The Slott Report's Jeffrey Levine wrote a recent article for Producer's eSource titled, "3 Bizarre IRA Rules to Enhance Your Image." This article walks through 3 of the more uncommon parts of the tax code that will impress and showcase your education and desire to help consumers keep more of the money they earn.
The first item is the difference between Roth IRA Conversions and Roth IRA Contributions. You can read about that item and the other two by CLICKING THIS LINK.
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Thursday's Slott Report Mailbag
Consumers: Send in Your Questions to [email protected]
Q:
I transferred a stock from my IRA to my regular (non IRA account) and then transferred the exact same number of shares of the same stock back into my IRA within 60 days. However, the value of those shares was $10,000 higher.
Do I have a problem because I put more money into the IRA even though I transferred the same number of shares?
Thanks
Mark
A:
There is no problem. Your distribution of property (shares of stock) from your IRA qualifies to be rolled over tax-free within 60 days only if the identical stock is rolled over to a receiving IRA. It is common for the value of stock to change during the 60-day window. That’s OK and still qualifies as a tax-free rollover. When your tax return is filed for the year, your tax preparer may want to attach a note to explain the different values.
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