Taxes? DAMMIT!

[eddiea6987]

ok well this question is for those who reside in the U.S because i think this website is not U.S based but anyways,
day trading the e-mini s&p 500 would result in the 60/40 taxing rule right?
and if so is this 60/40 taxation done by your brokage like at the end of the day they take away the apropiate taxes and their commisions? and what ever money left is completely yours and you can do what ever you want with it? kind of like with a pay check you know,? or do you have to actually go and pay the taxes your self? because that would be annoying and how often?

 

[Rhody Trader]

I'm no tax expert, but I believe that unless you are subject to back-up withholding of some sort, your broker will not take any taxes out. They will simply send you a 1099 form at the end of the year and you'll have to plug the figures into schedule D via a form I can't recall the number of at the moment. Please note, however, that if you've make good money trading and haven't been paying estimated taxes along the way, you could find yourself in for a nasty penalty.

 

[claudius2u]

If I may, fellow citizens -

There is every reason I can think of to actually know, understand, and apply IRS Tax regulation, and U.S.Code to all income, as defined by the Constitution, which is very different from ASS-U-ME-d IRS Regulation Tax Code.

Google losthorizons, and find out how the Actual IRS code reads, and better, how to apply it to your return this year, and then also check out the actual withheld tax returned in full to many, many every year, by the IRS, under U.S.C. and IRS Regulation Code.