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They are the family controlling the world ecomony

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I work for Fidelity so can tell you that it depends. Your old employer may require paperwork. If so, it could take around 21 days before you get a check. If your old employer does not require paperwork then it takes about 7 days.

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Required Minimum Distribution or RMD is the amount you have to withdraw from you IRA or 401K, etc. beginning at age 70 1/2 per year (it can be divided into 12 monthly payments per year) or the IRS will charge you a 50% penalty for not withdrawing the RMD amount. The reason is the IRS wants you to pay taxes on your IRA or 401K by age 70 1/2 or you will be penalized a 50% penatly for not using that money. You cannot just leave it there forever. This applies only on pre-tax products that you have never paid any taxes on. A Roth IRA is not included because taxes were paid on that money before it was set aside for retirment. It is not Pre-tax but Post-tax. There is a formula you have to use to calculate and RMD by IRS rules and regulations. You can access such a calculator at the following: https://www3.troweprice.com/retailtools/rmdcalc/public/rmdStart.do?distYear=2011&beneDob=

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When I first saw his picture I though "that has't to be Tim Roth's son but I did a google search and there does not seem to be a relation. Tim Roth actually only has three sons who are named Jack, Timothy, and Cormac. (Tim Roth's name was originally Tim Smith so there is very little chance of relation)

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Any withdrawal amounts from your IRA account would be a taxable distribution from your IRA account and if you are under the age of 59 1/2 the taxable amount will be subject to the 10% early withdrawal penalty plus income tax at your marginal tax rate on the taxable amount.

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IRA accounts are only available at banks

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yes, but it would be a distribution with penalties if not needed age.

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Asher Roth is not related to Wired magazine journalist Daniel Roth, as far as one can tell from reading his articles. There is very little rhyming.

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1. An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. There are three main types of IRAs-Traditional, Roth, and Rollover-each with different advantages.

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it means you are paying or contributing monies 'post' or after all taxes have been with held from your pay check........ maybe you are talking about a 401k? you can on most contribute, pre or post tax........

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Yes and no, if an employer contributes to your Roth IRA directly the employer must report it as income to you. Since it is income they must also report it to uncle sam as taxable income and the employer will have to pay payroll taxes on the contribution. They can not pay into a Roth as the employer, so that answer is NO. Most employers will not want to deal with the potential IRS reporting nightmare this can have. That being said, the're companies that offer PDP, payroll deduction plans. These plans are employee funded through the employees paycheck. The funds can be used to fund any type of account, i.e Roth, IRA, 529 and so on. The Employer then sends one check monthly to the company of choice based on the amount each employee has withheld from thier individual pay checks, hence payroll deduction.

If the employer is looking to offer this as a benefit to it's employee or key employee the employer would increase the employee's pay to match the amount the employer wishes to contribute to the employee. But ultimately it looks like the employee is making the contributions.

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Yes, unless the person in question is still working and contributing to the plan

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Your problem is that you can only contribute $2000 or so to an IRA and you have to have income to do it. The remainder of the gift will count as income, and that will not coexist with your unemployment. Perhaps they could keep the gift until you find a job. They won't get the same tax writeoff, but maybe that will work.

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Yes you can close the account. However if you simply take the money, then you will owe not only regular income taxes on it, but you would be subject to a 10% penalty as well. Unless it is a qualified distribution in which the penalty could be avoided. If you want to simply "move" the money into another IRA then you can do that penalty free by filling out account transfer forms at the receiving institution.

