What do you mean cut loss? the stock now is 0.002 and it is bought at 0.50. my account is almost nothing now. Can I combine the IRA with other IRA, when I am at my 60, I can deduct the loss from the gain. (hope USD is still worth something at that time. )
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Does the pension clause apply to the IRA too? Do I have to pay tax to the IRS on my legal settlement or court award? Whether you have to pay tax to the IRS on the court award or legal settlement depends on what it is for. After August 20, 1996 a legal settlement or court award received is only IRS tax free if on account of physical injury or physical sickness. Include the following as ordinary taxable income on your IRS tax return: * Interest on any legal settlement or court award; * Compensation for lost wages or lost profits in most cases; * Punitive damages; * Amounts received in a legal settlement or court award of pension rights (if you did not contribute to the plan); * Damages for: * Patent or copyright infringement; * Breach of contract; * Interference with business operations; * Any legal settlement or court award under the Age Discrimination in Employment Act. Do not include in your taxable income on your IRS tax return a legal settlement or court award for compensatory damages for personal physical injury or physical sickness. Emotional distress is not considered a physical injury or sickness; therefore, a legal settlement or court award for emotional distress is includable in taxable income on your IRS tax return. However, a legal settlement or court award up to the amount paid for medical care expenses attributable to emotional distress are tax free and do not need to be included on your IRS tax return.