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Submitted By: someone
Answered: April 15, 2014 8:30 am
Answered: April 15, 2014 8:30 am
Can I roll over a CD tax free?
If the CD is in a tax-deferred or tax-free account, such as an IRA or Roth IRA, interest on the CD is not currently taxed; the rollover of the CD when it matures is not a taxable event. If the CD is in a taxable account, interest is taxable, but again rolling over the proceeds when the CD matures is not a taxable event.
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Tax Glossary
Revenue ruling
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.
