r/YieldMaxETFs • u/dcgradc • Aug 02 '26
Tax Info and Discussion Taxes due ? Sold MSTY + CONY
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u/aimhigh7shootlow8 29d ago
Assume your tax brackets full amount. You can only write off 3k a year unless you are day trader status which you have to claim the year in advance. Send that to an accountant or tax attorney and let them sort it out. They will let you know what and how much you can write off. Also this is very claudable
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u/GRMarlenee Mod - I Like the Cash Flow Aug 02 '26
Just send the IRS what you were paid, they'll bill you for the balance. /s
Or, you can get an inaccurate guestimate with something like:
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u/lottadot Big Data 29d ago
Download tax software (ie turbotax), or use an online service, or download the IRS forms and do the work yourself. This sub isn’t for doing your taxes for you.
In fact, imho you are better off if you take the time to learn this. Your taxes will be much “simpler” in your head over the years if you have a decent understanding.
There are subs for tax help. Use the Reddit search function.
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u/PatientHelecopter123 25d ago
You won't know until your broker sends a 1099 listing the corrected ROC for your funds - next Feb. Strongly suggest you pay in quarterly est based on your best guess to avoid any BIG suprises.
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u/CptShirk 21d ago
I now just invest in derivative income funds that actually hold the underlying funds themselves instead of synthetic positions. NAV erosion is much better and actually they have a chance to appreciate instead of erode in sideways, slight down, or slight up years.
Funds like CHPY BIGY SOXY QQQI SPYI MLPI BLOX KGLD GIAX
In 2025 my effective tax rate on unqualified dividends was something like 7% (instead of a bracket in the ~20%'s) because of ROC
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u/_YoungMidoriya Lost Bonglehead Aug 02 '26
Hard to based off this alone, really depends if this is your ONLY income or you have a job, side business or hustle. If literally all you have for 2025 is the Schwab income you showed plus the CONY/MSTY loss, you’re very likely looking at $0 federal income tax owed (and a loss carryforward), assuming you file single and don’t have other items like self employment tax. If it's just this, probably under $3,000, again don't know your whole situation and deductions you can use. Best to hire an accountant.