Liquidating mutual

Whenever you sell shares in a mutual fund, you'll generate a capital gain or loss that must be reported to the Internal Revenue Service.Even if you move money from one fund into another in what seems like a single, seamless transaction, a taxable event still has occurred.You'll owe tax (or can claim a loss) on the sale, and the amount you transfer to another fund will serve as the initial cost basis for that fund.

In other words: When you own share(s) of a company, you own a part of the company.

The taxable amount must also be included in your taxable income.

The additional tax increases to 25 percent if you take the distribution from a SIMPLE IRA within two years of the date you first began participating in the plan. The first applies to individual retirement accounts, both traditional and Roth IRAs.

You don't have to itemize on your tax return to claim the medical expense exception.

Certain government employees can access their retirement savings starting at age 50 if they retire or leave their jobs rather than waiting until age 55.

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