What are the tax implications of investing in cryptocurrencies through a Voya IRA?

3 answers

• Dec 19, 2021 · 3 years ago
  Investing in cryptocurrencies through a Voya IRA can have tax implications that you need to be aware of. The IRS treats cryptocurrencies as property, so any gains or losses from selling or exchanging cryptocurrencies within your IRA may be subject to capital gains tax. Additionally, if you withdraw funds from your IRA before reaching the age of 59 and a half, you may be subject to early withdrawal penalties and taxes. It is important to consult with a tax professional to understand the specific tax implications of investing in cryptocurrencies through a Voya IRA.
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• Dec 19, 2021 · 3 years ago
  Investing in cryptocurrencies through a Voya IRA can be a tax-efficient way to grow your retirement savings. By utilizing a tax-advantaged account like an IRA, you can potentially defer taxes on any gains made from your cryptocurrency investments until you start taking distributions in retirement. However, it is important to note that if you withdraw funds from your IRA before the age of 59 and a half, you may be subject to early withdrawal penalties and taxes. It is always recommended to consult with a tax professional to fully understand the tax implications of investing in cryptocurrencies through a Voya IRA.
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• Dec 19, 2021 · 3 years ago
  Investing in cryptocurrencies through a Voya IRA can offer potential tax advantages. With a Voya IRA, you can enjoy the benefits of tax-deferred growth on your cryptocurrency investments. This means that any gains made from your investments are not subject to immediate taxes, allowing your investments to potentially grow faster. However, it is important to note that tax laws and regulations can change, so it is always a good idea to consult with a tax professional to ensure you are aware of the current tax implications of investing in cryptocurrencies through a Voya IRA.
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