Its March 15 still no Tax form for my IRA Roth ??

Posted by BEYOUNDBELIEF on March 15, 2013 (06:00PM)

Its March 15 still no Tax form from my Tradeking IRA Roth ? Last years came after April 15. I thought it  legally  has to be sent  out by a certain time?

Posted by spshapiro on March 15, 2013 (08:50PM)

BB, no trades inside an IRA constitute a taxable event.

Posted by WJCIV on March 15, 2013 (10:39PM)

As spshapiro pointed out, trades in a Roth IRA are not taxable. What are you using the 1099 for? If you entered the trades on the Schedule D last year, you might be able to amend your return and get some pocket change back.

Posted by TK Frisbee Guy on March 16, 2013 (12:43PM)

Hi Beyoundbelief,

The members above are correct regarding the tax liability of trades in a retirement account, like an IRA. There is such a 1099 form for a retirement account called a 1099-R, but these are based on distributions, which are the most common form a taxable event for an IRA. Feel free to let me or Client Services know if you have any questions or concerns.

Best regards,

Rocco Sabino

Posted by BEYOUNDBELIEF on March 17, 2013 (11:27PM)

What about dividends in my IRA Roth. I have a ton of dividends I used drip? What taxes do I have to file on my IRA roth ? Can I claim the drips as money invested in my IRA Roth for  the year?

Posted by spshapiro on March 17, 2013 (11:40PM)

BB, let me say this clearer, NOTHING you do inside a retirement vehicle counts as a taxable event. 

Posted by WJCIV on March 18, 2013 (12:38AM)

This is a pretty basic tenet of retirement accounts. I took a quick look at your profile. You joined in July, which means you can't have more than $5000 in your Roth (excluding gains) unless you rolled over/transfered another account. You have 24 positions. That means that each position is very small, which makes them susceptible to losing money on commissions. In addition, 24 is a lot of stocks to follow, even for a seasoned investor or trader - which I am going to guess you are not. And I didn't take the time to check if you recently exited other positions.

These items seem to point to your need to learn more about investing in general. It is possible that some of my assumptions are wrong, but I would prefer to err on the side of soliciting advice in this case.

Posted by RC7WA0Q8CQ on March 18, 2013 (01:59PM)

I agree with WJCIV, 24 is a ton of stocks to follow, especially if you're also following other potential investments.

I'm personally more focused than that. I've got 7 investments in my IRA and 2 of those are bond ETFs and 1 is an international Mutual Fund because I'm not really in a position to really understand international markets at this point sufficiently to get the exposure any other way.

As far as the IRS is concerned with Roth IRAs, they're just concerned with money flowing into and out of it. Part of the point of a Roth IRA is that you can make investments that wouldn't normally make sense tax wise, such as investing in funds that do a lot of trading or that regularly distribute the earnings to shareholders and not take a ton of small hits to your nest egg.

Posted by WJCIV on March 18, 2013 (02:59PM)

spshapiro said: BB, let me say this clearer, NOTHING you do inside a retirement vehicle counts as a taxable event. 

 I just remembered one exception I came across about two years ago. Limited partnerships. Of course, the taxes on limited partnerships are complex anyway, and I highly doubt that they have any real bearing on this conversation.

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