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IRA Plans
Tax-advantaged retirement savings plans including the traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, and self-directed IRA
886 Questions
I'm sorry, but I cannot provide information on specific individuals or their relationships, including who IRA Goldstein's boss might be, as it could involve personal or confidential data. If you're looking for information about a public figure or a specific context, please provide more details.
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.
Can you merge a SEP IRA with a traditional IRA?
echnically, the SEP IRA and the Traditional IRA are the same type of account. The only difference is that the SEP IRA is allowed to receive employer contributions. Therefore, you can combine the SEP IRA into the Traditional IRA without any ramifications. When doing so, move the assets as a (nonreportable) trustee-to-trustee transfer.
Whether a conversion is good for you depends of your financial profile. In general, if you can afford to pay the taxes that would be due on the conversion and your tax bracket during retirement will be higher than your tax bracket now, then it makes sense to convert your assets to the Roth IRA. That may sound very general, but only someone familiar with your finances could make a specific recommendation.
At a minimum, you can combine the SEP and Traditional IRA to reduce any administrative and trade related fees that may be charged to the account.
What is the amount of penalty on withdrawing 6500.00 from 401k?
The penalty for an early withdrawal is 10% x 6500 would be 650 plus the federal income tax that may be due on the taxable amount of the distribution at your marginal tax rate.
Can you take a lump sum payout from your pension if you resign?
Yes, you can take a lump sum payout from your pension if you resign; however, you should not. Instead, you should open an IRA account. You should have your employer roll over your pension directly into your IRA account so you do not pay a 20% penalty. If you chose to take a check from your employer and use it to open an IRA account then you pay a 20% penalty.
Please do not ask me to explain the tax code of The United States of America.
Yes, this is legal. The company has previously established eligibility requirements for the account that have been approved by the Internal Revenue Service and the Department of Labor. Some companies may do this based open length of employment with the company or hours worked or both.
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 you contribute to both a Roth IRA and an IRA?
Yes. An individual may make IRA contributions to both a Roth and aTraditional IRA, providing the combined contribution total does not exceed the contribution limit for the year.
On disability and took money out of IRA do you have to pay taxes?
YES this could be very possible that you could end up with a federal income tax liability when you complete your 1040 income tax return correctly.
Are IRA contributions taxable or nontaxable?
It could be either one. There are primarily two types of IRAs, one being the traditional IRA and the newer Roth IRA. Easiest first in that the Roth is never tax deductible but the investment income is never taxed not just tax deferred. A traditional IRA can be deductible if you qualify based on whether or not you have a retirement plan at work and based on your income. You will complete a schedule to determine if you qualify for tax deductible status. You always want to keep up with whether or not you deducted the amount paid as you will need this when it comes time to pay tax on it when you take it out.
If the account holder of a 401k dies can the beneficiary withdraw funds without penalty?
Yes. One of the exclusions to the 10% penalty is if you're receiving these monies as a beneficiary or a QDRO recipient. (QDRO - Qualified Domestic Relations Order. Recieved from a divorce settlement.)
Can an IRA fund account be garnished in a lawsuit?
Generally IRAs are protected from creditors, and bankruptcy reform back a few years ago put them into the same category as pensions and annuities, which are exempt from seizure under federal bankruptcy law under 11 USC 522(d)(12) up to $1-Million in total value.
On a State level there are some variations on if a Civil Judgment could attach to these types of retirement accounts. I would suggest that you talk with an attorney in your State for the fine details has there are many factors that can effect your defense on garnishing the IRA.
When do the taxes have to be paid on IRA cashing out with the owner being over 60 years of age?
Any IRA monies taken as income and not replaced within 60 days of withdrawal are subject to ordinary income tax laws.
What are the tax consequences for converting a roth IRA into a self directed traditional IRA?
You would not want to do this in any way. The Roth would be taxed is as a distribution including penalties.
What are the penelties for withdrawing?
The penalty for early withdrawal of a 401K account is 10%. There are a few exclusions to the penalty, such as:
- Attainment of age 59 1/2.
- Age 55 when terminated.
- Permanently disabled.
- Monies are indirectly rolled over.
- Monies were used for medical expenses.
- If the account is paid out in installments.
- If you received the account from someone who has passed away OR you received the monies from a divorce settlement (QDRO).
Is A form 1099-R issued for an IRA rollover?
Yes, you will receive a 1099-R for and IRA Rollover. Don't forget to attach to your taxes.
Is your IRA contribution limited to your earned income?
Yes if your earned income is less than the maximum contribution limit for the tax year in question.
General LimitFor 2009, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts:
$5,000 ($6,000 if you are age 50 or older), or
Your taxable compensation (defined earlier) for the year.
THANKS for the answer--Mike
Nondeductible contributions for a roth IRA?
What's your question?
It looks like you already know you cannot deduct anything for contributions to a Roth IRA.
