0
What else can I help you with?
Do distributions from an inherited IRA qualify for the NYS pension and annuity exclusion?
No, distributions from an inherited IRA do not qualify for the New York State pension and annuity exclusion. This exclusion is generally meant for certain types of retirement income received as a pension or annuity from an employer's retirement plan, not for inherited IRAs.
What happens if you withdraw your IRA between age 59.5 to age 70.5?
If you withdraw from your IRA between ages 59.5 and 70.5, there are no penalties for early withdrawal. However, you will still need to pay income taxes on the withdrawn amount. Once you reach age 70.5, you will be required to start taking minimum distributions from your traditional IRA.
Can a 75 year old contribute to roth IRA?
Yes, a 75-year-old can contribute to a Roth IRA as long as they have earned income. There is no age limit for contributing to a Roth IRA, unlike a Traditional IRA which has an age limit for contributions.
What age can a person no longer contribute to in additional Ira?
There is no age limit for contributing to a traditional IRA, but contributions to a traditional IRA are no longer allowed once a person reaches the age of 70 ½. For a Roth IRA, there is no age limit for contributions as long as the individual has earned income.
Can you contribute to a SEP IRA if you are over 71?
No, you cannot contribute to a SEP IRA if you are over 71, even if you are still working. However, you can still contribute to a traditional IRA if you have earned income.
What are the key differences between a beneficiary IRA and an inherited IRA?
The key difference between a beneficiary IRA and an inherited IRA is that a beneficiary IRA is set up by the original account owner to designate a specific person to inherit the funds, while an inherited IRA is created when someone inherits an IRA after the original account owner passes away.
Can you merge a beneficiary IRA with regular IRA?
The beneficiary form on an IRA is the first and most important part of receiving an inherited IRA," said Matthew Curfman, a senior vice president at Richmond Brothers Financial Management Specialists. "If you fail to name a beneficiary on your IRA it is highly likely that your beneficiaries will not be able to 'stretch' the inherited IRA over their life.
Where can one find information about Stretch IRA do?
IRA stands for Individual Retirement Account. A stretch IRA allows for the distribution of assets. Using this "technique" means the IRA can be passed from generation to generation. Further information on Stretch IRA's can be found at most wealth management sources.
What is the difference between Traditional IRA and SEP IRA and ROTH IRA accounts?
Taxes are paid upon withdrawal at a later date
What are the rules of an inherited IRA?
There are several rules that go along with an inherited IRA. One rule is that the inherited IRA must be retitled. Another rule is that the beneficiary must begin taking distributions the year after the owner dies by December 31st.
Would assets in an inherited ira be protected from creditors in a chapter 7 bankruptcy?
No the IRA would no longer be protected having been inherited.
How do I set up an inherited IRA?
To set up an inherited IRA, you need to contact the financial institution where you want to open the account and provide the necessary documentation, such as the death certificate of the original account holder. You will also need to designate beneficiaries for the inherited IRA.
How is the 401k different from the Roth ira?
There is one main difference between a 401k and a Roth IRA. The maximum contribution limit for a 401k is about three times that of an IRA.
What is the difference between and IRA trustee and an IRA Custodian?
Custodian has passive control vs. a trustee who can invest, funds etc.
Can Inherited Roth IRA be merged with existing Roth IRA?
No, the inherited funds (beneficiary IRA) have to remain in inherited (beneficiary) form. So the account/funds can only be distributed out of the beneficary IRA as a distribution or transfer to another alike roth beneficiary account at another firm. However, the deceased account can be transferred into the surviving spouse Roth IRA (or transfer to a beneficiary IRA account). A non-spouse doesn't have this option- they can only transfer to their beneficiary IRA account that they opened.
What are some differences between a Traditional IRA Rollover and Transfers?
The main difference between a traditional IRA rollover and a transfer is that a rollover is the special type of tax-free transfer of a retirement account into an IRA.
What is the difference between a 401k and an IRA plan?
a 401k is an employer plan for the benefit of the employees, and an IRA is an individual plan
