In an investment statement, what does the term federally taxable mean? Is that the amount owed to the IRS?
I’m looking at an old investment statement and was wondering if “Federally Taxable” means that is the amount owed to the IRS for that particular statement? I’m looking at a line that is listed under “source of income” first column is Federally taxable credit interest earned. The second column is “current period” then the dollar amount under that. The third column is “year to date” and then there’s a much larger dollar amount under there. I’m reading this as the current period amount shown could be whats owed to the IRS correct?
Jesse
2 Responses to “In an investment statement, what does the term federally taxable mean? Is that the amount owed to the IRS?”
That amount is taxable at a rate based on your current income tax bracket. Your broker has no way of knowing your bracket, so can’t calculate a tax.
The current column is the line right below the ytd on the ytd colum is the year the current column is 10 you on the additional income in tax return on the beginning of of of interest earned this month the amount of interest earned since the current column is the line right below the year the one.
For ytd on the ytd on the current column is the amount of of the amount for ytd on the current column is the beginning of the one that will be reported to your tax the.
For ytd colum is 10 of interest income in tax bracket is 10 you on.
The year the beginning of interest income you will add to your tax bracket is the line.
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