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Retirement Planning Question – Capital Gains on IRA

 

Q: How are taxes figured on a non-deductible IRA if I keep the IRA for over a year? Are any increases over basis taxed as ordinary income or as capital gains?

A: You should consult with your CPA or qualified tax advisor for an answer to your specific question, as we are not licensed to provide tax advice.

From our experience, the amount above your basis grows tax free in a “non-deductible” IRA, but you are exposed to paying ordinary income taxes at the point when you withdrawal these proceeds.


 

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