How much should I expect to pay in fees/taxes if I withdraw $215,000 from a taxable investment account?
Answers | 4
1. The taxes you pay are based on the gain/loss of the investment. Short term gains are paid at your income tax level, while long term gains(Held over a year) are paid at 15%-20% depending on your tax bracket. If you lost money you could potentially deduct the losses from your income and then carry over the remainder.
2. No way to know with out knowing the platform and investments you have. Probably $0, but could go as high 7% with contingent deferred sales charges.
I would advise you to find out these answers before making any decisions.
What are your current year realized gains/losses? What are the unrealized gains/losses? If you'd like to discuss privately you can email me through the information on my profile here.
Non capital gains are added to your other income, and are taxed at your incremental tax bracket.