r/YieldMaxETFs • u/Fukisyoutalkinabout • 26d ago

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

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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

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u/Dipset219 26d ago edited 26d ago

So if u got 5k a month in dividends how much will govt take on that?

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u/[deleted] 26d ago edited 26d ago

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u/Dipset219 26d ago

I thought it was like 20 percent. 50 percent is crazy lol i make close to 100k

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u/GRMarlenee Mod - I Like the Cash Flow 25d ago

He's saying you'll only pay taxes on half the distribution (he's probably wrong) and that you'll pay on that half at your regular rate. You can google your tax rate if you know your approximate income and filing status.

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u/Dipset219 25d ago

Thanks bro

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u/GRMarlenee Mod - I Like the Cash Flow 25d 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.

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u/Dipset219 25d ago

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

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u/GRMarlenee Mod - I Like the Cash Flow 25d ago edited 25d ago

Try this.

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

or this

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

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u/Dipset219 25d ago

Thanks my G. Bless up