Re: Capital Gains Tax

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doni

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Re: Capital Gains Tax

in response to

Re: Capital Gains Tax

doni

posted on Nov 02, 2008 04:53AM

Distributed Assets	Qualified Distributions	Nonqualified Distributions	Comment
Regular participant contributions	Tax free and penalty free	Tax free and penalty free	Income tax and early-distribution penalty are never applied to distributed assets for which no deduction was allowed when the assets were contributed to the IRA.
Taxable conversion	Tax free and penalty free	Tax free but penalty may apply	These are already taxed when converted. Penalty is waived if any one of the exceptions apply.
Nontaxable conversion	Tax free and penalty free	Tax free and penalty free	Income tax and penalty is never applied to distributed assets for which no deduction was allowed when the assets were initially contributed to the IRA.
Earnings	Tax free and penalty free	Taxes apply and penalty may apply	Penalty is waived if any one of the exceptions apply.