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Business & farm
The amount you withdraw from a non retirement account don't have any bearing on your taxable income. So you will pay tax on the $1,148 whether you withdraw it or not. Again, assuming this is not a retirement account, you won't ever pay tax (again ) on the initial investment.
Your gains are taxed when you realize them, even if you leave the money in the account. It is not taxed again when you withdraw it.
We have a great article about the taxes on investments HERE which may also be helpful.
@SpectralCoyote @Summer94
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‎December 6, 2024
10:01 AM
19,373 Views