Tax Planning/ira ?

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Question
my brother has ira and he wants to invest some in stocks to make some profit but he wants to use some to enjoy those winnings. He knows there is big tax hit if he takes money out. Any way around him getting tax hit if he wants to just enjoy profits? thanks

Answer
No. No way around it, the IRA is tax deferred even if he waits until he retires (59 1/2 years old), he will still have to pay taxes on all of it.

If he tries to take it out before he is 59 1/2 not only does he have to pay all the taxes, he also has to pay a penalty.

Tax Planning

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Richard Fritzler

Expertise

I am in the business of tax planning for business owners. Our company helps business owners structure so that they can be reduce the taxes that they owe, making them far more profitable.

Experience

Since 1986 I have been helping successful business owners reduce taxes, protect assets, and limit their liability. The company is Owelesstax, incorporated at www.owelesstax.com


Organizations
National Small Business Owners Association.
Nevada Association of Listed Resident Agents.
Citizens Legal Association
The Business Owners Institute

Publications
Contributing author to "The Corporate Standard Newsletter".
I am also a writer for an email newsletter about business
Googlegroups/Successfulbusiness
I am also an Expert in the areas of Tax Law, Retirement Planning, and Estate tax issues.

Education/Credentials
I have been in the business of assisting business owners in reducing their taxes and liability for over 17 years. Providing retirement option that are not just tax deferred, and not limited to a "token" tax free contribution. Retirement plans that allow for total and complete access before you are 59.5 with no penalties

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