Travelfreek
Recycles dryer sheets
I have had 401ks and 457s and IRA rollovers over the years. I understand there's no taxes due until you withdraw the funds from these types of accounts.
But what I didn't know until recently (yesterday that is after talking w/ Fidelity) is that an investment account I set up using the proceeds of an inheritance (sale of relative's house) was that I would need to pay taxes on stock sales even before withdrawing the money from the Fidelity account. I knew that the dividends were taxable but not the stock sales. I am wondering if there's a way to convert this after tax money from the inheritance/house sale (not at all taxable since it was a stepped up basis) to a Roth so that I can buy and sell as desired w/o taxability. Ugh! I know that I can sell stock that is currently a loss to pair up losses w/ any gains I have. Is the term for this account an Investment Account? Help! I pay close attention to taxable income now that we are retired and our pensions/ss cannot be sheltered from taxes.
But what I didn't know until recently (yesterday that is after talking w/ Fidelity) is that an investment account I set up using the proceeds of an inheritance (sale of relative's house) was that I would need to pay taxes on stock sales even before withdrawing the money from the Fidelity account. I knew that the dividends were taxable but not the stock sales. I am wondering if there's a way to convert this after tax money from the inheritance/house sale (not at all taxable since it was a stepped up basis) to a Roth so that I can buy and sell as desired w/o taxability. Ugh! I know that I can sell stock that is currently a loss to pair up losses w/ any gains I have. Is the term for this account an Investment Account? Help! I pay close attention to taxable income now that we are retired and our pensions/ss cannot be sheltered from taxes.