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AnswerYES, if it has a positive balance; no, if negative (then it's a liability).
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14y ago

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Related Questions

Is an IRA a current asset?

Sure, why not. It is earned income.


Are IRA's and 401K's considered an asset when one applys for public assistance?

No


Is an IRA considered a liquid asset?

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.


Is a IRA a liquid asset?

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.


Is Asset Allocation part of an acceptable IRA plan?

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.


Can a nc resident on social security disability with medicare and nc medicaid have an IRA?

IRA's are not an eligibility factor for Social Security or Medicare. However, they are considered an asset for Medicaid.


Would it be better to use a tax refund to pay down your mortgage or to contribute to an IRA?

Either way builds equity in an asset.


Can you invest your self directed IRA in an operating LLC?

There are several reasons to make self directed investments through an IRA LLC.To Purchase Non-traditional Assets - The primary reason people form IRA LLCs is to use their IRA funds to make self directed investments in "non-traditional" assets selected by the IRA owner. Most IRA custodians limit the types of assets in which the IRA can invest to stocks, bonds, mutual funds, annuities, CDs and similar "traditional" investments. Traditional investments are numerous, but consist of only a fraction of the possible assets that people desire to purchase and hold for investment."Checkbook control" - The IRA owner can be the manager of a manager managed IRA LLC, but the IRA owner cannot be compensated for services or use his or her funds to pay any of the IRA LLC's expenses.Asset Protection for the IRA Owner - The general rule of Arizona law is that the manager of an Arizona LLC is not liable for the debts or obligations of the LLC.Asset Protection for Non-IRA Owners - The general rule of Arizona law is that the members (owners) of an Arizona LLC are not liable for the debts or obligations of the LLC. This is an especially important factor when the IRA LLC has members who are not IRAs.To Pool Assets with Other Investors - When the cost to acquire an asset exceeds the funds available to a single investor, multiple investors may pool their funds to purchase the asset. The best way for multiple investors to pool assets is through an IRA limited liability company. The IRA and other investors contribute money to the IRA LLC that uses the funds to purchase the asset. An IRA LLC can have multiple members including more than one IRA, people and entities as long as the prohibited transaction rules are not violated.To Create an Organizational & Management Structure When There are Multiple Members - Whenever there are multiple owners of a valuable asset, they need a set of rules and policies that will govern their common investment. The IRA LLC provides the governing structure, rules and policies applicable to how the joint owners will operate the company and deal with its assets. When you are a co-investor with others in a valuable asset, you should never rely on oral statements or agreements. You must have a written document that governs your arrangement. The Operating Agreement signed by all of the members is the foundational governing document.When the Asset is "Complex" - If the asset to be purchased is "complex" then an IRA LLC is needed. For example, if you want to use self-directed IRA funds to purchase a ten unit apartment complex, you should form an IRA LLC to own and operate the apartments. Neither you nor your IRA custodian will want the IRA custodian to be involved in the day to day operations of the business such as paying utilities, depositing rent checks, signing leases, evicting tenants or any of the other common management tasks that arise from owning an apartment complex.


Can you have a race horse in an IRA account?

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.


Can child support enforcement seize IRA or life insurance inheritance received by non custodial parents spouse?

No. The asset to be seized must be owned by the obligor (either solely or jointly).


How do you move money to a self directed IRA?

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).


Where can I find a reputable custodian for a self-directed IRA to oversee mortgage loan or purchase of real property?

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