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Can you use your VA disability compensation to qualify for a Roth IRA?
Wiki User
∙ 9y ago
You qualify for a Roth IRA if you have qualifying income. Being disabled is not the factor that determines eligibility. You need to speak with a tax professional to determine if your income qualifies you for a Roth account. You can read more about Roth IRA accounts at the link provided below.
Wiki User
∙ 15y ago
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What is the difference between a Roth Ira and just an IRA?
Roth IRAs are similar to regular IRAs except for the fact that they allow you to forgoe a tax deduction. In order to qualify for a Roth IRA you must have documented form of compensation.
How divorced man on disability can contribute to Roth IRA?
Traditional and Roth IRA contributions can only be made with earned compensation, (ie: W2 income, bonuses, commissions, etc). A Spousal IRA contribution may also be an option.
What is Roth IRA Conversion 2010?
A Roth IRA is a tax free retirement account that once you turn 59.5 years of age you may qualify for. Roth IRA Conversion 2010 is the changes to that tax laws that go into affect in 2010 for Roth IRAs.
What contributions does the Roth IRA make?
For 2013, the maximum you can contribute to all of your Roth IRA's is the smaller of $5,500 ($6,500 if over the age of fifty) or your taxable compensation for the year. The IRA contribution limit does not apply to Rollover contributions or Qualified Reservist payments.
How do you figure the costs of converting traditional IRA to a Roth IRA?
IRA is Roth
What are some FAQ about Roth IRA?
People have many questions regarding Roth IRA's. Some typical frequently asked questions about Roth IRA's are "Are there any penalties for cashing out my IRA early?" and "can i convert my traditional IRA into a Roth IRA?"
Where can one use Roth IRA calculators for free?
A Roth IRA calculator is used to calculate the total value of one's Roth IRA. Free Roth IRA calculators are offered by the websites Bankrate, Roth IRA, Money Chimp and Calculator Pro.
Should I convert my IRA to a Roth IRA?
Opinions on changing your standard IRA investment to a Roth IRA vary on who you ask. www.smartmoney.com/.../should-i-convert-my-ira-to-a-roth-ira is an excellent website for information.
Can you have both a regular IRA and a roth IRA?
Provided you meet the compensation requirements and the income limitations for each type of IRA, you may contribute to both a Roth and a regular IRA. However, the combined amount may never exceed $5,000 (or $6,000 if you are 50 or older). Therefore, should a 45-year old be eligible and choose to contribute $3,500 to his Roth IRA, the most he could contribute to a regular IRA for the same tax year is $1,500.
How to convert a traditional IRA to a Roth IRA taxes?
Fortunately, you can easily convert your traditional IRA to a Roth IRA during a given tax year. You can contact the company that operates your IRA and have them rollover the traditional IRA to the new Roth IRA.
Can I open a Roth IRA if I'm over 65?
You cannot contribute more to your IRA than the amount of your "compensation income." Compensation income is the taxable portion of your wages/salary, net self-employment, and alimony. Any amount shown in box 1 of a W-2 minus the amount shown in box 11 of the same W-2 is automatically considered taxable compensation income. So if you are not doing some kind of work or receiving alimony, you can't contribute. There is no age limit for contributions to a Roth IRA. People over 70 1/2 cannot contribute to a traditional IRA.
Roth IRA Calculator?
Roth IRA Calculator Creating a Roth IRA can make a big difference in your retirement savings. There is no tax deduction for contributions made to a Roth IRA, however all future earnings are sheltered from taxes. The Roth IRA provides truly tax-free growth.
