Hi titles says most of it but I'm concerned about taxes. How much would I owe? Does Capital group send me a form with the information? I haven't deposited it yet. It's a physical check. When would it need to be filed? If i deposit it, do the taxes automatically come out? or would i need to pay them later?
Never done this before. Need clarification on what's next. Withdrew 10k from my Capital group investments. (Af Moderate Growth and Income-A)
byu/call_me_cthulhu intax
Posted by call_me_cthulhu
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Next year, in January or February, you’ll get a 1099 form detailing your gains or losses. You will include those in next year’s tax filings, and will pay any associated tax at that time, alongside the rest of your tax return.
You don’t have to do anything until then, except maybe make sure you have enough set aside to cover the taxes. You will owe taxes on the amount of the 10k that is stock market gain over what you put in. The exact rate would be determined by how long you held the investment and your other income.