Income Taxes and Record Keeping ( tax ) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: kas1 who wrote (737)	3/9/1998
From: Colin Cody	Read Replies (2) of 5810

Kas1, You have described a prohibited IRA transaction. If your IRA trustee was so negligent as to ALLOW you to move stocks from you REGULAR brokerage account into YOUR IRA account your IRA would be disqualified back to the beginning of the year... . This would make the ENTIRE IRA "a distribution" to you. . If you did this after March 2nd (the 60 day rule) you would be prohibited from "fixing" the problem by "rolling over" the distribution (minus the stock you added) into a rollover IRA, . If you do not rollover the distribution you could be facing a fully taxable distribution, subject to ordinary rates PLUS a 10% premature withdrawal penalty. . Colin

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next