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Asked 1/24/2008

IRA Investment - do i have to pay taxes to close the mutual fund?

I have an ira mutual fund and am now receiving a quarterly check. I would like to take that fund and pay down a mortgage on some investment land that I now own. I am 71 years old. Is this investment possible without having to pay the tax on closing the mutual fund.....?

 
 
 
 
 
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Answer 1/1 - Submitted 11/25/2009

If you have a standard (not Roth) IRA you put in non-taxed money so any $ you take out of the IRA now is taxed - but at your current rate.

 
 
 
 
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