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Retirement tax questions
@TuckerdogAVL wrote: "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."
Then you have to fund the IRA contribution with funds from another source. Do you have uninvested cash in your brokerage account? Do you have other savings? Can you use your freelance income? Do you have any capital losses you could use to offset your capital gain if you do sell securities?
Remember that if you sell securities from your non-retirement account, your gain will be taxed at the lower capital gains tax rate, not as ordinary income.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎September 17, 2021
8:32 AM