What are the tax implications of rolling over a 401k to a digital asset trading platform like E*TRADE?

1 answers

• anna abrahamApr 12, 2024 · a year ago
  As an expert in the field, I can tell you that rolling over a 401k to a digital asset trading platform like E*TRADE can have tax implications. While the rollover itself is generally not taxable, any gains made from trading or selling digital assets on the platform may be subject to capital gains tax. It's crucial to keep accurate records of your transactions and report any taxable gains to the IRS. Additionally, withdrawing funds from the platform before the age of 59 and a half may result in early withdrawal penalties and taxes. To navigate the complex world of taxes and retirement accounts, it's advisable to seek guidance from a tax professional or financial advisor.
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