Hi SweetieJean - Thanks for your answer.
No, actually, this is not a qualified retirement plan distribution. This is a brokerage account I am surrendering and will need to pay tax on the gains. It is a long term account. I was given the impression by the 1st accounting consult I asked that I would need to pay both the gains tax - which I think would be in the 15% bucket AND income tax as it is income added to my regular income. Somehow I think that answer is wrong or I misunderstood. It looks like this:
Surrender the investment (stock exchange)
Use both the gains and regular income to find the gains tax bracket (=15%)
Then also owe income tax on regular income + gains income which would put me in the 24% bracket. ??
That looks like double taxation, doesn't it?
Is it correct?
Thanks - Mary
