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The TurboTax Blog > Income and Investments

Income and Investments

Learn about the impact different types of income and investments have on your taxes; everything from gambling, sports betting and and IPOS and how to save and maximize tax credits and deductions related to your income.

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Income and Investments

Capital Gains Tax Calculator

December 24, 2020 (Last Modified: January 4, 2021) / TurboTaxLisa
When stock market prices took a dive at the beginning of COVID-19 millions of people jumped into the stock market to take advantage of the low prices and millions also sold stock this year for the first time.  Many of...

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401K, IRA, Stocks

I Started Investing This Year, What Do I Need to Know Come Tax Time?

December 16, 2020 / Jim Wang
I Started Investing This Year, What Do I Need to Know Come Tax Time?When I first started investing in the stock market, I wasn’t quite sure what I was doing. I wasn’t sure if my purchases would lose value the moment I bought them or if they would grow into exponential figures. I...

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Income and Investments

First Time Investors, Here’s What You Need To Know About Taxes

December 10, 2020 / Jim Wang
First Time Investors, Here’s What You Need To Know About TaxesThere continues to be an increase in the number of people investing in stocks, especially when it comes to Millennials and Gen Z. The ability to easily trade and invest with a rise of investment apps like RobinHood, Stash, Acorns,...

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Income and Investments

How to Evolve Your Financial Goals When Your Income has Changed

November 18, 2020 (Last Modified: January 13, 2021) / TurboTaxBlogTeam
How to Evolve Your Financial Goals When Your Income has ChangedWhen you have small changes in income, such as a reduction in hours or a raise, it’s not hard to adjust your financial goals. Small incremental changes are easy to handle. But what if you have a big change? What...

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Income and Investments

Tax Implications of Buying and Selling Stocks During the Market Downturn

August 25, 2020 (Last Modified: August 27, 2020) / Jim Wang
Tax Implications of Buying and Selling Stocks During the Market DownturnWhen the market took a nosedive at the start of the coronavirus pandemic, did you dive into the stock market for the first time? Did you sell some of your holdings? Or did you start buying more? Or did you...

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Income and Investments

What Is My Adjusted Gross Income (AGI) and How Do I Calculate It?

July 29, 2020 (Last Modified: August 3, 2020) / Ginita Wall, CPA, CFP®
What Is My Adjusted Gross Income (AGI) and How Do I Calculate It?Many benefits are limited to those people whose income is below a certain level. Certain tax deductions and credits such as the Child Tax Credit and the Earned Income Tax Credit are not solely based on your income but your...

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Income and Investments

How to Use Market Losses to Reduce Your Taxes

May 20, 2020 (Last Modified: June 4, 2020) / Jim Wang
How to Use Market Losses to Reduce Your TaxesEvery so often, the stock market goes through periods of volatility. When Coronavirus first appeared, it hit the market very hard. Within days, the market had entered into a correction and then into a bear market. But almost just as...

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401K, IRA, Stocks

Can I Make Spousal IRA Contributions for Retirement?

March 11, 2020 (Last Modified: March 24, 2020) / TurboTaxBlogTeam
Can I Make Spousal IRA Contributions for Retirement?You can contribute to an IRA if you earn income from a job or from running your own business, and under certain circumstances, you can even fund an IRA if you’re not working at all. Many couples agree that one...

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Income and Investments

Babysitter Taxes (Who Owes It & How to Pay)

March 4, 2020 (Last Modified: January 6, 2021) / Elle Martinez
Babysitter Taxes (Who Owes It & How to Pay)Working from home has been a wonderful way to have more time with our daughters. The relative flexibility of my schedule allows me to earn money and avoid paying for child care. However, there are times when I do need...

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Income and Investments

Sports Betting Taxes Guide (How to Pay Taxes on Sports Betting)

February 27, 2020 (Last Modified: January 6, 2021) / Jim Wang
Sports Betting Taxes Guide (How to Pay Taxes on Sports Betting)Every year, I join a fantasy football league with my friends and every year, I lose. So for me, unfortunately, my limited sports gambling has no impact on my taxes. But if you frequently place bets on sporting events, and...

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