If some of the income came from cashing in stocks and life insurance policy will the tax rate be the same.
2007-01-15 16:13:55 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
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Forms, schedules, instructions
Your stock sales - are not profit.
You can calculate it based on the IRS instructions.
It varies according to your exemptions, deductions and whatever you do for a living if you have your own business deductions.
GOD bless us one and all, always.
CPA-retired
2007-01-15 16:22:54 · answer #1 · answered by May I help You? 6 · 0⤊ 0⤋
There is no way to tell without figuring it out in detail. Cashing in an insurance policy will yield income to the extent that the surrender value exceeded total premiums paid. Cashing in stocks is capital gains, it may be long or short term and all such are figured using Schedule D.
2007-01-16 00:41:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋
try to look for taxation books.. it is complicated because the tax rate for 2006 is increased to 35% .. it started on november 1, 2005..
2007-01-16 01:20:29 · answer #3 · answered by cha38_0011 1 · 0⤊ 0⤋