I am a healthy number of years ahead of retirement, but I am trying to prepare for the inevitable. I don't really know what tax-related requirements I will need to fulfil when I do eventually start cleaning out our IRA and 401(k) accounts for retirement. Can anyone suggest a book or books that I can get to tell me a)what actions I should be taking now and b)what documentation I need to have, if any, to satisfy tax requirements then?
Go to the bottom of your screen and click the *Retirement Planning link. Phil
Yes, I did. It's good stuff, and I learned a thing or three about planning and strategy from it. But it doesn't tell me what documentation, if any, I need to squirrel away, whether I can claim losses, if any, on stocks sold within an IRA, that sort of stuff.Thanks, though. Anyone else have any suggestions?
Losses and gains within an IRA "don't matter". When you withdraw the money, it is considered ordinary income, unless it's in a Roth IRA established more than five years ago, in which case it is tax-free income.There is an IRS form (sorry, I forget the number) that you file each year showing your contributions for the year, and your basis (tax-paid contributions total). KEEP these forms. Gains/Losses are not reported.Hope this helps!BGauer
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