Quick question to those who have already have gone through the painfully procedure of providing Uncle Sam with $$$ to spend. What is the tax rate that profits from futures are taxed on? For example, let say that at the end of he year profits from trading ES came to 100K, how much of that amount would have to be forked over to the government?????
I guess you're off to a good start! If I recall correctly, futures profits are taxed 60% at Long-Term Capital Gains rates and 40% short-term. Anyone care to verify? So, you would have $60,000 at 15% (someone please verify) and $40,000 at the applicable rate (let's just assume 33%). That means that you would have to pay $9,000 + $13,200 = 22,200. Someone else please confirm.