Welcome! | Ask A Question

 
 
 
 
Question

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.....?

 
 
 
 
 
Answers

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.

 
 
 
 
Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

 
 
 

Related Questions (Ask a New Question)

 
Transferring a roth ira conversion plan

I have had a roth ira conversion plan from putnam since june 1998. i am a 47 year old working mother of a 7 year old and own a house. i opened this account with $5,000 and now i have less than $2000 as of september 30, 2008 and am not very happy. i want to pay less fees/commission and consolidate my...

See Answers

 
401k rollover to roth ira with agi limit

I have a 401k from a previous employer that i want to convert into a roth ira. unfortunately i am not eligible to contribute based on income limits above 120k. it seems the rules changed in 2010 and allow the conversion, but not contributions without first contributing to another ira? i need help...

See Answers

 
Where to put extra money

I'm 54 years old and wish to retire at 57, albeit do not have enuf money for that dream at this time. after expenses and maxing out my 401k and ira, i have an extra 1000 dollars available and don't know where it is best spent. a] pay down principle of outstanding mortgage of 140k b] pay...

See Answers

 
Related Questions

Transferring a roth ira conversion plan


I have had a roth ira conversion plan from putnam since june 1998. i am a 47 year old working...

 

401k rollover to roth ira with agi limit


I have a 401k from a previous employer that i want to convert into a roth ira. unfortunately...

 

Where to put extra money


I'm 54 years old and wish to retire at 57, albeit do not have enuf money for that dream...

 

Investment question!


If you move money out of a 401k and into an ira and you make no changes to the stocks you...

 

Can you combine finds that were individually established (ira) with a fund that has only 401k generated monies (rollover from...


My new broker sees no reason why i can't combine two investments i currently have. one...

 
 
 

See more 401k questions

 
 
 
 
 

Ask A Question

Ask a new question about
401k: