BillM223
Expert Alumni

Retirement tax questions

So the third party actually has the account or what? When you are to withdraw the funds, somebody - either the CU or the third party - has to know what they're doing.

 

If not, you can take a swing at estimating the earnings (since they will be so small).

 

1. 2% APR is .0055% per day (assuming 365 days a year) - 2% divided by 365

2. $6,000 times .000055  (.0055% is .000055) is equal to 0.33 per day

2. Earnings for 12 days is $3.96 (.33 per day times 12 days).

 

Since the account is earning 2% APR, this is more or less correct - if would be different if it were an investment account.

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