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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
Exemption
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.
