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Tax implications of echanging fund into my SIMPLE IRA
Old 12-23-2008, 12:22 PM   #1
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Tax implications of echanging fund into my SIMPLE IRA

So here's the deal...I parked about 3900 in an individual account thru vanguard this year. The value is now 2900. I am waaaay off on my tax estimations for my business,so I need more deductions. As such, I decided to exchange these funds for those in my SIMPLE IRA

My assumption is that a) I will now be able to deduct another 2900 from my taxable income because the $$ is now in my SIMPLE IRA b) I will also be able to claim a capital loss of $1000 because I lost $1000 in the individual account.

I guess my main uncertainty is the capital loss...I never had to deal with this before.

Am I right?
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