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Investing/Strategies / Retirement Investing
|Subject: Re: Using IRA Funds For Income Investments||Date: 12/29/2000 2:24 AM|
|Author: TMFExRO||Number: 26852 of 77568|
Assuming I'm going to try the just described process (I know, I know, I'm a "fool"), can anyone provide some "do-s" and "don't-s" or recommend a primer source of information?
I'm sure the process is clear to you, but I haven't a clue what you're talking about doing. Even so, I think I can answer your tax question.
You are in the golden years. From now until you're 70 1/2, you can do whatever you want with your IRA and retirement plan money, paying only income tax on only amounts taken out from under the retirement umbrella. The only gotcha is that you can't engage in "prohibited transactions." I doubt you were thinking of doing so, but they're described in IRS Publication 590 under the penalty section of the Traditional IRA chapter.
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