Without being rude or snarky, oh wait,i’m online… i think i answered the reason why regarding the paying taxes on the withdrawal. But, allow me to explain. If you have retirement funds and all of those are taxable, and anything you take out of a portfolio has a cost basis that is 20000% less than the current value ( not a typo), then you can pay taxes on that sale, or pay taxes on this sale, to use the money to pay taxes on withdrawals.. We can’t live on the income from social and freelance alone. We have cable hahahaha. that alone is 1500 a year. and a mortgage, and food and running water. Let alone pay the taxes. So, instead of selling something off i was looking at a way to get the ira contribution done, taken off the list, checked off, rather than selling positions. Any clearer now? And at my age, had i not dealt with **bleep**ty financial advisors 20 years ago, I’d have done Roth’s and other things. All the financial advice is great when your 35, but no help when all ur assets are taxable.
