I opened a brokerage account a few years back I always treated it as a retirement account, but due inexperience and lack of knowledge on the subject the account was never properly classified as an IRA.
Is there any way to have this account properly categorized and have it postdated/recognized as an IRA by the government IRS? This is my retirement account, I don’t want to be subject to back penalties and taxes on it.
The question I have for you is did you ever inform the Brokerage Account of your mistake?
I am not sure how you reported the income or capital gains from this account, but if there were any gains or losses from this account, did you report these on your prior years tax returns?
Furthermore, did you take a deduction for the IRA contributions on your prior yeras tax returns?
Linear Mode
