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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29793
Experience:  Taxes, Immigration, Labor Relations
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I MOVED MY IRA FROM A SCHWAB ACCOUNT ABOUT 6 MONTHS AGO.

Customer Question

I MOVED MY IRA FROM A SCHWAB ACCOUNT ABOUT 6 MONTHS AGO. $142,OOO. TO A METALS DIRECT GOLD ACCOUNT. NOW IT IS ABOUT $58,000. STUPID ME. ? DO I STILL NEED TO TAKE A DISTRIBUTION, I AM A WIDOW, 83 YEARS OLD. HAVE A TAX MAN, BUT DO NOT WANT HIM TO KNOW HOW DUMB I AM. THANK YOU FOR ANY HELP.
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

Sorry for your loss...

Yes - because of your age - you are subject to RMD - required minimum distribution.

You do need to know your account balance on Dec 31, 2014 - and based on that amount - you will determine your RMD.

Let me know if you need any help with calculations.

Customer: replied 1 year ago.
THANK YOU, ***** ***** CANNOT TAKE A LOSS ON AN IRA. SO I NEED TO KNOW BALANCE ON 12-31-14 NOT THIS YEAR?
Customer: replied 1 year ago.
WOULD RATHER READ ANSWERS AS I AM HARD OF HEARING; WILL LEAVE GOLD IN ACCOUNT MAY COME BACK, A LITTLE
Expert:  Lev replied 1 year ago.

You may ONLY report a loss on IRA account if the money were contributed with after tax dollars.

But if all IRA contributions were deducted - you already excluded that amount from taxable income - and there would not be another deduction...

Yes - you need your last statement for 2014 - and that will show the balance on Dec 31 which is used to calculate the RMD amount.

Expert:  Lev replied 1 year ago.

You may use this online calculator to determine your RMD amount

http://www.schwab.com/public/schwab/investing/retirement_and_planning/understanding_iras/ira_calculators/rmd

I will help you if needed.

Customer: replied 1 year ago.
FOR MANY YEARS I HAVE NOT ADDED TO MY IRA, SO WOULD NOT MATTER IF THE AMOUNT IS AFTER TAXES, I PAY SO MANY TAXES, TAX, ESTIMATED TAX AND TAX ON A TRUST . NEVER ENDS THANK YOU FOR THE INFORMATION I APPRECIATE IT. REGARDS
Expert:  Lev replied 1 year ago.

I understand you you made no contributions to the IRA account for many years.
Such contributions are only allowed for those below 70 1/2.

But after you turned 70 1/2 RMD came up - and you are required to take distribution every year until the IRA account is fully distributed.

That is very important to take at least RMD distributions to avoid penalty.

Expert:  Lev replied 1 year ago.

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I am here to help you will all tax related issues.