I thought this would be easy, but I got hung up with the settlement fund business that I still don't quite get.
What I tried: I have one IRA fund. I designated the amount to withhold. (Where is the money coming from?) Then, I picked my taxable money market fund. (Where is the money going to?) That takes me to a summary screen where they tell me that by default they ordinarily withhold 10% but that they can't take any taxes from this transaction because, I think, it doesn't involve my settlement fund.
So I bailed out.
I conclude, then, that it must be like this: exchange from IRA fund to settlement fund. Not a taxable event. Then, exchange from settlement fund to taxable MM fund, which should be a taxable event. Is it at this point that I will get to specify a percentage to withhold?
I don't want to proceed with something that I can't take back.
What I tried: I have one IRA fund. I designated the amount to withhold. (Where is the money coming from?) Then, I picked my taxable money market fund. (Where is the money going to?) That takes me to a summary screen where they tell me that by default they ordinarily withhold 10% but that they can't take any taxes from this transaction because, I think, it doesn't involve my settlement fund.
So I bailed out.
I conclude, then, that it must be like this: exchange from IRA fund to settlement fund. Not a taxable event. Then, exchange from settlement fund to taxable MM fund, which should be a taxable event. Is it at this point that I will get to specify a percentage to withhold?
I don't want to proceed with something that I can't take back.
Statistics: Posted by Gatto Bialetti — Sat Jan 25, 2025 6:15 pm — Replies 0 — Views 66