Recently received dividend on company stock given to me about 14 years ago. Is there anything I can do to minimize the taxes that I would have to pay on the money?
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Recently received dividend on company stock given to me about 14 years ago. Is there anything I can do to minimize the taxes that I would have to pay on the money?
Not at this point in time.
HOW MUCH was the dividend, and what is your overall income?
It is considered unearned income, you benefit from it. Taxes are due unless you would be below the taxable income limit after deductions and exemptions.
The good news is that the tax rate on qualified dividends is lower than the tax rate on other types of ordinary income (such as wages). Depending on your tax bracket the rate on qualified dividends is either 0%, 15%, or 20%.
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