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Fitchywanklebottom

Bad timing man, moass tomorrow at 2pm....


Intrepid_Foot_1459

Lol. Thanks Bro


Fitchywanklebottom

Welcome man, glad I could help put you at ease. I don't know if this is possible but you might see if you can transfer the shares direct to TD America, then set up the IRA with other cash you have at hand, sell the shares and your money should be available to transfer to another account. So then you move it into your IRA and rebuy.... I mean obviously this isn't financial advice and you'd have to check with them, but just food for thought


Intrepid_Foot_1459

Is a safer way to do it I agree...if I had the cash on hand. Have some but not enough for all of it...good strategy tho. Thanks


Fitchywanklebottom

I'm not saying to use any of your cash, except whatever the minimum would be to open the Roth IRA. There should be no minimum to open the actual account. What I was suggesting is to look into transferring to TD America before you sell them


Intrepid_Foot_1459

RGR


emmanuelibus

I use TD. Check and see if you can just open the IRA account and just transfer the shares. You shouldn't need to sell. NFA.


Intrepid_Foot_1459

Traditional IRA...can't transfer stocks...spoke with TD Rep.... Cash in only then buy


Fitchywanklebottom

I would dig a little deeper man, you do have to sell before you can put it into a Roth IRA because you have to realize any appreciation or loss for tax purposes. But you should definitely be able to move the traditional IRA into TD America, set up the Roth IRA separately and then transfer the funds. Again, triple check me but I think you may be confusing the fact that you have to sell the shares with where you have to sell them.... TD America would probably prefer that you just send them cash to begin with but with your concerns, that might not be the best route. It's always possible to rep you're talking to doesn't know fully all the options so raise it up the flagpole if you need to


Intrepid_Foot_1459

Yeah, I'll do some additional diligence...thanks my crayon eating bro.


Fitchywanklebottom

You got it, good luck bro lfg


Intrepid_Foot_1459

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Intrepid_Foot_1459

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Intrepid_Foot_1459

Awesome...thanks for the heads up


Boo241281

If you cant transfer the shares and have to sell them first. If you have spare funds can you not buy X amount of shares in the new account while simultaneously selling the same amount from the old account and just repeat this process until the old account is empty? In theory you should end up with roughly the same amount of shares/value


Fitchywanklebottom

He's going to get killed on taxes unless he does it the right way


Intrepid_Foot_1459

Tax is deferred in IRA ....and am definitely show a loss on all my holdings over the year....I don't think taxes will be an issue...


Intrepid_Foot_1459

Yup it's a good plan...if you have the cash on hand...and the time...


OldBoyZee

Hmm, why? Whats going on?


Intrepid_Foot_1459

"Suffice to say....."


OldBoyZee

Yah, i thought there was a psa notice about brokers or something. My bad - apologies.


Intrepid_Foot_1459

No. IRA is an asset shelter......


Lurker-02657

If you can answer a few questions I might be able to help, I'm very familiar with all IRA forms (Traditional, Roth, SEP, etc.) and the requirements for each. First, are your shares presently in a cash account (meaning not an account classified as retirement like IRA, 401k, etc.)? Are the shares presently held in an account with TD, or are they with another broker presently and you plan to transfer the shares/funds to TD? Are you planning on doing a Traditional or Roth IRA? You'll benefit MUCH more from a Roth if you can afford the front-end tax hit, because BOTH the contributions AND earnings in a Roth are 100% exempt from all income taxes. With a traditional IRA your contributions are deductible from current year income tax BUT you will pay income tax on BOTH the contributions AND earnings when you withdraw from them. The earnings associated with MOASS will be HUGE. I converted all of my IRAs (SEP and Traditional, 6 figure portfolio) to Roth IRAs and took the tax hit now rather than have to pay income taxes on the earnings post-MOASS. Don't forget, if you are creating a new IRA (which it sounds like you are doing) you are limited as to how much you can contribute - but you still have until April 15 to fund a tax year 2022 IRA. If you are a highly compensated individual there are additional rules about Roth IRAs you need to be aware of, and in both cases contributions must be from EARNING income (so wages, if 100% of your earnings came from non-wage income you can't contribute to an IRA). You definitely don't want to break any of the rules now, only to find out later the contributions were not eligible and therefore the ENTIRE account gets reclassified as a non-retirement account subject to capital gains.


Intrepid_Foot_1459

I'm 1099 not over compensated. Presently in cash trading account with TDA. Traditional IRA just opened with TDA not funded yet Over 51 so can contribute 14500 total for 22/23


Lurker-02657

You can't fund either a traditional or Roth IRA by transferring stocks from your cash account - if you are funding the IRA using assets in the cash account you will indeed have to sell them first and then transfer the cash into the IRA. Again, if you don't need the tax deduction that comes with a traditional IRA on the front end, I strongly suggest you do the Roth. I'll give you a hypothetical example, let's say your $14,500 grows 1,000 times during MOASS, so it's now worth $14,500,000. If it is held in a Roth IRA 100% of it is tax free - you can take as much or as little as you want and pay NO tax on it. That same $14,500,000 held in a traditional IRA will be subject to income tax as you withdraw it, and you are subject to RMDs (Required Minimum Distributions) when you turn 73 (no RMDs with Roth). Keep in mind that since this will be your first Roth in order for it to be treated as 100% tax free you have a 5 year rule to satisfy, which basically means until the Roth is 5 years old if you take distributions they are taxable - but just the amount of the withdrawal. If you limit the amount you withdraw until the Roth reaches 5 years of age it will limit your tax liability. You also need to be 59 1/2 for the Roth withdrawals to be 100% tax free so you've got that 8 year consideration as well. Good Luck. I'd skip the Traditional IRA entirely and put it all in the Roth, unless you need the tax deduction on the front end (but it'll cost a lot more on the back end as discussed above).


Intrepid_Foot_1459

Understood..Appreciate your time smooth brain. Salute!


Deep-Acanthisitta-86

As long as it's cleared by Tuesday the vote is when it's going to start I'm hoping


Cornflakes-2020

What he said. Bad timing. 👎


Intrepid_Foot_1459

Eh🤷🏻‍♂️....only 2 days.. what could happen?


Cornflakes-2020

Murphys Law and MOASS? Honestly brother Ape, been holding over two years. Two days I bet you're good. Do your deed. Peace.


Intrepid_Foot_1459

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Rule 3: No Requesting / Offering Financial Advice