I sold some IRA stock when it was declining and purchased an annuity with an insurance company. Do I pay taxes on that now or only when I take it out?
Do you pay taxes on IRA’s sold and reinvested in an insurance annunity?
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dustoff
April 24, 2010 at 7:43 pm
As long as all transactions were within the IRA account, there is no tax impact.
chatsplas
April 24, 2010 at 8:24 pm
As long as you didn’t touch it, and it was done within your IRA, no tax consequences. When you take any distributions, that’s taxable.
dizneygeek
April 24, 2010 at 8:40 pm
you pay taxes when you take a distribution. IRAs are tax-deferred accounts