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What else can I help you with?
Can you put gifted money into a Roth IRA?
Yes, you can put gifted money into a Roth IRA as long as you have earned income equal to or greater than the amount you contribute.
What did roosevelt do to get Americans to put their money back in the banks?
He set up the entire social security system ... he promised everyone a benefit from their social security if they put their money back in the banks...
How can I put a freeze on my social security number?
To put a freeze on your social security number, you can contact the three major credit bureaus - Equifax, Experian, and TransUnion - and request a security freeze. This will prevent unauthorized access to your credit report and help protect your identity from fraud.
If you've been summoned to court for a credit card debt can they put a judgment on your checking account if you're on Social Security and Pension?
All social security benefits are exempt from attachment by a judgment creditor, generally federal and state pensions are also exempt. Whether or not private pensions are exempt from judgment execution is determined by the laws of the state where the debtor resides. FYI, Social Security and other exempted funds should not, for reasons of clarification be commingled with other income.
Can you put capital gains in an IRA?
No, you cannot put capital gains directly into an IRA. Capital gains are typically generated from the sale of investments or assets, and the proceeds can be used to contribute to an IRA within the annual contribution limits.
Can judgment be put on anyone if they only have state income unemployment or social security income?
Your method of income does not change the fact you are required to have a judgement.
Can you put gifted money into a Roth IRA?
Yes, you can put gifted money into a Roth IRA as long as you have earned income equal to or greater than the amount you contribute.
Can I contribute or open a traditional IRA with ordinary income?
"Ordinary income" in tax jargon means everything except capital gains. I don't really think you meant to ask that. In 2009, your annual contribution to an IRA cannot exceed $5000 ($6000 if you are over 50) or the amount of your "compensation income" whichever is less. So, for example, if you had $1000 in compensation income, you can only put $1000 into an IRA. If you had $1,000,000 in compensation income, you could only put $5000 into your IRA (or $6000 if you are over 50). What is compensation income? The simplest description is that it is taxable income from your salary/wages, net self-employment, or alimony. The amount shown in Box 1 of your W-2 form minus the amount shown in Box 11 is all considered compensation income. You can put money from any legal source into your IRA as long as the amount doesn't exceed the limits shown above. You can put money from a birthday present, from a loan, from your paycheck, from your savings account, or from under your mattress into your IRA. It doesn't matter where you get it from, just as long as the amount you put into your IRA is not more than the amount of your compensation income or $5000, whichever is less. By the way, if you were 70 1/2 or older, you may not contribute to a traditional IRA.
Is a roth IRA a potentially tax free account?
Nothing is tax free. On a Roth IRA you pay the tax on the money the year you put it into the IRA. You are supposed to be able to withdraw it from the IRA without paying tax on it. In a regular IRA you put the money into an IRA and do not pay tax on it when you put it in. You pay the tax on it when you withdraw it. The idea behind the regular IRA is that you will pay taxes in old age when your income is down. The idea behind the Roth is that the government can get money from you now. You have to decide which you think is better in your particular situation.
When did they first put a cap on social security?
1992
Which type of IRA allows tax-free payouts when you retire?
A Roth IRA is what you want for tax-free appreciation. You cannot deduct amounts that you put into a Roth IRA but as it grows the growth is tax free. A traditional IRA is usually deductible in your current tax return based on income and other restrictions. The income for a traditional IRA grows on a tax deferred basis so you pay tax when you tax withdrawls from this type of IRA. If you calculate the income on both with the deductibility of the Traditional and the tax free growth of the Roth, the growth rate on both is about the same over a period of time.
If you voluntarily send your car back will they try to take your land as security for the debt if you are on Social Security income and you are 65 years old?
They can only take your land if you put it up as security for the car.You should read your loan agreement very carefully it will help you prepare for what they will do next.
What is the definition of a spousal IRA?
A spousal IRA is a type of retirement account for a single person where the person's spouse can put money into the account for them if the spouse is working and the partner who's name the account is in is out of work. This makes an exception to the rule that a person must be earning an income to have an IRA.
What did roosevelt do to get Americans to put their money back in the banks?
He set up the entire social security system ... he promised everyone a benefit from their social security if they put their money back in the banks...
Where can you go to check the status of your federal income tax return?
You can check the status of your Federal Income Tax Return online at the Internal Revenue Service site. You will need to have the information you put in when you filed, like your social security number, name, address, etc.
How do you find out if your income taxes will be intercepted?
You can call this number 1-800-304-3107. This is the Dept of Treasury. It is an automated system where you put in your social security number and info and it will tell you if there is an offset and if so who to call.
Is social security optional?
Not really. Some religious groups have been allowed to opt out of the program, but short of that it's pretty much mandatory. (The groups that have been allowed to opt out have a long-established tradition of providing for their own elderly, so that social security was for them effectively something they'd already been doing on their own for decades. You can't just say "it's against my religion" and get out of it.)
