Today TaxMama hears from Ilene in St. Louis, MO, who says, “I was told I could not transfer securities from one account to a deductible IRA for my 2006 contribution.
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Is this true?”
Hi IIene,
Sad, but true.
You must transfer MONEY, or the electronic equivalent thereof.
So, that means you have to cash out a perfectly good position in a stock.
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Report the gain or loss on your personal tax return, simply in order to use the funds to buy the same
exact number of shares you’ve just sold, for your IRA.
Silly, isn’t it. I was so upset when I tried to do the same thing about 20 years ago.
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It seemed so silly, but… our legislators at work!
Rather than selling stock that’s doing well, just use money.
Incidentally, if your only option is to sell stock, sell those stocks you have that will produce a loss. At least you’ll get a tax benefit instead of more tax liability.
And remember, you’ll find answers to questions about IRAs and all kinds of tax issues, free.
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Where? Where else? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
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