Jump to content
[[Template core/front/custom/_customHeader is throwing an error. This theme may be out of date. Run the support tool in the AdminCP to restore the default theme.]]

Taxes


devilwoman
 Share

Recommended Posts

I have an IRA account with Ameritrade ( it may be a roth). Do you declare losses and gains on the stocks you buy and sell? I know you do if it is a regular joe blow account, but what about an IRA account?

 

Thanks.

 

I forget who the accountants are on this site.

Link to comment
Share on other sites

I have an IRA account with Ameritrade ( it may be a roth).  Do you declare losses and gains on the stocks you buy and sell?  I know you do if it is a regular joe blow account, but what about an IRA account?

 

Thanks.

 

I forget who the accountants are on this site.

 

1277719[/snapback]

 

 

 

 

 

I'm not sure but if you go to H&R blocks website, they have all the resources you need to check it out.

 

and it's never to early, I just received everything in the mail yesterday so I'm doing my taxes this weekend.

Link to comment
Share on other sites

Taxes are deferred in your IRA account until you take withdrawals. The 'paper' gains and losses are not required to be included in income.

 

Oh and if it's a Roth, you invested aftertax money in the first place, so even the withdrawals are tax-free.

 

:D

Link to comment
Share on other sites

I just did my taxes, we (wife and I) give the government way too much money to hold on to for the year.

 

My wife likes having the extra cash at the beginning of the year. But I need to try to convince her, once again, that we should be minimizing the refund and doling it out to ourselves throughout the year in my paychecks...and investing it into something or paying down our debt.

Link to comment
Share on other sites

I just did my taxes, we (wife and I) give the government way too much money to hold on to for the year.

 

My wife likes having the extra cash at the beginning of the year. But I need to try to convince her, once again, that we should be minimizing the refund and doling it out to ourselves throughout the year in my paychecks...and investing it into something or paying down our debt.

 

1278008[/snapback]

 

 

 

 

 

I'm having the same debate at my house. :D

Link to comment
Share on other sites

Taxes are deferred in your IRA account until you take withdrawals.  The 'paper' gains and losses are not required to be included in income.

 

Oh and if it's a Roth, you invested aftertax money in the first place, so even the withdrawals are tax-free.

 

:D

 

1277816[/snapback]

 

 

 

 

 

 

:D:D:D thats what I'm taking about.

 

But once you turn 65 or whatever the heck age it is so you can withdraw it you dont have to pay taxes on it right...even if it's not a Roth???

Link to comment
Share on other sites

:D  :D  :D thats what I'm taking about.

 

But once you turn 65 or whatever the heck age it is so you can withdraw it you dont have to pay taxes on it right...even if it's not a Roth???

 

1278101[/snapback]

 

 

 

Nope. You no longer have to pay the 10% penalty, but non-Roth plans are still taxed.

 

Roth plans are taxed before you invest, and then when you withdraw they are tax free.

 

Standard IRA's are invested pre-tax (more capital to grow) but when you withdraw you gotta pay.

 

Somebody correct me if I'm wrong.

Link to comment
Share on other sites

Nope.  You no longer have to pay the 10% penalty, but non-Roth plans are still taxed.

 

Roth plans are taxed before you invest, and then when you withdraw they are tax free.

 

Standard IRA's are invested pre-tax (more capital to grow) but when you withdraw you gotta pay.

 

Somebody correct me if I'm wrong.

1278116[/snapback]

 

I feel stupid asking this but...a standard IRA would be like a 401 k right?

Link to comment
Share on other sites

I feel stupid asking this but...a standard  IRA would be like a 401 k right?

 

1278160[/snapback]

 

 

 

 

Are you doing it from a payroll deduction, pre-tax?

Link to comment
Share on other sites

yep before taxes...

 

1278194[/snapback]

 

 

 

 

That's why you pay taxes on it later. I believe you can draw on it at 59.5 yo, but most people wait until after 65 to get a lower tax rate. I also believe you HAVE to start withdrawing at 71 yo?

Link to comment
Share on other sites

I feel stupid asking this but...a standard  IRA would be like a 401 k right?

 

1278160[/snapback]

 

 

 

 

401k plans are usually offered and run by your employer and if it is a good plan, there is some level of matching to your contributions.

 

IRAs are initiated by the individual and would stay with you, even as you change jobs. that's why you hear the phrase, "roll over your 401k into an IRA" when you change jobs. it gets your money out of the company's plan and into your own account, without sacrificing all the tax advantages of a retirement account.

 

also note that traditional IRA contributions are not always pre-tax. it depends on how much money you make, i believe. it is still worth the contribution, however, because the money can be invested freely and grow freely without tax implications (until you withdrawal ...).

Link to comment
Share on other sites

Taxes are deferred in your IRA account until you take withdrawals.  The 'paper' gains and losses are not required to be included in income.

 

Oh and if it's a Roth, you invested aftertax money in the first place, so even the withdrawals are tax-free.

 

:D

 

1277816[/snapback]

 

 

 

Correct on all accounts. The one caveat I'd add is that with a Roth, the gains in which NOT taxed upon withdrawl, losses are also useless. So if you sell something in your Roth at a loss, you cannot use that loss to offset other capital gains (or in limited cases, ordinary income).

 

Some people hold on to investments with built-in losses so as to sell them at the same time as other investments with built-in gains in order to net the two and, thus, produce a smaller taxable gain. However, you can't do that with investments in a Roth, so plan accordingly.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information