SpeedingTicketParticipantStatus: ResidentPosts: 3Joined: 04/09/2019
Hi all. I’m becoming financially literate after all my life and opened a Vanguard ROTH Ira with a recent contribution. I set up automatic withdrawal from my account to reach 6k.
As I had $ in it, I just purchased stock with the little I had and expect to continue doing so and fund keep on being added. Now to the questions.
1: do I have to pay taxes on any gains since the ETF were purchased via a ROTH? (I guess the answer is no here since it’s a ROTH).
2: If I transfer $ into my account NOT via a ROTH and have gains, but I DO NOT withdraw, do I still have to pay taxes? Or do I only pay taxes when I decide to sell in the future?
3: Vanguard will only allow a minimum of 1 ETF purchase, so if I have a few dollars left in the ROTH IRA account, do I just let it sit there until I’m able to contribute? If so, then for next tax year it will be OK?
4: when tax season arrives, do I have to let the irs know I have contributed to a Roth Ira and I have purchased ETF?
Thank you for taking time and reading/responding. I dove deep into all of this and I’ve wondered why I haven’t done this before.May 10, 2019 at 8:11 am MST #213667PedsParticipantStatus: PhysicianPosts: 4229Joined: 01/08/2016
Maybe.LordosisParticipantStatus: PhysicianPosts: 1654Joined: 02/11/2019
3: Vanguard will only allow a minimum of 1 ETF purchase, so if I have a few dollars left in the ROTH IRA account, do I just let it sit there until I’m able to contribute? If so, then for next tax year it will be OK?Click to expand…
You can buy the exact amount you want if you use mutual funds. They have minimums but most are only 3K so you should get there soon.
“Never let your sense of morals prevent you from doing what is right.”