What are the tax implications of rolling over my John Hancock retirement account into digital currencies?

3 answers

• OfirSep 25, 2021 · 4 years ago
  When rolling over your John Hancock retirement account into digital currencies, it's important to consider the tax implications. The IRS treats digital currencies as property, so any gains or losses from the conversion may be subject to capital gains tax. Additionally, if you're under the age of 59 1/2, you may be subject to an early withdrawal penalty. It's recommended to consult with a tax professional to ensure you understand the specific tax implications and reporting requirements for your situation.
  509

  255
• Apple IdJun 25, 2025 · 3 months ago
  Rolling over your retirement account into digital currencies can have tax implications. The IRS considers digital currencies as property, so any gains or losses from the conversion may be taxable. It's important to keep track of your transactions and report them accurately on your tax return. If you're unsure about the tax implications, it's best to consult with a tax advisor who can provide guidance based on your specific circumstances.
  441

  147
• mohd arifFeb 28, 2024 · 2 years ago
  Rolling over your John Hancock retirement account into digital currencies may have tax implications. It's important to note that tax laws can be complex and subject to change. It's advisable to consult with a tax professional who can provide personalized advice based on your individual situation. They can help you understand the potential tax consequences, reporting requirements, and any applicable penalties. Remember to keep accurate records of your transactions and report them properly on your tax return to ensure compliance with tax regulations.
  554

  139