That is not correct. I've done Merrill edge bonuses and they are not contributions, unless I unknowingly over contributed some year. There was no paperwork from Merrill suggesting it was a contribution. Bonuses in IRAs are typically considered gains.In the IRA the bonus is a contribution.Thanks for sharing. In the fine prints, the following info is given. I thought bonus in IRA accounts are considered earnings in the account, not contribution. Has anyone received paperwork showing the bonus in IRA account as contribution from ML?https://www.merrilledge.com/offers/pr1000
Page is live but someone in BofA thread said code is expired.
If it starts working timing would be perfect for DW and I to move our $100k’s back in to meet requirements for cc bonus for another year.
Tax Disclaimer: The cash reward will be credited as investment earnings to your account. Merrill may issue an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of the reward. If the cash reward is credited to your IRA, the IRS may view the reward as taxable income or as a contribution to the IRA (if it is an excess contribution, it may be subject to an annual 6% excise tax if not timely distributed). Please consult your tax advisor for more information regarding the proper tax treatment. Bank of America and Merrill do not provide tax, accounting, regulatory or legal advice and are not responsible for any adverse tax consequences (including taxes, penalties and interest) related to the reward.
My accountant had to decrease my personal contribution to comply with the IRA limit, etc.
Outside IRA it's income, same thing, accountant will add it to your taxable.
Statistics: Posted by tj — Wed May 08, 2024 8:01 am — Replies 8141 — Views 1527212
