Yes an IRA is a 100% cash convertible liquid asset since there is no mandatory withholding. If you can't repay your IRA account within 60 days, it may incur a tax liability which would need to be worked out with the IRS when you file. If you have to cash out an IRA to meet emergency expenses and can't pay your taxes, the IRS will usually work out a "payment plan" and charge you some interest. Not optimal but technically the asset is super liquid.
Yes an IRA is a 100% cash convertible liquid asset since there is no mandatory withholding. If you can't repay your IRA account within 60 days, it may incur a tax liability which would need to be worked out with the IRS when you file. If you have to cash out an IRA to meet emergency expenses and can't pay your taxes, the IRS will usually work out a "payment plan" and charge you some interest. Not optimal but technically the asset is super liquid.
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.
IRA is Roth
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.
Sure, why not. It is earned income.
No
Yes an IRA is a 100% cash convertible liquid asset since there is no mandatory withholding. If you can't repay your IRA account within 60 days, it may incur a tax liability which would need to be worked out with the IRS when you file. If you have to cash out an IRA to meet emergency expenses and can't pay your taxes, the IRS will usually work out a "payment plan" and charge you some interest. Not optimal but technically the asset is super liquid.
Yes an IRA is a 100% cash convertible liquid asset since there is no mandatory withholding. If you can't repay your IRA account within 60 days, it may incur a tax liability which would need to be worked out with the IRS when you file. If you have to cash out an IRA to meet emergency expenses and can't pay your taxes, the IRS will usually work out a "payment plan" and charge you some interest. Not optimal but technically the asset is super liquid.
When you have an IRA, you need to decide how you want your money to be invested. This process is called asset allocation. Most IRA plans offer a choice of investments with varying levels of likely risk and reward. Assett Allocation is part of an IRA plan. An investor wants to verify all their assetts are spread over different investments.
IRA's are not an eligibility factor for Social Security or Medicare. However, they are considered an asset for Medicaid.
Either way builds equity in an asset.
Yes, you can invest your self-directed IRA funds in an operating LLC. However, there are certain rules and regulations that need to be followed. Your IRA custodian should allow alternative investments, and you must ensure that the investment is done on a arms-length basis and adheres to the IRS guidelines for self-directed IRAs. It is advisable to consult with a qualified financial advisor or tax professional before making any investments.
Not directly as an asset. You might be able to legally have shares of a thoroughbred racing limited partnership in an IRA, but it would depend on the specifics of the legal entity. The shares must be purchased by the IRA custodian; therefore, you need to have your IRA with a firm that is willing to handle "alternative investments". A very good tax lawyer would be a prerequisite to setting up any of this. This answer should not be considered reliable legal or tax advice.
No. The asset to be seized must be owned by the obligor (either solely or jointly).
If you have money already in an IRA, you need to find a custodian that allows for self direction. The other option is to rollover from other retirement plans like a 401k. Otherwise you can't just put funds into a IRA, it is limited to $5000 a year. There are different levels of self direction. Some custodians allow you to choose your own investments, but only from certain asset types, usually things traded on the market. The best are those that allow you to purchase an LLC with IRA funds which you can then manage yourself (AKA IRA LLC).
Here are three resources for IRA Custodians IRA & Real Estate Newman Asset Management Dianne & Todd Newman 281-912-1112 Oct-05 www.newmanassets.com dianne@newmanassets.com IRA & Real Estate Entrust Retirement Services Quincy Long 281-492-3434 Oct-06 www.theentrustgroup.com qlong@theentrustgroup.com IRA & Real Estate Pensco Trust Company 866-818-4IRA Sep-06 www.penscotrust.com n/a