Currently, it appears that only one tax preset can be applied to an account, and it also seems like a tax block can only be applied to a transaction once within a tax preset.
This may not be generally applicable to all users, but US users often need to track federal (US) taxes alongside state taxes and other regional taxes.
These restrictions make tracking multiple tax burdens on the same income more complicated.
Adding this feature would ideally provide the following:
Apply 1 to many tax presets to an account
Allow for custom “Country” options to track other regions (state/province/municipality/etc)
Interesting. It’s currently only one for simplicity, as it’s already pretty complex.
In theory, it could be handled by a single preset, but currently only one tax can be applied for each event. Are the state and federal taxes applied at the same time (eg upon sale or dividend)?
Sell transaction occurs on a long-term capital gain, generating a profit:
Federal tax rate is applied using the Capital Gains progressive tax rate
State tax rate is applied using a normal income tax rate
I tried figuring out how to do it in a single preset, but the issue I kept running into was applying a tax in the preset would prevent later evaluation of the transaction.
I’d imagine changing the “exit”-like behavior of the tax application would cause more breakage for end users than supporting a parallel tax preset.
Actually there could be a toggle to disable the exit, this way it wouldn’t break anything.
Or an option on the preset level that controls that.
A big tax overhaul is planned before end of year, to enable more robust support for different countries. So I’m grateful for any input on what should be handled.