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Yes, you can close an IRA after age 70 and a half. Once you reach this age, you can start taking distributions from your IRA without penalty. Keep in mind that you will need to pay taxes on any withdrawals you make, as contributions to traditional IRAs are typically tax-deductible.
What else can I help you with?
How old does a person have to be to start withdrawing from their IRA?
With an IRA one can make qualified withdrawals from the age of 59.5 years. However, one must start taking withdrawals that are classified "required minimum distributions" from 70.5 years of age, the amount to be withdrawn depends on how much has been put into the account.
How old do you have to be to have a self directed Roth ira?
You need to be over the age of 59 to obtain a self directed roth ira. If you fall into that age limit and within the guidelines then you can apply for one. Here is some information:http://www.trustetc.com/new/types-of-retirement-plans/roth-ira/
I am 64 years of age. My Roth IRA is about to reach its 5-year holding period on 2010. Will opening a new Roth IRA account be subject to another 5-year holding period?
If you are opening a new Roth at another firm and transferring this account into it, then the answer is no since the new account take on the life span of the previous account. If you are opening another Roth at the same firm that you have the previous one, then yes. Alos, there is no real reason to open a new Roth at the same form for the contribution limit total is is the same for both accounts.
How can one determine the age of a deceased person by looking at the skeleton?
One can determine the age of a deceased person by examining the growth plates in long bones, such as the femur, which close as a person reaches adulthood. Additionally, dental development and wear patterns can provide insight into age, as well as changes in the pubic symphysis and cranial sutures. Advanced techniques like DNA analysis can also be used for age estimation.
What amount has to be taken from IRA at age 70?
Every IRA contains a different amount. No one dollar amount can apply to every individual. The projected lifespan for a 70 year old person could change between now and when someone else reaches 70. Today's answer might not apply for someone who will reach 69 this year. If someone is reaching 70, he or she should contact the institution that handles the IRA and arrange for withdrawals. They have the ability of calculating that minimum. They can tell him or her in just a few minutes what the amount will be. Actually, it is best to start withdrawing about 2 months before you actually need to start withdrawing. Institutions take about that long to get things straightened out and it is better to start getting your own money a little early than get it a little late and give part of it to the government.
What kind of radioactive elements is used for dating an object?
One with a half-life close to the age of the object
Is one fourth close to 1 or one half?
One half.
Is one sixth close to one half?
No that's no where near it if it is going to be close to half it'd have to be 2/4
Did IRA louvin have children?
Yes, Ira Louvin, one half of the musical duo The Louvin Brothers, had children. He had two sons from his first marriage: Barry and Vernon.
Is six tenths closer to half or one?
its close to half..
Is 0.07 close to 1 half?
No. one half is 0.5
What is a point close to but greater than a half?
The answer is relative to what you consider "close" to one half. Anything above .5, even .5000000000000000000001 is greater than half. Close is an opinion
Can you take your IRA account and transfer that IRA account into another individuals IRA account?
No, you can not transfer an IRA account from one person to another. IRA accounts are only for one particular individual. You would have to take a distribution from your IRA account and deal with any tax consequences, then give that money to the other individual so that they could contribute it to their IRA account. They would have to abide by the limitations placed on contribution limits i.e. $5,000 per year (as of 2009) for individuals under the age of 50 and $6,000 (called a catch up contribution) for those over the age of 50.
Is 3 fifths close to one half?
no
How old does a person have to be to start withdrawing from their IRA?
With an IRA one can make qualified withdrawals from the age of 59.5 years. However, one must start taking withdrawals that are classified "required minimum distributions" from 70.5 years of age, the amount to be withdrawn depends on how much has been put into the account.
What fraction is close to one half?
1/2
How to complete an IRA rollover?
One of the most popular products used for saving for retirement is an IRA. While IRAs provide plenty of tax incentives to their owners, some people may choose that they want to rollover their investments from one IRA to another. There are several tips you should follow when rolling over your IRA which could limit your tax liability and maximize your investment return. When you are looking to complete an IRA rollover you must be sure to rollover the funds fairly quickly. When you rollover an IRA you may be sent the IRA funds before placing them into the new account. When this occurs you must deposit the IRA funds into the new account within 60 days. If you wait longer than that the funds will be taxed at your ordinary income tax rate and you will be subject to a 10% penalty if you are not 59 and a half years of age or older. If you are going to complete an IRA rollover you also need to ensure that you allocate your investments properly. When you open up a new account it is easy to forget to allocate your investments into the right mix assets.Once the account is opened be sure to consider what your current investment objectives are and base your allocation off of that. Also, if it is available through the IRA servicer, you should sign up for a service which will re-allocate your investments based on your age and changes in market conditions. This will limit the amount of time you need to spend analyzing your own investments. When you complete an IRA rollover you should also rollover all of the funds at the same time. The IRS has a tax rule that stipulates that you cannot rollover money from one IRA to another within the same 12 month period. If you rollover half of your IRA now and half in a few months, the second amount that you rollover could be subject to tax and penalty If you do not want to rollover all of the money right away, be sure to wait at least one year until you rollover the balance.
