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| *The Commerce Journal>>>United States Taxes |
Can I open a Roth IRA with money from a sold stock and not pay capital gains tax on the sold stock? |
Can I open a Roth IRA with money from a sold stock and not pay capital gains tax on the sold stock? No. A Roth IRA is funded with after tax money. You have to pay tax on the capital gain. If you held the stock more than one year it is a long-term gain and the tax is low. If you held it one year or less it is a short-term capital gain. You can invest up to $4,000 in the Roth, but all income and gains from it are tax free. No. You have generated a taxable gain from personally held stock. The above answers are correct. If you had earned income and meet the other requirements for contributing to a Roth, you can use the money from the sold stock however you want to including putting it in a Roth. But that doesn't change anything about having to pay the capital gains tax on the stock sale if you had a gain. |
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