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11-13-2008, 12:55 PM
|  | AMEX Stock | | Join Date: Jul 2007
Posts: 493
| |  Trading with an IRA
Im wondering, when you make gains or losses in your IRA. I know you dont pay any taxes untill you withdraw the money, BUT how are you to figure it when you do ?
A person would have many many years of trades, I mean you could trade the same stock hundreds of times, how do they excpect you to track al this?  |
11-14-2008, 06:18 AM
|  | Sept Poster of the Month | | Join Date: Jul 2007 Location: Sheppard and Enoch Pratt Hospital, Adult Crisis Stabilization Unit, Baltimore, MD
Posts: 855
| | Re: Trading with an IRA
Quote:
Originally Posted by Foxtrot  Im wondering, when you make gains or losses in your IRA. I know you dont pay any taxes untill you withdraw the money, BUT how are you to figure it when you do ?
A person would have many many years of trades, I mean you could trade the same stock hundreds of times, how do they excpect you to track al this? | If you are trading in a self directed IRA the money is sheltered in the IRA. Only the withdrawal amount is considered income taxed at your income tax rate. You do not need to keep your cost basis for taxes for your stocks in a self directed IRA. You could have a bazillion dollar gain in a year and only withdrawal 10k you are taxed on the 10k with drawl not the bazillion dollar gain. Likewise, you can not subtract your losses in an IRA from your income on your taxes. This is the way I remember it from when I was an Expert
I am not an tax accountant but I did stay at a Holiday Inn Express in Juno Beach Florida. This is for educational purposes only.
If you want to get really confused consult the rule maker. Internal Revenue Service |
11-15-2008, 09:13 AM
| | AMEX Stock | | Join Date: Jul 2007
Posts: 493
| | Re: Trading with an IRA
So your saying that forget the capiyol gain and loss, it is just regular income ?
That would sound logical.
Thanks
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11-26-2008, 04:05 PM
|  | Super Moderator | | Join Date: Jul 2007 Location: Cincinnati, Ohio
Posts: 7,264
| | Re: Trading with an IRA
Quote:
Originally Posted by Evil-Eye If you are trading in a self directed IRA the money is sheltered in the IRA. Only the withdrawal amount is considered income taxed at your income tax rate. You do not need to keep your cost basis for taxes for your stocks in a self directed IRA. You could have a bazillion dollar gain in a year and only withdrawal 10k you are taxed on the 10k with drawl not the bazillion dollar gain. Likewise, you can not subtract your losses in an IRA from your income on your taxes. This is the way I remember it from when I was an Expert
I am not an tax accountant but I did stay at a Holiday Inn Express in Juno Beach Florida. This is for educational purposes only.
If you want to get really confused consult the rule maker. Internal Revenue Service | I believe this is correct, my biggest trading account is a self-directed IRA. It's really considered an IRA and not so much a stock account, just like a company sponsered IRA. It is what it is regardless of gains and losses.
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11-26-2008, 10:28 PM
| | Sept Poster of the Month | | Join Date: Jul 2007 Location: Sheppard and Enoch Pratt Hospital, Adult Crisis Stabilization Unit, Baltimore, MD
Posts: 855
| | Re: Trading with an IRA
Quote:
Originally Posted by BadThad I believe this is correct, my biggest trading account is a self-directed IRA. It's really considered an IRA and not so much a stock account, just like a company sponsered IRA. It is what it is regardless of gains and losses. | Is that a SAR SEP IRA that you are speaking of with your employer? You know I used to sell small business 401 k's sponsored by Fidelity. I could get your employer a real good deal.  I might be able to get you a 403b if your in the education or health fields. $99 down and $99 dollars a month.  401 k's are expensive for small employers because of the admin fees. That was the challenge for those products.
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12-02-2008, 08:53 AM
| | Super Moderator | | Join Date: Jul 2007 Location: Cincinnati, Ohio
Posts: 7,264
| | Re: Trading with an IRA
Quote:
Originally Posted by Evil-Eye Is that a SAR SEP IRA that you are speaking of with your employer? You know I used to sell small business 401 k's sponsored by Fidelity. I could get your employer a real good deal. I might be able to get you a 403b if your in the education or health fields. $99 down and $99 dollars a month. 401 k's are expensive for small employers because of the admin fees. That was the challenge for those products. | No, it's an IRA from a former employer...it was rolled into a self-directed IRA plan. It's not tied to any company now. It's all mine free and clear. 
I currently work for a large company with a traditional IRA plan too....but that is a "classic" plan with just mutual fund type options.
__________________
Disclaimer: Any stocks I comment on are my opinion only. Play the stock market at your own risk!
My Bottom Plays:BP RIG
SMC - THE BEST STOCK MARKET FORUM
FREE LIVE CHAT if you join Stock Market Cats
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