Hit The Jackpot

Posted : admin | On 30-03-2021

While many investors were drooling over Tesla (NASDAQ: TSLA) shares in 2020, NIO (NYSE: NIO) was behind the scenes making tremendous gains that led to mega profits. Shares of the Chinese electric car maker surged over 1,000% this year, continuing its upward momentum as the most recent earnings report beat Wall Street's estimates.

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If the urge to turn those unrealized gains into pocketable profits caused you to sell shares of NIO, you should start thinking about capital gains taxes now. It's best never to be surprised during tax time.

Cashing in on profits can be taxing

With the stock market reaching all-time highs, you're probably enjoying the big boost in share prices while shamelessly relegating all tax talk to the back burner. But all investors should remember this: selling stock in a standard brokerage account is a taxable event. This extra income -- although unearned -- will put you in the league of capital gains taxes.

Capital gains are great rewards -- they mean you've made some money in the stock market. When you sell a stock for more than you purchased it for, you have a capital gain. Let's say you purchased 1000 shares of NIO stock for $4 per share and sold all your shares for $50,000. That's a $46,000 capital gain.

The taxes you pay are based on the time period you held the stock in your account. If you held your investment for a year or less, you pay a short-term capital gains rate -- the same rates you pay on the wages you earn from working a job. For example, if you bought shares of Tesla in March and sold in September of the same year, your short-term capital gains will be included in your ordinary income. Short-term capital gains will be taxed at the rates below, climbing as high as 37% if you fall within the highest taxable income range.

2020 tax brackets

Below are the federal tax brackets for taxes due by April 2021, for the taxable income you earned in 2020.

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Tax Rate	Single Filers	Married Filing Jointly or Qualified Widow	Heads of Household	Married Filing Separately
10%	$0 to $9,875	$0 to $19,750	$0 to $14,100	$0 to $9,875
12%	$9,876 to $40,125	$19,751 to $80,250	$14,101 to $53,700	$9,876 to $40,125
22%	$40,126 to $85,525	$80,251 to $171,050	$53,701 to $85,500	$40,126 to $85,525
24%	$85,526 to $163,300	$171,051 to $326,600	$85,501 to $163,300	$85,526 to $163,300
32%	$163,301 to $207,350	$326,601 to $414,700	$163,301 to $207,350	$163,301 to $207,350
35%	$207,351 to $518,400	$414,701 to $622,050	$207,351 to $518,400	$207,351 to $311,025
37%	$518,401 or more	$622,051 or more	$518,401 or more	$311,026 or more

Data source: IRS.

A long-term strategy can save you money

If you've held your investments for over a year, the IRS will reward you with lower long-term capital gains tax rates of 0%, 15%, or 20% based on your taxable income for the year. For 2020, you can completely bypass taxes on capital gains if your income is $40,000 or less (single filers) or $80,000 or less (married filers). You can also plan ahead for 2021 by keeping in mind that the income amounts for long-term capital gains have increased up to $40,400 for single filers or up to $80,800 for married filers.

If you experienced a decrease in income during the pandemic, the bright side is that you may be eligible to cash in on NIO's meteoric rise without paying taxes on your profits if your income falls within the 0% tax bracket! There's always a way to turn pain into possibilities when you have a long-term outlook.

Taxes don't have to be a nightmare

Now that you've earned money in the stock market, you'll have a chance to brag about your capital gains on your tax return. Download Form 8949-Sales and Other Dispositions of Capital Assets to report your short- and long-term stock transactions for the year.

Fortunately, your brokerage handles most of the hard work for you. They'll send you a Form 1099-B that covers all the pertinent stock information you'll need to complete Form 8949 for the IRS. That frees you up to focus more on the exciting stuff -- finding the highest-growth stocks to fund a relaxing retirement and ensuring you hold them for a full year to score the best returns.

Charlene Rhinehart, CPA owns shares of NIO Inc. and Tesla. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has a disclosure policy.

hit

(hĭt)v.tr.

1. To come into contact with forcefully; strike: The car hit the guardrail.

a. To cause to come into contact: She hit her hand against the wall.

c. To cause an implement or missile to come forcefully into contact with: hit the nail with a hammer.

Hit The Jackpot Sound

3. To press or push (a key or button, for example): hit the return key by mistake.

4. Sports

a. To reach with a propelled ball or puck: hit the running back with a pass.

b. To score in this way: She hit the winning basket.

c. To perform (a shot or maneuver) successfully: couldn't hit the jump shot.

d. To propel with a stroke or blow: hit the ball onto the green.

5. Baseball

a. To execute (a base hit) successfully: hit a single.

b. To bat against (a pitcher or kind of pitch) successfully: can't hit a slider.

a. To affect, especially adversely: The company was hit hard by the recession. Influenza hit the elderly the hardest.

b. To be affected by (a negative development): Their marriage hit a bad patch.

7. Informal

a. To win (a prize, for example), especially in a lottery.

b. To arise suddenly in the mind of; occur to: It finally hit him that she might be his long-lost sister.

a. Informal To go to or arrive at: We hit the beach early.

b. Informal To attain or reach: Monthly sales hit a new high. She hit 40 on her last birthday.

c. To produce or represent accurately: trying to hit the right note.

10. Sports To bite on or take (bait or a lure). Used of a fish.

v.intr.2.

b. To attack: The raiders hit at dawn.

c. To happen or occur: The storm hit without warning.

