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45uniquex28
March 7, 2020
Question

I took my IRA out and used part of it and put the rest back into a cd how do I use this to lower my taxes ?

  • March 7, 2020
  • 1 reply
  • 0 views
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1 reply

B
BillM223
March 7, 2020

Was this CD in an IRA or other retirement account, or was it just a normal CD?

 

And if it was into an IRA, did you put it back in within 60 days?

 

If the CD is a normal after-tax product, then you will have to pay income tax on the entire IRA distribution.

 

Only if the CD was actually part of a traditional IRA AND you put it in with 60 days of getting it out in the first place, would you get any tax benefits.

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