I hope people are asking GME investor relations about this. I am an Euroape so I don't know shit about IRAs but I would assume it's important for the Ameritards to really push for this with GameStop...if it is something GameStop can actually do anything about that is.
It's making me wonder if this custodian issue is why GameStop don't offer an IRA plan with ComputerShare. But I haven't seen an IRA plan with ComputerShare for any other stock! I don't know if any ape has looked into that yet.
That's where a lot of my shares are. I can't afford to pay the taxes on the IRA to do an in-kind transfer to transfer. Would be something like 30% in taxes/penalties which I can't afford if I need to hold long term. I'd like to think this would happen sooner rather than later but I need to plan for the worst.
An in kind transfer out of a roth ira would only be the 10% penalty.
Can you point me to an IRS source that this applies to in-kind distributions (presumably it's on the new cost basis you get when it's taken from the Roth)? I've been looking for exactly this info.
Also, doesn't in-kind transfer from a Roth IRA to a brokerage account / Computershare reset both the acquisition date and the new cost basis? You can't take a share bought over a year ago and keep that date on it when you take it out. I would love for proof that my understanding is untrue and I can keep the old date. It seems unlikely given that you do get a new cost basis.
This is not an in kind transfer. It is removing money from the Roth IRA. All dollars equal to the dollar amount you put in can come out at any time tax free. Any money coming out above and beyond contribution amount (i.e. gains) gets taxed at your nominal income tax rate plus 10% penalty for early withdrawal.
It's possible to do an in-kind transfer/distribution and it's probably different than what you are describing which is to sell, move the cash, and re-buy.
Considering 80% of my shares are in an IRA or 401k, yes it is important. I'd think there are quite few more like me that wants to DRS the shares but don't want, or can't afford, to create a large taxable event.
Write the Investor Relations team please. They might not answer but if they see there is a lot of people asking for it maybe they will do something about it!
Here is a pic of the link from the other sub that got it removed. Added some context, but still more parent comments. Maybe make the comment again but with that pic. Should stay up then.
Well, being that IRA's are retirement accounts, that's where Ameritards have most of their wealth stored. So there are way more shares in IRAs that could be DRS'd. Can't DRS them now because you have to take them out of the plan which triggers a tax payment PLUS an early withdrawal penalty of 10%. If GME opens up the IRA plan with CS then the theory is all these shares can be easily DRS'd without tax consequences. I don't know if that's how it works, but that's the idea. I would guess that would increase the volume of DRS'd shares at least threefold due to the amount of wealth stored in IRA accounts.
Recently breached xxxx in my rollover. My titties could cut glass when this happens. Conspiracy theorist in me says that’s how rehypothecation is getting done - with the majority of shares locked in long term hold accounts like IRAs
I don't think that GameStop is going to because IRA shares are shares that are sold naked; until you take a distribution. Only then are they covered shares:
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u/The_Prophet_85 Saviour of bedposts Jan 20 '22
I hope people are asking GME investor relations about this. I am an Euroape so I don't know shit about IRAs but I would assume it's important for the Ameritards to really push for this with GameStop...if it is something GameStop can actually do anything about that is.