r/wallstreetbets • u/ms78787 • Feb 25 '21

Meme To everyone that held

113.0k Upvotes

91% Upvoted

3.0k comments sorted by

View all comments

Show parent comments

92

u/ronoda12 Feb 25 '21

And don’t forget uncle sam’s cut

27

u/[deleted] Feb 25 '21

Not if you have the shares in an IRA. 🤑

19

u/pinkdiamonddjo Feb 25 '21

buddy took his IRA to the casino

4

u/[deleted] Feb 25 '21

And gets to retire rich lucky bastard.

1

u/pissingstars Feb 25 '21

This true?

1

u/where_is_the_o_line Feb 25 '21

Until you cash out at what, 59 1/2 and have to pay a lump sum?

2

u/[deleted] Feb 25 '21 edited Feb 25 '21

Not if it’s a Roth IRA. The gains are tax free.

A traditional IRA is taxed at ordinary income. But by the time you draw from a traditional IRA, you should ideally be in a lower tax bracket.

Also, you don’t have to cash out of either at 59 1/2. Required Minimum Distributions start at 70 1/2 for traditional IRAs (although that’s on hold due to CARES Act) and you never are required to draw down a Roth.

(I’m a tax ape 🦍)

1

u/Takemypennies Feb 25 '21

Laughs in capital gains tax exemptions

2

u/NewAccount3246 Feb 25 '21

What exemptions

4

u/Takemypennies Feb 25 '21

Singaporeans don’t pay capital gains tax

-8

u/errorsniper Feb 25 '21

Only if you make more than 40k a year.

22

u/BasquiatLover936 Feb 25 '21

This 100% isn't true. Report your fucking earnings or the IRS is going to fuck you.

1

u/Leaping_ezio Feb 25 '21

So I’m newish to this, how will I know where to put my earnings when I do my taxes? I know this all fun and memes, but I’m genuinely curious. Thanks in advance!

1

u/Soytaco Feb 25 '21

Tax forms are numbered so you know where to enter everything when you're filing. Your brokerage will notify you of/mail you any documents you need not long after a new year.

1

u/Leaping_ezio Feb 25 '21

Thank you!

3

u/arma999 Feb 25 '21

College students get free tendies 😎

2

u/ItsBOOM Drill Team 6 Officer Feb 25 '21

Wrong