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Subject:  Take Cap Gain for IRA Tax Deduction? Date:  12/21/1998  11:02 PM
Author:  ajazzfan Number:  7456 of 127752

I recently started buying stocks--unfortunately this resulted in no funds going to my IRA. I am considering transferring money from mutual fund accounts in order to make the full tax-deductible contribution. My fund has already paid out its distribution for the current tax year. In view of the fact that I will generate a cap. gain on the mutual fund shares sold--is this a good idea? How can I determine the effect on my tax return? Thanks.
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