Moving Money from Investment Account

Forum|Forum|2 years ago
July 2, 2023
3 replies
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Hello,

I have an investment account. If I move money from its CORE (without trading anything) to my checking account, is the amount of money I move "taxable income"?

Thanks!

Bsch4477

Employee

If you are moving money from a cash or money market type of holding there are no consequences.

KellyMatthews1

You generally don't have to worry about it being considered taxable income. But hey, I'm not a tax expert, so it's always a good idea to double-check with one just to be on the safe side. First, I recommend you figure out how to do a backdoor roth ira. It can be a smart move for your investments. If you're interested, I can give you some tips to get started.

vincep7324

You should only have to pay taxes on interest or capital gains/ trading income.

The IRS may want a cost basis for the amount of money moved, as they track EVERYTHING.

Im not a tax professional but this has been my experience.