3. To achieve or find something desired or sought: finally hit on the answer; hit upon a solution to the problem.

4. Baseball To bat or bat well: Their slugger hasn't been hitting lately.

5. Sports To score by shooting, especially in basketball: hit on 7 of 8 shots.

6. To ignite a mixture of air and fuel in the cylinders. Used of an internal-combustion engine.

n.1.

b. A successfully executed shot, blow, thrust, or throw.

c. Sports A deliberate collision with an opponent, such as a body check in ice hockey.

2. A successful or popular venture: a Broadway hit.

3. Computers

a. A match of data in a search string against data that one is searching.

b. A connection made to a website over the internet or another network: Our company's website gets about 250,000 hits daily.

5. Abbr. HBaseball A base hit.

6. Slang

b. A puff of a cigarette or a pipe.

7. Slang A murder planned and carried out usually by a member of an underworld syndicate.

Phrasal Verbs: hit onSlang

To pay unsolicited romantic attention to: can't go into a bar lately without being hit on.

hit upSlang

To approach and ask (someone) for something, especially for money: tried to hit me up for a loan.

Idioms: hit it bigSlang

To be successful: investors who hit it big on the stock market.

hit it offInformal

hit the booksInformal

hit the bottle/booze/sauceSlang

hit the bricksSlang

hit the fanSlang

hit the ground runningInformal

To begin a venture with great energy, involvement, and competence.

hit the hay/sackSlang

hit the high points/spots

To direct attention to the most important points or places.

hit the jackpot

To become highly and unexpectedly successful, especially to win a great deal of money.

hit the nail on the head

hit the roadSlang

hit the roof/ceilingSlang

hit the spot

To give total or desired satisfaction, as food or drink.

hit the wall

1. To become suddenly and extremely fatigued, especially when participating in an endurance sport, such as running.

2. To lose effectiveness suddenly or come to an end: The stock rally hit the wall when interest rates rose.

[Middle English hitten, from Old English hyttan, from Old Norse hitta.]

hit′ta·ble adj.

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Verb

hit the jackpot - succeed by luck; 'I lucked out and found the last parking spot in the lot'

bring home the bacon, deliver the goods, succeed, win, come through - attain success or reach a desired goal; 'The enterprise succeeded'; 'We succeeded in getting tickets to the show'; 'she struggled to overcome her handicap and won'

vyhrát na celé čáře

detta í lukkupottinn

vyhrať na celej čiare

jackpot

(ˈdʒӕkpot) noun

in playing cards, some competitions etc, a fund of prize-money that goes on increasing until it is won. boerpot, pryspot, woekerpot مَجْموع المبالِغ المُتَراكِمَه عند المقامره يأخُذها الرابح الأخير джакпот jackpot sázka zvyšovaná až do výhry der Jackpot jackpot το χρηματικό ποσό που προορίζεται για το νικητή παιχνιδιού ή διαγωνισμού και αυξάνεται διαρκώς μέχρι να κερδηθεί, τζακ ποτ premio gordo, apuesta acumulada peavõit بانک؛ جایزه بزرگ jättipotti gros lot הַפְּרָס הַגָדוֹל दावखेल में, खेल में जीता गया अधिकतम धन glavni zgoditak főnyeremény jackpot (vinnings)pottur montepremi 賭け金 카드놀이에서 거는 돈 bankas banka (kāršu spēlē) cepumas potpott, gevinstpula بانک،لویه دالی jackpot jackpot джекпот bank v pokeri terna glavni zgoditak jackpott, storvinst เงินรางวัลจากการเล่นเกมหรือเสี่ยงโชค pot (橋牌或博彩等)累積的獎金，頭獎 найбільший виграш у лотереї, джек-пот بہت بیش قیمت انعام tiền gà (trong đánh bài) （桥牌）积累的赌注，累积奖金

hit the jackpot

Hit The Jackpot Synonym

to win or obtain a lot of money or success. She must have hit the jackpot with the sales of her last album. prysgeld يربَح مبلغا كبيرا، يُحَقِّقُ نجاحا كبيرا удрям джакпот ter sucesso vyhrát na celé čáře mühelos viel Geld verdienen få jackpot πιάνω την καλή, πετυχαίνω tocarle a alguien el gordo kümnesse tabama بسیار موفق شدن؛ بردن saada lottovoitto gagner le gros lot לַעֲשוֹת קוּפָּה जबरदस्त सफलता या बेतहाशा धन हासिल करना osvojiti glavni zgoditak megüti a főnyereményt sukses besar detta í lukkupottinn fare soldi a palate 大当たりとなる 대성공하다, 히트를 치다 rasti aukso kalną dabūt lielo vinnestu untung besar een groot succes behalen vinne storgevinsten rozbić bank, trafić na żyłę złota کامیابیدل ter sucesso a da lovitura сорвать куш mať z pekla šťastie, natrafiť na zlatú žilu zadeti terno osvojiti glavni zgoditak vinna jackpotten, kamma hem en storvinst ชนะเกม başarı kazanmak, turnayı gözünden vurmak 中大獎(頭獎)，大獲成功 зірвати куш بڑی رقم جیتنا ، تقدیر کھل جانا vớ bở 赢得大笔钱，中头彩

Hit The Jackpot Y8

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