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amamedova
Returning Member

Moving Money from Investment Account

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!

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3 Replies

Moving Money from Investment Account

If you are moving money from a cash or money market type of holding there are no consequences. 

KellyMatthews1
Returning Member

Moving Money from Investment Account

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.

vincep7324
Returning Member

Moving Money from Investment Account

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.

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