An IRA is an Individual Retirement Account, or a retirement fund you invest into. To start investing into one, start looking into investment brokers and they can get you started.
There may be a few situations where you must file. For example, if you didn't take the required minimum distribution on an IRA or 401k, or you owe an overcontribution penalty for your IRA. But usually if you really have no income, you don't have to file. But you would be surprised how many people don't know that you can have taxable income from sources other than a job.
Yes, All dist. over $10.00 are taxable.
Married couples can each have their own Roth IRA accounts, but the total contribution for both spouses cannot exceed the annual limit set by the IRS. Additionally, couples must file taxes jointly to be eligible to contribute to a Roth IRA.
I cannot tell you based on this information alone. It depends on your total income for the year (including your IRA and all of your other sources of income), your age, your filing status, your dependent status, whether the IRA was a Roth or Traditional IRA, and whether you made non-deductible contributions to your IRA. Please refer to Tables 1, 2, and 3 on pages 2, 3, and 4 of Publication 501: http://www.irs.gov/pub/irs-pdf/p501.pdf These tables will tell you if you need to file a federal return. Also refer to the instructions for your state income tax and/or the web site of your state tax agency to determine if you need to file a state tax return.
You can set up and make contributions to a traditional IRA if:You (or, if you file a joint return, your spouse) received taxable compensation during the year, andYou were not age 70½ by the end of the year.You can have a traditional IRA whether or not you are covered by any other retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan.
Can you have both a Sep Ira and a Sep Ira?
Get professional help NOW. Your IRA is exempt, doing what you suggest only would mean you could lose it, and the house, when losing neither is actually possible.
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.
There are many kids of IRA accounts. Traditional IRA, ROTH IRA, SIMPLE IRA and a few more are the various kinds of different IRA accounts. Traditional IRA accounts are one of the more common IRA but are also the most basic and simple to use.
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.
When you do NOT have any earned or unearned gross worldwide taxable income you would not be required to file a income tax return.