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Tax Reporting: Withholding on IRA Distributions in Connection with Rollover

We are required to apply 20% withholding tax from IRA distributions, unless your IRA rollover is sent directly account to account. Box 4 of the 1099-R reports any withheld taxes. Please note that for any tax deferred account rollover on which taxes have been withheld, the full amount (including the taxes) must be re-deposited into a tax-deferred account within 60 days for the transaction to be income tax free.

 
 

 

 

Circular 230 Notice:

Important: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.

 

Please Note:  

No Tax Advice Offered:  

Neither Place Trade Financial, Inc., its employees or any associated independent contractors/independent representatives offer tax advice of any form. The information on this website is for discussion and information purposes only. Nothing contained herein should be considered as an offer to buy or sell any security, securities product or service. Nothing herein or any other written or verbal correspondence should be considered as tax advice. 

Place Trade Financial, Inc. does not provide tax advice to full service or online trading clients/accounts, online institutional clients/accounts or any other individual or account at any time.  Please speak with your own personal tax advisor, CPA and/or tax attorney prior to making tax related decisions.

 

 

Tax FAQs

Please Note:

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in these FAQs were not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.

IRS Circular 230 Notice: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.

Tax Information and Reporting ~ US Person or Entity ~ Initial Data & Data Collection

  

 

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Learn more about retirement planning by visiting some of the links below:

Roth IRA

SEP IRA

SIMPLE IRA

Traditional IRA

Qualified Plans

Rollover IRAs

Find out how Place Trade can help you get the most out of your college planning by visiting some of the links below:


Coverdell ESA

529 College Savings Plans

UGMA/UTMA Accounts