Traditional IRA account contributions and withdrawal questions.

Official Response

I have a traditional IRA brokerage account with all assets in SPAXX, since I'm planning to park it there for a while I would like to consolidate other assets from different sources (cash) for simplification purposes. Also I have a Cash Management Account with Fidelity that I would like to use for direct deposits.

I'm trying to figure out what to do, I have couple of questions:

- Is there a contribution limit for cash contributions into the SPAXX core position?

- If I withdraw money from the SPAXX account it will be taxed?

If the answer to the two above questions is YES then I think the best option is to open a High Yield Savings Account on some other bank institution... right?

Thanks in advance for your help...

Posted Dec 6, 2023, 8:47 PM UTC

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