Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: MJ who wrote (4324)	2/8/2003 7:17:56 PM
From: BWAC	Read Replies (1) of 5810

Is it a Roth IRA? You might be taking something (capital gain) out that would be tax free and turning it into a taxable gain. Seriously I have no idea which way it would be treated. I'd have to do a bit of reading. Probably exactly the way Larry S said. Plus an early withdrawal penalty. I'd suggest you go to the IRS website and search on "early withdrawals" or something similar. One thing though regarding " the capability of doing call writing on the stocks transferred---adding income to the margin account." You SHOULD be able to do covered calls from within your IRA. Although your broker may not want you to or may make it difficult to get approval. There are several online brokers that do allow this. Ameritrade does. I think Etrade does. Brown & Co. does. You might want to check this out. Some of these brokers will even let you sell a Put as long as you have the cash on hand to back up the trade should the Put be assigned.

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