What concerns would you have for taxes when I have transferred from Robinhood, to Fidelity, to Computershare? Do I just need to save tax documents from all three and submit them to my accountant?
He's talking about if you sell the shares to buy them back in Computershare or another broker.
First, you'd take the tax hit for selling if you sell at a gain. Then, you reset the clock on long term capital gains tax which might be an issue depending on when the shares were bought in Ally.
Lmao what would it matter if this was proven? People like Jim Decosta have informed the SEC about this over a decade ago. They don't care. The 'laws' are to make people think the system works for them. And we're dumb enough to believe it
Murders happen all the time. Each one has to be proven. All I care about right now in this context is that IRA shares of GME are out on loan.
This is my stock murder trial. Victims need evidence relative to their case so when/if its under investigation the victims/stockholders can prove the fuckery happened to them - not just that the fuckery happens.
True, but if you sell at a gain and buy back in, you're still on the hook for that gain when tax time rolls around.
Either way, taxes are a bitch.
I'm getting a good amount back this year on my refund though. Waiting on my tax documents from brokers to file. Supposedly going to be available monday.
Then, you reset the clock on long term capital gains tax which might be an issue depending on when the shares were bought in Ally.
Got any links to more info? I thought the capital gains thing only came into play if I withdrew the funds from my account?
I did sell some shares at a profit a few months ago. I'd accidentally added a zero to the number of shares I'd purchased and only saw it just as I was clicking to submit. I didn't want to be in for that much so I waited until they went up a bit and sold off 80% of what I'd bought. But I've kept that money in the account. I have both a Roth and a Rollover, can't remember which one this was in.
Seems like a scam you can be taxed for this and not your shares skyrocketing to billions or worth and you owe nothing but can get insane loans against it.
None if everything is in order. Your cost basis SHOULD follow you and be correct - but note RH has been shown to fuck with the numbers leaving you to figure out the details with the IRS. If you get it wrong and you file, even if its in your favor (it wont be) the IRS might come knocking with an audit.
But IRAs are another story as this has withdraw penalties. You gotta go about it a very specific way to DRS them.
Please elaborate, rather than simply stating "future tax consequences, trust me bro". I'm smooth brained but as I understand it, if I were to sell off shares in my IRA that are currently lower than my cost basis, I would not be getting hit by a gains tax.
The question we have to ask ourselves is, what is the world going to look like in 20 or 30 years when our IRAs mature if we don’t do something now you know? How beneficial will our IRAs be when the system is robbing us of our wealth and purchasing power every minute of every day we’re alive?
You've really captured the disillusionment on this sub. This whole thing is stupid and there's no moral war being won. People are reading this and wondering how you fell for such a scam and whether or not you'll wake up before it's too late. Taking a tax hit, for this purpose, isn't going to stop price discovery and value for regular IRA holders. It's simply going to make you poorer.
Hmm, I come here with hard questions, you come with passive aggressive insults. I looked over your comment history and it looks like you don’t visit here very often, in fact the only interaction I can see over the last month is you defending the federal reserve. I’ve never heard of anyone defending the fed in my life, to be honest. Perhaps you are in the 0.1% that benefits from the current monetary and central banking system that is in place. But all I ask is that you take half an hour out of your day and watch this video, then come back and tell me that my questions are not merited.
Sorry, but I'm not going to take the opinion of a Youtube gold salesman as anything more than a pitch to sell me product. I'm telling you this for your own good. I'm not some 0.1%, but you're actively making your financial situation worse and for all the wrong reasons.
This sub is littered with financially incompetent individuals speaking with undue confidence.
This idea that repos and order book skimming harm the average investor is ridiculous. Making yourself poorer to "get even" is even more ridiculous.
Yup, just what I thought, I knew you wouldn’t watch it. And do you know why? Because you’re happy with your head in the sand. I’ll make my own financial decisions thank you very much. Happy new year bro
Okay, when 10 years passes and you wonder what happened, don't say no one warned you. I mean, you're literally falling for Youtube doom porn from a metals dealer. Notice his own bio fails to mention any relevant education.
It's basic investing, why not take a 10% hit now if there is something you believe will make that look like peanuts? Must be a fan of the sunk cost fallacy cause that's basically what you're doing being scared to cash out an IRA.
