession, or any of their political subdivisions. Political subdivisions include: 
·      Port authorities,
·      Toll road commissions,
·      Utility services authorities,
·      Community redevelopment agencies, and
·      Qualified volunteer fire departments (for certain obligations issued after 1980). 

Capital gain distributions may be paid by regulated investment companies (mutual funds) and real estate investment trusts (REITs). Capital gain distributions are always reported as long–term capital gains (and therefore taxed at a lower rate).


Hope this helps.


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#3) On December 08, 2009 at 3:41 PM, dantefromsomm (< 20) wrote:

       I read somewhere there will be no capital gains taxes on investments this year as part of the stimulus for people with a gross income under $33950.It was in a finacial magazine last month i believe like forbes , i dont remember.

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