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RE: IRA Value
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rwwink
Feb 2, 2015, 6:50:06 AM2/2/15
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Yje wife is 73 and I am 69. She has an IRA that was strated by one of
the companies she worked for before she retired @ 62. It rolled over
@$15,500 and the mutual fund took 5 1/2% or about $14,800. It built
back to $15,600 and was rolled into anouther fund which is now worth
$14,600
So the questions are:
Since she matched the funding of the company in the beginning, is her
basis for starting $15,600 ot $7,650?
Can a loss be claimed when cashing out? What is the basis for
determining loss/profit-$7,650, $15,600 or $14,800? Since this has
loss money we're thinking in terms of cashing out completerly and
rolling the cash into our IIOT.
Anyone care to comment?
R Wink
the companies she worked for before she retired @ 62. It rolled over
@$15,500 and the mutual fund took 5 1/2% or about $14,800. It built
back to $15,600 and was rolled into anouther fund which is now worth
$14,600
So the questions are:
Since she matched the funding of the company in the beginning, is her
basis for starting $15,600 ot $7,650?
Can a loss be claimed when cashing out? What is the basis for
determining loss/profit-$7,650, $15,600 or $14,800? Since this has
loss money we're thinking in terms of cashing out completerly and
rolling the cash into our IIOT.
Anyone care to comment?
R Wink
Dave
Feb 17, 2015, 7:30:10 PM2/17/15
to
On Monday, February 2, 2015 at 5:50:06 AM UTC-6, rwwink wrote:
> Yje wife is 73 and I am 69. She has an IRA that was strated by one of
> the companies she worked for before she retired @ 62. It rolled over
> @$15,500 and the mutual fund took 5 1/2% or about $14,800. It built
> back to $15,600 and was rolled into anouther fund which is now worth
> $14,600
> So the questions are:
> Since she matched the funding of the company in the beginning, is her
> basis for starting $15,600 ot $7,650?
> Can a loss be claimed when cashing out? What is the basis for
> determining loss/profit-$7,650, $15,600 or $14,800? Since this has
> loss money we're thinking in terms of cashing out completely and
> Yje wife is 73 and I am 69. She has an IRA that was strated by one of
> the companies she worked for before she retired @ 62. It rolled over
> @$15,500 and the mutual fund took 5 1/2% or about $14,800. It built
> back to $15,600 and was rolled into anouther fund which is now worth
> $14,600
> So the questions are:
> Since she matched the funding of the company in the beginning, is her
> basis for starting $15,600 ot $7,650?
> Can a loss be claimed when cashing out? What is the basis for
> determining loss/profit-$7,650, $15,600 or $14,800? Since this has
> rolling the cash into our IIOT.
> Anyone care to comment?
> R Wink
I'm assuming that this was a 401(k) or 403(b) that she and her employer contributed to while she was employed. If this is the case, then the basis is zero, because she received a tax deduction for the amount of her contributions at the time she made them. If she cashes out in 2015, then she will receive a 1099-R from the IRA next January or February stating the amount of the distribution, and it will be fully taxable.
> Anyone care to comment?
> R Wink
Dave
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