Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.Your benefits generally are not taxable if half of your benefits, plus all your other income, is less than $32,000 if you are married filing jointly. If half of your benefits, plus all of your other income, is more than $44,000 (married filing jointly), then 85% of your benefits are subject to income tax. You are already at $38,000 so any mutual fund that is sold with sell price over your basis will make some of your SS taxable.
Your losses will be applied. So if you have losses of $15,000 to carry over to 2013 your longterm gains of $15,000 or less would apply and reduce your gains.You would not want to sell more (then depends on your basis as to actual gain) that would have gains over your loss that you are carrying forward.
Your shorterm would work the same.
So if any of the mutual funds would be shortterm you could have gains on sell up to the $121,000
You would need to first calculate the gains on those funds.
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