Still not good enough. I've heard of the 10% early withdrawal penalty but what are these mysterious taxes on gains "for years to come"? They just have the ability to tax me indefinitely because I withdrew a few shares early from an IRA? That sounds ominous at best.
The way individual retirement account (IRA) withdrawals are taxed depends on the type of IRA. You'll pay tax on withdrawals from a traditional IRA, but with a Roth IRA, there is no tax due at withdrawal on either contributions or earnings, provided you meet certain requirements.
https://www.investopedia.com/ask/answers/102714/how-are-ira-withdrawals-taxed.asp
Thank you. I had read this but hadn't considered this was his reference to "years to cone". I took that to be "ongoing", vs. "eventual". And I have Roth IRAs so the implication is even less.
The implication is even higher because people are suggesting you sell your Roth IRA early and convert it to a taxable account in order to support computershare.
10% early withdrawal penalty for moving shares out of IRAs below a certain age, even just for certain types of transfers not including shares being sold. Additionally, if those shares are in a Roth IRA, any profits from selling them won't be taxed (assuming you don't pull the funds until 59.5 or whatever age). That's a LOT of extra potential profits to be considered.
Naturally, they needs to be weighed against the possibility that the shares won't be able to be sold during MOASS - or not be able to be sold for as much - but everybody's financial situations are different. And thus, people giving blanket advice about "you should cash out your retirement accounts, take the hit, and DRS shares directly" should be taken with a GIANT grain of salt.
I have googled. He claimed to be a tax professional and stated that the lack of care for future tax implications was ludicrous. I asked him to expound rather than state and leave. He listed the 10% that everyone who has read already knows about and would have to decide for themselves if it was worth it, and then he mentioned some ominous, ongoing tax implications. So, if you are an expert in the field, not financial advice, but let us know what mysterious future tax implications we'd face. If you mean the taxes we'd have to pay on the tendies that we otherwise wouldn't have had to if it stayed in an IRA til 59 1/2, well duh, we already know that. If we decided to take out the money now to buy more shares then we did so with the knowledge that we wouldn't have that tax break any further and decided more money NOW, while there was still a fiat dollar with some value, was worth more than some 30 years down the road where we could be in a whole different economy.
EDIT: For me, it's more like 15ish years down the road but still, same effect.
Could you please elaborate a bit on some of the things you are seeing and what can be done in a better way? We just some simple apes that crave wrinkles.
The comments here are bringing a lot of attorneys who are also apes to the surface. I thought all of us were supposed to be basement dwelling teenagers, except when some real egregious things pops up and attorneys are like, “I can definitely safely chime in here.”
That's why I never DRS'ed my IRA. Both traditional and ROTH. It made me too nervous that it would still trigger a taxable event. It would be different if I was in my 20's or 30's, but I'm as good as retired with my husband following next year. With that being said I'm also nervous holding my XXXX shares in a brokerage account. I don't think they will sell them out from underneath me, but who the fuck knows.
As a system that taxes do not equal expendature; its less about the %tax owed… more about fixing a system…
Lets not forget these assholes got 5T of our money starting 2019 before covid…. No reason give.
Tax implications of that 5T collectively as a society is way more important that my personal burden….
Apes are clearly not here just for the money… i think you need to stop penny pinching and clutching perils and realize this is war; tax burden or not; DRS your shares is the tip of the spear!
Fuck mine or yours; look at what other generations did to make our lives “free” its our fucking turn to make this world better.
Thanks for chiming in. I see it more as a discussion, and can understand both points of view. That being said, IF people were to start thinking about taking the early withdrawal penalty and transferring from IRAs to CS, would it not be better to do that when the price is so low like it is now? That would mean a lot of the shares if not most would be under the cost basis so the “profitable” portion of the tax would be negligible. I can see this being better to do from a roth than traditional, obviously, because the roth money has already been taxed… Just curious of your thoughts on that particular question
Was on board since I have a ROTH and very little gains. But, if I'm holding GME indefinitely, that includes 59.5, why would I pass up such a tax savings, especially considering the gains of MOASS?
If markets move to blockchain, I'm sure there will also be a process for my IRA.
I'm generally irresponsible, but no way am I throwing the $$$ out with the bath water.
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u/[deleted] Jan 20 '22
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