If I have money in non-retirement mutual funds and want to transfer funds to meet my IRA maximum contribution, do I need to pay capital gains tax on the funds from their basis and start a new basis after the transfer to retirement mutual funds?
Ursugardaddy
This time of the year sucks. I lost about 24k within my funds today.
People selling, dividends about to be paid out, mutual funds & index fees are due anyway the answer is yes, you will owe capital gain taxes for the transfer. Once the money is within the retirement, you dont owe any taxes but fees are always due...
Anonymous
Possibly. If you redeem shares in the non-retirement fund, that transaction stands on its own regardless of what you subsequently do with the funds. There is no "basis" to worry about when you invest within a retirement account.