When will I get taxed on my money market IRA?
July 30th, 2010
I just opened a money market IRA. I rolled about ,500 from my 401K into my new IRA. Since that money was pre-taxed, and any money that I put in from now on will be post tax..when will my ,500 be taxed? And will I have to pay that out of pocket, or will it come out of the money I put in my IRA?
My Related Websites
- Roth IRA Strategies « hot finance blog
- Self Directed IRA VIDEO :: CUSTODIAN :: Rollover 401k To IRA …
- Investing In Money Market Funds – Why You Should Consider It …
- Money Market Funds » Money Market
- Money Doesn't Grow on Trees But You Can Make Money Grow Faster …
- Money Market Savings Accounts » Money Market
- EverBank $75 Cash Bonus for New Money Market and Online Checking …
- Rollover 401k Versus Rollover IRA
- » Everbank $75 Money Market & Checking Promotion Bonus
- Lending Club's IRA Program
- Fidelity NetBenefits 401K Plan | Fidelity 401k Retirement Plans …
- 401k Help – Key Facts on What You Absolutely Must Know | 401k …
- The Real Deal With a 401k Loan | 401k rollover
- A Finance » Blog Archive » Is a Roth IRA Conversion Right For You?
- Articles.vp.ly » Roth IRA Investments in Real Estate. Hot in 2008 …
- 401k Alternatives (What the Experts Are Saying) | 401k plan guide
- 5 Biggest 401k Rollover Mistakes – Are You at Risk? | 401k limits …
Mail this post
Posted in 
Tags: 
A rollover into an IRA should not trigger any taxes. Unless you put it into a Roth IRA. Which type is it?
The money you rolled over will not be taxed until you withdraw it. The After tax funds you contribute to it from here on out will be tax deductable. I don’t recall the IRS form # but it’s easily found on their website and easily filled out.
Whatever you do DON’T withdraw funds before age 59 1/2.
You’ll pay a hefty penalty plus the withdrawal money is taxed on top of your regular income.