littleb
Recycles dryer sheets
- Joined
- May 29, 2015
- Messages
- 244
So, 2018 is the first full year of FIRE and I need to understand how to pay estimated tax payments to the IRS.
Currently for 2018 we are covered under the ACA with an estimated AGI
of 31,000. Our premium under the ACA is 0 due to the low income.
Current Income Breakdown for 2018:
Interest - 6,420 (estimate)
Dividends - 5,140 (estimate)
Capital Gains - 10,677 (actual as of today)
No other income sources
TOTAL INCOME 22,237.00
Married filing jointly - New Tax Law allows 24,000 deduction (No other deductions)
As of today we have about 8,000 available to stay under the required 31,000 income for the ACA.
My understanding is if I sell equities for a capital gain of 8,000 our tax bill will be 0. If I pull the 8,000 out of a tax deferred account is our tax bill also 0?
Are both options correct where I would not pay Estimated Tax Payments for 2018?
Currently for 2018 we are covered under the ACA with an estimated AGI
of 31,000. Our premium under the ACA is 0 due to the low income.
Current Income Breakdown for 2018:
Interest - 6,420 (estimate)
Dividends - 5,140 (estimate)
Capital Gains - 10,677 (actual as of today)
No other income sources
TOTAL INCOME 22,237.00
Married filing jointly - New Tax Law allows 24,000 deduction (No other deductions)
As of today we have about 8,000 available to stay under the required 31,000 income for the ACA.
My understanding is if I sell equities for a capital gain of 8,000 our tax bill will be 0. If I pull the 8,000 out of a tax deferred account is our tax bill also 0?
Are both options correct where I would not pay Estimated Tax Payments for 2018?