How to I report the basis of a stock sale in a traditional IRA
You'll need to sign in or create an account to connect with an expert.
IRAs are tax deferred investments. Once the money is in an IRA account, you do not need to report transactions within that account. You will be taxed on distributions from the account when you take your distributions (withdrawals from the account).
You only have to report the withdraws from an IRA not gains or losses.
As community member @boso3 said, you'll be taxed on distributions.
The idea of an IRA is that it allows your earnings to growth tax deferred to help you save for retirement when your tax rate may be lower since you no longer work.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
makeitreynes
New Member
NMyers
Level 1
fpho16
New Member
manwithnoplan
Level 2
gtbyrd
Level 2