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#8
02-04-2005, 02:36 AM
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 Re: IRA Stock Withdrawal "A.G. Kalman" <glendale202-mtm[at]yahoo.com> wrote: - quote - > > I withdraw stock that was in my Traditional IRA for years.
Incorrect. While only cash can go in, distributions can be> > Then the stock was sold within a year of the withdrawal for > > a gain. What is the cost basis and the holding period for > > the stock? Is the cost basis what my 1099 shows as the > > value when I withdrew it and is the holding period from the > > withdrawal date also? (Unfortunately that would make it a > > short term gain.) > Please rethink your post. You can not withdraw "stock" from > an IRA and later sell it. The only type of distribution > allowed from an IRA is cash or a check. In other words, if > you want funds from an IRA that does not have a cash > balance, you would need to instruct the trustee to sell some > IRA asset in order to obtain funds that could be withdrawn. taken as stock. See Pub 590. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#7
02-03-2005, 06:44 PM
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| Re: IRA Stock Withdrawal - quote - > > I withdraw stock that was in my Traditional IRA for years.
You most certainly CAN transfer stock and other assets out> > Then the stock was sold within a year of the withdrawal for > > a gain. What is the cost basis and the holding period for > > the stock? Is the cost basis what my 1099 shows as the > > value when I withdrew it and is the holding period from the > > withdrawal date also? (Unfortunately that would make it a > > short term gain.) > Please rethink your post. You can not withdraw "stock" from > an IRA and later sell it. The only type of distribution > allowed from an IRA is cash or a check. In other words, if > you want funds from an IRA that does not have a cash > balance, you would need to instruct the trustee to sell some > IRA asset in order to obtain funds that could be withdrawn. > The withdrawal is the taxable event. of an IRA without selling them. It's contributions that must be made in cash. Ira Smilovitz << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
02-03-2005, 06:25 PM
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| Re: IRA Stock Withdrawal A.G. Kalman wrote: - quote - > mel wrote:
Have I missed something over the last 20 years........?> > I withdraw stock that was in my Traditional IRA for years. > > Then the stock was sold within a year of the withdrawal for > > a gain. What is the cost basis and the holding period for > > the stock? Is the cost basis what my 1099 shows as the > > value when I withdrew it and is the holding period from the > > withdrawal date also? (Unfortunately that would make it a > > short term gain.) > Please rethink your post. You can not withdraw "stock" from > an IRA and later sell it. The only type of distribution > allowed from an IRA is cash or a check. In other words, if > you want funds from an IRA that does not have a cash > balance, you would need to instruct the trustee to sell some > IRA asset in order to obtain funds that could be withdrawn. > The withdrawal is the taxable event. I thought that IRA assets could only be rolled or transferred. Distributions had to be in cash. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
02-03-2005, 06:25 PM
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| Re: IRA Stock Withdrawal "A.G. Kalman" <glendale202-mtm[at]yahoo.com> wrote: - quote - > mel wrote:
I am not aware of any limitation on the form of a> > I withdraw stock that was in my Traditional IRA for years. > > Then the stock was sold within a year of the withdrawal for > > a gain. What is the cost basis and the holding period for > > the stock? Is the cost basis what my 1099 shows as the > > value when I withdrew it and is the holding period from the > > withdrawal date also? (Unfortunately that would make it a > > short term gain.) > Please rethink your post. You can not withdraw "stock" from > an IRA and later sell it. The only type of distribution > allowed from an IRA is cash or a check. In other words, if > you want funds from an IRA that does not have a cash > balance, you would need to instruct the trustee to sell some > IRA asset in order to obtain funds that could be withdrawn. > The withdrawal is the taxable event. distribution from an IRA. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
02-02-2005, 07:02 PM
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| Re: IRA Stock Withdrawal mel wrote: - quote - > I withdraw stock that was in my Traditional IRA for years.
Please rethink your post. You can not withdraw "stock" from> Then the stock was sold within a year of the withdrawal for > a gain. What is the cost basis and the holding period for > the stock? Is the cost basis what my 1099 shows as the > value when I withdrew it and is the holding period from the > withdrawal date also? (Unfortunately that would make it a > short term gain.) an IRA and later sell it. The only type of distribution allowed from an IRA is cash or a check. In other words, if you want funds from an IRA that does not have a cash balance, you would need to instruct the trustee to sell some IRA asset in order to obtain funds that could be withdrawn. The withdrawal is the taxable event. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
02-02-2005, 06:24 PM
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| Re: IRA Stock Withdrawal - quote - > I withdraw stock that was in my Traditional IRA for years.
Yes and yes.> Then the stock was sold within a year of the withdrawal for > a gain. What is the cost basis and the holding period for > the stock? Is the cost basis what my 1099 shows as the > value when I withdrew it and is the holding period from the > withdrawal date also? (Unfortunately that would make it a > short term gain.) Ira Smilovitz << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
02-02-2005, 06:24 PM
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| Re: IRA Stock Withdrawal "mel" <maris7[at]optonline.net> wrote: - quote - > I withdraw stock that was in my Traditional IRA for years.
Yes on both counts. See Publications 551 and 590.> Then the stock was sold within a year of the withdrawal for > a gain. What is the cost basis and the holding period for > the stock? Is the cost basis what my 1099 shows as the > value when I withdrew it and is the holding period from the > withdrawal date also? Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
01-31-2005, 10:33 PM
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| Re: IRA Stock Withdrawal mel <maris7[at]optonline.net> wrote: - quote - > I withdraw stock that was in my Traditional IRA for years.
It is somewhat unusual for an IRA custodian to send you> Then the stock was sold within a year of the withdrawal for > a gain. What is the cost basis and the holding period for > the stock? Is the cost basis what my 1099 shows as the > value when I withdrew it and is the holding period from the > withdrawal date also? (Unfortunately that would make it a > short term gain.) stock from an IRA, but perfectly OK for that to happen. Treat the fair market value (FMV) of the stock on its disribution date, which should appear on the 5498 and the 1099-R you receive, as the cost basis for that stock, and treat distribution date as acquisition date. It is as if you had taken a cash distribution for that amount and immediately purchased stock. If you had no nondeductible contributions to your IRA, then the FMV of the stock is your taxable distribution amount, to be reported on Form 1040 Line 15b. If some nondeductible contributions, use form 8606 to compute taxable portion. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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01-31-2005, 10:33 PM
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| Re: IRA Stock Withdrawal "mel" <maris7[at]optonline.net> wrote: - quote - > I withdraw stock that was in my Traditional IRA for years.
Yes on all counts.> Then the stock was sold within a year of the withdrawal for > a gain. What is the cost basis and the holding period for > the stock? Is the cost basis what my 1099 shows as the > value when I withdrew it and is the holding period from the > withdrawal date also? (Unfortunately that would make it a > short term gain.) -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
01-30-2005, 09:43 PM
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| IRA Stock Withdrawal I withdraw stock that was in my Traditional IRA for years. Then the stock was sold within a year of the withdrawal for a gain. What is the cost basis and the holding period for the stock? Is the cost basis what my 1099 shows as the value when I withdrew it and is the holding period from the withdrawal date also? (Unfortunately that would make it a short term gain.) << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| ira, stock, withdrawal |
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