We had an excellent question asked of us on a recent Tax Tuesday, and we felt it deserved its own video. So, are capital gains from stock trades inside an IRA taxable?

Well, in less than nine minutes, you will learn the answer to that question.

Jeff Webb, CPA, and Eliot Thomas, Esq. are here together to compile their insights to create an answer from two professional perspectives.

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Investing in the stock market is a common way for people to build wealth and save for retirement. And, an Individual retirement account (IRA) is a popular tool to maximize tax benefits while investing. However, many IRA owners are not sure whether the capital gains from stock trades inside an IRA are taxable or not.

The answer to this question largely depends on the type of IRA you have. There are two types of IRAs – traditional and Roth. In a traditional IRA, you contribute pre-tax dollars and the contributions reduce your taxable income for the year. The money grows tax-free in the account until you withdraw it in retirement. When you withdraw the money, it is then taxed as income.

On the other hand, in a Roth IRA, you contribute after-tax dollars, which means that you don’t get a tax deduction for the contributions made, but the money grows tax-free in the account. When you withdraw the money in retirement, it is tax-free.

So, when it comes to capital gains inside of an IRA, the type of IRA you have determines the tax implications. If you have a traditional IRA, capital gains from stock trades are not taxed until you withdraw the money from the account. When you withdraw the money, it is taxed as ordinary income.

If you have a Roth IRA, the capital gains from stock trades inside the account are not taxed at all. This is because the contributions you made to the Roth IRA were made with after-tax dollars. So, when you withdraw the money in retirement, all the money in the account, including any capital gains, is tax-free.

It is worth mentioning that if you take any money out of your traditional IRA before the age of 59 ½, you will have to pay a 10% penalty plus income tax on the money withdrawn. This penalty doesn’t apply to Roth IRAs.

In conclusion, capital gains from stock trades inside an IRA are not taxable if the account is a Roth IRA. If the account is a traditional IRA, the capital gains are taxable when you withdraw the money from the account. Therefore, it is important to choose the right type of IRA that suits your financial goals and objectives. Consult a financial advisor to determine the best IRA for you.