New York Attorney General Letitia James has called on congressional leaders to enact legislation that would prevent retirement funds from being invested in digital assets, including cryptocurrencies, digital coins, and digital tokens. These types of investment vehicles, such as Individual Retirement Accounts (IRAs) and defined contribution retirement plans like 401(k) plans and 457 plans for … [Read more...]
Investing in Cryptocurrency: Is It a Good Retirement Strategy?
In recent years, cryptocurrency has increasingly gained prominence in the field of investment, transitioning from an obscure concept to a more widely embraced facet of finance. Crypto, as described by Forbes, is primarily an encrypted and digital means of transaction. In essence, you exchange money to acquire a unit of cryptocurrency known as a "coin". Unlike physical currency such as a dollar … [Read more...]
Benefits And Risks Of Buying Bitcoin For Your Retirement …
Possessing a substantial sum of money readily available can often tempt you into venturing into a perilous territory. The issue arises when, eventually, you come across a significant amount accumulated in your retirement savings account. At that point, you will have to resist the strong desire to engage in gambling activities. Occasionally, you may remain unaware of your gambling until the … [Read more...]
Are Crypto and Retirement Savings a Risky Mix?
Although there has been a significant decline in cryptocurrencies this year, investor interest in them remains robust. It is so strong that certain 401(k) plans may soon allow individuals to include Bitcoin as an investment choice. However, it is important to note that the availability of Bitcoin as a retirement savings investment does not necessarily imply it is a wise decision. … [Read more...]
Fidelity to let 401(k) customers add bitcoin to their …
Starting later this year, Fidelity Investments customers holding a 401(k) account will have the opportunity to allocate a portion of their funds towards bitcoin, marking the first instance when a prominent retirement plan provider incorporates cryptocurrency into their offering. On Tuesday, Dave Gray, who is the head of workplace retirement offerings at Fidelity, expressed the company's belief … [Read more...]
How To Report Cryptocurrency On Your Taxes
Are taxes applicable to the gains incurred from cryptocurrency? The response is a conditional "yes"; individuals may be required to pay taxes on profits earned from cryptocurrencies. The Internal Revenue Service will not miss an opportunity to levy taxes on a capital gain, regardless of its association with a government-unaffiliated currency. It is crucial to note that you have the option to … [Read more...]
Bitcoin Investing with a Self-Directed IRA
Bitcoin investing has captured significant attention ever since its remarkable surge in late 2017/early 2018. After experiencing a staggering drop, it eventually rebounded to surpass the $12,000 mark in the Summer of 2019. However, the landscape dramatically changed with the onset of the COVID-19 pandemic in early 2020, leading to a more favorable view of cryptocurrencies, including Bitcoin. Its … [Read more...]
What Is Cryptocurrency? How Does Crypto Impact Taxes?
Even though cryptocurrency has existed for over ten years, its popularity has quickly skyrocketed in the past year. If you have recently made investments in crypto, you might still have questions about its precise definition: "what exactly is cryptocurrency?" Before tax season arrives, it is advisable to have a fundamental knowledge of the cryptocurrency you have purchased, whether to diversify … [Read more...]
Do You Have to Pay Taxes on Bitcoin?
Over 10,000 cryptocurrency owners have recently received letters from the IRS regarding potential tax evasion or failure to report income and pay taxes on virtual investments such as Bitcoin or other cryptocurrencies. When they initially invested in cryptocurrencies like Bitcoin, there may be some cryptocurrency investors who are unaware of the tax implications associated with it. How Is … [Read more...]
Fidelity Will Soon Allow Bitcoin in 401(k)s
Money features advertisements from a variety of companies. Our opinions are independent, but the placement and display of these companies are influenced by compensation and thorough research. For further information on our methods of monetization, please refer to our detailed explanation. There will be a fresh avenue for investors to incorporate cryptocurrency into their … [Read more...]