Cashing out a mutual fund and owing the IRS?
I cashed out a ,000 mutual fund and know I will owe a lot on my 2008 taxes. How can I start "paying back" the IRS now to avoid dept in April? I’ve started contributing more to my 401K to lower my taxable income and I’ve increased my W4 contributions to claim 0 and take out extra per pay check. Any other suggestions?
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Categories: Mutual Funds Tags: 401k, irs, mutual fund, taxable income
How are mutual fund beneficiaries taxed?
I am the beneficiary of my father’s mutual fund or IRA. When the money is distributed to me, does the IRS see that as income or as inheritance? How it is taxed?
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Categories: Mutual Funds Tags: beneficiary, inheritance, ira, irs, money, mutual fund