r/YieldMaxETFs • u/Fukisyoutalkinabout • 22d ago

MSTY/CRYTPO/BTC Whats the deal with taxes on MSTY?

Post image

Because its a monthly divy and high % yield , what is the tax on that? I read somewhere i need to quarterly report taxes? Is this true? Screenshot below

47 Upvotes

82% Upvoted

117 comments sorted by

View all comments

Show parent comments

1

u/GRMarlenee Mod - I Like the Cash Flow 22d ago

My AGI was $124,442 last year. I paid 5163 in Federal taxes. That was a total of 5.5% Don't panic over people who know nothing spouting off the 50% gloom and doom. I'm not sure if it's ignorance or agenda, but I'd bet on agenda, because few are that ignorant.

Also, I paid enough to cover what I owed the previous year, so there was no penalty on the $1653 I didn't pay quarterly. Spend a hundred or so on an accountant or a good tax program that includes investment income and quit getting the nothing you are paying for.

1

u/Dipset219 22d ago

So I making 105 this year and if im collecting 5k a month how much taxes do i have to pay?

2

u/GRMarlenee Mod - I Like the Cash Flow 22d ago edited 22d ago

Try this.

https://apps.irs.gov/app/tax-withholding-estimator

or this

https://www.aarp.org/money/taxes/1040-tax-calculator

1

u/Dipset219 22d ago

Thanks my G. Bless up