Hello,
I have an investment account. If I move money from its CORE (without trading anything) to my checking account, is the amount of money I move "taxable income"?
Thanks!
You'll need to sign in or create an account to connect with an expert.
If you are moving money from a cash or money market type of holding there are no consequences.
You generally don't have to worry about it being considered taxable income. But hey, I'm not a tax expert, so it's always a good idea to double-check with one just to be on the safe side. First, I recommend you figure out how to do a backdoor roth ira. It can be a smart move for your investments. If you're interested, I can give you some tips to get started.
You should only have to pay taxes on interest or capital gains/ trading income.
The IRS may want a cost basis for the amount of money moved, as they track EVERYTHING.
Im not a tax professional but this has been my experience.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
geercom
Level 2
ewoldde
Level 2
A_S_B
Returning Member
raggedyak
Level 1
amamedova
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.