MultiversX Tracker is Live!

Cashing out some IRA to buy BTC with a tax and penalty.

Bitcoin Reddit

More / Bitcoin Reddit 28 Views

Here's something I was contemplating this morning: If I withdraw $100K from my Rollover IRA (which is in FBTC), it would cost me about $40K due to taxes and penalties. However, considering the dollar's inflation rate of approximately 7% per year, if I take the remaining $60K and invest it in Bitcoin, it won't be subject to that inflation.

So, in 10 years, when the dollar's value has diminished, I would significantly benefit from having Bitcoin, right?

Additional information: - I've earned $100K on FBTC in the last 4-6 weeks since it started, so taking the tax hit would merely mean relinquishing some of the recent profits. - I'm 52 years old and also have a separate 401k (the rollover is from an old job).

submitted by /u/meccaleccahimeccahi
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments