Tuesday, October 03, 2023 12:42:44 AM
But I think you have something backwards? I'm in my early 60's & when I submit my stuff to my accountant to prepare my returns, he only needs to know the amount I deposited to my IRA. Trades are meaningless & not reported. The amount you put in the IRA (up to the yearly maximum) is not taxable. (It's tax deferred until you withdraw it) If you lose it all, there is no write-off.
The $ we got from the fair fund is likely treated as if we withdrew $ from our IRA. If you're below 59 (I think?), taxes & the 10% penalty kick in. When I left an employer years ago, I had money in the company’s 401K with limited investments. I wanted to "roll it over" into my TDA account with more options. It was over $100k. Keep in mind I didn't pay taxes on that money since it was 401K money. It was important that I didn't cash the check, & then send it to TDA. If I cashed it first (like you did) it would then be taxed & penalized due to my age back then.
Based on stuff I said above, "maybe" it doesn't apply to you? But if you find out later it does, it will be too late so check with a pro!
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