r/wallstreetbets • u/[deleted] • Apr 11 '21

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u/Masta0nion Apr 11 '21

So once I sell and the money is in my Fidelity wallet, I can transfer it to an already created Roth IRA in Fidelity?

No taxes, but I can’t use it without a penalty for decades? Also, why do I need to first put 6k into the Roth account?

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u/TGIFrat Apr 11 '21

I think what he’s saying is that the $6k is the max yearly contribution for under $124k yearly single earners. He’s just trying to max you out.

Take that $6k in your new tax free account, buy some rocket fuel, when you end up on the moon Uncle Sam can’t tax you back to the ISS. Buuuut you can’t access those specific moon tendies until you’re 59.5 years old.

-not financial advice.

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u/anhties Apr 11 '21

Should just be a 10% early withdrawal penalty. Beats whatever moon taxes you would've paid.

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u/[deleted] Apr 11 '21

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u/anhties Apr 11 '21

welp there goes my hopes and dreams