I have an IRA that I opened by rolling over $1300 from my 401k plan earlier this year. I then contributed $2000 to the account and bought NOK at $27. I would like to roll this over into a ROTH IRA. My question: The original $1300 was taken out of my paychecks by my employer so I did not pay taxes on this but the $2000 came out of my pocket and I have not claimed this on my taxes yet. can I simply roll it into the ROTH IRA and only pay the taxes on the original $1300? also Can the losses on NOK offset the taxes I will owe by rolling over into the ROTH.Thanks for the help.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra