/biz/ - Business & Finance

[Anonymous No.15984294]

I have 5k USD in an IRA account that I rolled over my last employer that I'd like to use now to add to my taxable dividend portfolio to get the compounding effect started faster. It seems I'll have to pay 24% gross income tax on it plus 10% early withdrawal, which would basically nullify my tax "refund" next april. I have another 401k that's much bigger that I will leave in place for when i'm an actual oldfag, which is basically just a backup plan for my dividend portfolio. Any tips for getting around taxes on IRA distributions?

[Anonymous No.15984311]

>>15984294
Take it out as a loan at 6%.

[Anonymous No.15984345]

>>15984311
6% APR for a loan? What a fucking ripoff.

[Anonymous No.15984348]

>>15984311
can't anon, IRAs don't work that way, unlike a 401k

[Anonymous No.15984410]

>>15984348
You can use your IRA to buy Crypto.

[Anonymous No.15984441]

>>15984294
IRAs are taxed like regular income (since you haven't paid taxes on it yet) when you withdraw it no matter what, aside from early withdrawal.

seems like the best (and cheapest) option is to wait 1-5 years, or until you can withdraw without penalty, and withdraw it as regular income, and then deposit into the 401k. maybe wait for a year that you know you won't make as much income and maybe land in a lower tax bracket.

maybe you can roll over your IRA into a ROTH IRA, wait however long, and then withdraw your deposit tax free? idk. i'd call a tax expert or broker and ask them for specifics. they usually give free advice like that.

[Anonymous No.15985159]

Does anybody have any study material for EFPA certifications of any level? Specially the first two ones (EIA and EIP).