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Accounting question and taxes?
Recently I have come into some money. I would like to put it into an account where I can not access it for some time, 2-4 years. I have a plan for it, but prefer a majority of the fund stay in some type of closed account that has benefits (such as tax, interest, etc) and only keep a small sum available in my regular savings. What type of accounts are there that offer these things and what are their restrictions?
4 Answers
- Gerardo D, EALv 41 decade agoFavorite Answer
Roth IRA? or invest in some exempt municipal bonds if you have a million or more
Source(s): I audited a guy who has invested his 2 million on some tax exempt bonds. I tell you the interest even at 3% per annum is a LOT - troLv 71 decade ago
money markets that have term limits, but generally they are 1 yr accounts and this may or may not be a good investment with the fluctuation of interest rates
municipal bonds have dates of expiration, going out some years, usually more than 2 to 4 but you can redeem them whenever you choose, they are tax free and also if you purchase bonds of your state, tax free there too
you can buy an annuity which will definitely have some penalties for early withdrawal but after specified ears, can be accessed, you would need to shop for these to determine which fit your needs
- 1 decade ago
Banks have CD's that have higher rates the longer the term you take. Check into different banks because the rates will vary some being better than others.
- Young WertherLv 41 decade ago
2-4 years probably not long enough for shares.
Depending where you are... in Aus you can get up to 7% from banks for a 3 year term.
