Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Tax implications of echanging fund into my SIMPLE IRA
Old 12-23-2008, 01:22 PM   #1
Thinks s/he gets paid by the post
thefed's Avatar
Join Date: Oct 2005
Posts: 2,203
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?
thefed is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Vanguard Simple IRA: Cant seem to fund it? thefed FIRE and Money 4 10-23-2007 09:34 AM
Can I max out my Roth IRA, Trad. IRA, and SIMPLE IRA? thefed FIRE and Money 9 09-24-2007 04:52 PM
tax implications kobydog FIRE and Money 1 09-14-2005 07:03 PM
Tax Implications overseas charlottebandito FIRE and Money 4 08-09-2005 01:09 PM
Minimum Income Tax/ Simple IRA ferco FIRE and Money 1 06-18-2005 07:15 AM

» Quick Links

All times are GMT -6. The time now is 05:29 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.