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If i withdraw all the money i have in mutual funds will it count as income for tax purposes? |
If i withdraw all the money i have in mutual funds will it count as income for tax purposes? Assuming you are in the USA: If the money is in a retirement account, such as a 401(k), where you got a tax deduction for investing, then yes, you will pay income tax on the entire amount withdrawn. If you invested your personal money to buy the mutual funds, then you will be allowed to deduct your investment in calculating your gain, as well as any reinvested income which has been taxed to you already. |
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