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This is true. Historically income tax rates have changed substantially over the years for the same levels of income. We have our busy legislators to thank for this. Having a Roth essentially locks in today's tax rates / structure. A non-Roth assumes that the money will be taxed at a lower rate in the future, which is a pretty big assumption. Will it? Who knows. But I'd bet good ol' US $ that the tax rate structure will be quite different in 20-30 years. It always has been... Sometimes higher, sometimes lower. Ideally, I would like to have a mix of retirement accounts, both Roth and traditional for just this reason. There are several other reasons to have a Roth other than what future tax bracket you will be in. My personal opinion is that if you are eligible to contribute to a roth (there are income restrictions) and you don't need an immediate tax deduction, the roth will generally be your better long term bet. Yes, we could all use a reduction in our taxes this year, but I'd rather use a tax-free account rather than a tax-deferred account. Of course the tax-deferred account is better than nothing. Consider the comparison of SOME of the differences between a Roth IRA and a regular IRA (as always, consult your tax advisor BEFORE contributing to either): Regular IRA: - MAY be able to deduct current year contributions from current year Adjusted Gross Income (AGI). - Tax deferral of any interest earned or capital gains realized until distribution (withdrawl from the IRA). - May start taking distributions, without penalty, once you reach 59 1/2 years old. - MUST start taking Required Minimum Distributions (RMDs) at age 70 1/2. Roth IRA: - MAY NOT deduct contributions. - Any interest earned or capital gains realized that are distributed after age 59 1/2 are done so ****TAX FREE**** as long as you have held the contributions in the Roth for at least 5 years! - May start taking distributions, without penalty, once you reach 59 1/2 years old. - DO NOT HAVE TO take ANY Distributions EVER. All that money growing for the last how many years can stay in a non-taxable account if you never need it. This means it can then be passed to your heirs instead of having to be withdrawn and taxed while you're alive (as is the case for a regular IRA). If you are not making too much money to qualify, if you ARE getting a refund, if your tax bill is low enough that an immediate deduction will have little or no impact, and/or if you can simply afford to pay your taxes without it being a burden too high to handle, go with the roth. The one other factor can be age (5-10 years). If you are pretty close to retirement, a roth may not be appropriate. In most cases, I think it makes more sense to pay a little in taxes now (not take the AGI deduction) so you don't have to pay ANY later. Also, if you need money for any reason, you can always take out your principle(the monies that u placed into the Roth), without penalty- even prior to 5yr and 59 1/2 restrictions

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You can contribute to an IRA if you are not yet 70 1/2 and have some source of W-2 / 1099 self employment income. Social security payments are NOT considered income that can be used to contribute to an IRA.

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Converting a traditional IRA to a Roth gives you that future tax-free benefit, but at an immediate tax cost. You'll have to pay taxes on contributions that you previously deducted, as well as on the account's earnings. For more details speak with your plan administrator.

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Depends on what the judgment is for. It the business was a part of the debt, yes. In the case of the IRA, not usually unless it can be proved the contribution(s) constituted fraud.

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you can withdraw your earnings once your 59.5 old without paying a penalty. screw plato

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Yes, but combined contribution limits apply. For 2008 the maximum contribution amount is $5,000 for individuals under 50 years of age and $6,000 for those over 50. If you are under 50 and contribute $2,000 to your Roth IRA then you can only contribute $3,000 to your Traditional IRA.

For a traditional IRA, you no longer can contribute after the age of 70 1/2 (RMD checks in). For Roth, you can contribute forever since no RMD are taken from this type of IRA account.

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Yes. But there may be penalties for early withdrawal. And, if it is a traditional IRA there will also be federal (and maybe state) income taxes due, as well as a ten percent penalty to the IRS under most cases, if the withdrawal is made before age 59 1/2. For a roth IRA, there also may be penalties for early withdrawal, but there will be no taxes due if all you withdraw is the amount you originally deposited. Once you are 59 1/2, you may withdraw even the gain without taxes.

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In my experience, most IRAs have individuals named as beneficiaries. When someone dies the institution will then distribute the IRA assets to each of the beneficiaries into an IRA BDA (beneficiary IRA). In the cases that I have seen this will keep the assets out of probate which means the creditors cannot touch it. This is one very important reason to always make sure your beneficiary information is up to date and don't ever just list "estate" or leave it blank. Even if you pick a charity it is better than letting it go through probate. Same thing should go for life insurance policies, joint accounts with right of survivorship, etc.. The only thing creditors can usually go after are things that do not have bene's named and that go through probate. Creditors are paid first from estate accounts before beneficiaries get anything.

Always consult legal advice from the professionals. This is a typical scenario above but sometimes there may be loopholes or missing details.