Paying Taxes on Stocks???

Question

Sold my Stocks and there were taxes already taken from them. I want to know if I have to pay again when I file taxes for this year (2008)...

Answer 1

If federal income tax was withheld for the sale, it will work just like withholding from a paycheck.  When you file your return, you'll show the sale and the gain, and add the withholding to any other withholding you had.  Then you'll calculate your total tax - if your total withholding is more than your tax, any extra will be refunded - if it's less then you'll have to pay the rest.

Answer 2

the really messed up part is...

if you lost money on some stock and gained money on others the u.s. government will only consider your gains.

Answer 3

If these were stock options through work, they withheld 25%.  If you turn out to be in a lower tax bracket, you could get a refund.  If in a higher tax bracket, you could owe.

Answer 4

depends on your gain and what bracket your in . . there are alot of factors . . but yes you could still owe taxes  

Answer 5

You haven't PAID taxes, there was some withholding for taxes.  Same as with your paychecks.  You file a tax return to reconcile all this and figure out if you owe or get a refund.  You need information on your basis and costs related to these stocks.  AND capital gains is a very favorable tax rate, so don't worry.

Answer 6

When you sold stock that you held the money taken is really withholding just like withholding is taken from your wages.  It is an estimated amount that should represent the amount of tax that you will pay.  It also goes toward paying any tax that is due.  The amount of tax that would be due on the sale of those stock shares can not be calculated until the end of the year when you file your tax returns so the withholding may or may not cover the tax due.  There could also be a refund if the withholding was greater than the tax due.  

Answer 7

only if there is an aditional amount owing

you would get credit for the amount withheld

although I have never heard of a broker witholding capital gains taxes from somebody's account before

Answer 8

If you made money on the trade you will have to pay capital gains tax.