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
$200
Is government contribution to NPS is taxable?
Please rephrase your question so that I may be of assistance to you. Government funding of most things are not taxable but I don't really know what you mean by NPS. Are you referencing the National Park Service. Funding of Government Agencies such as the National Park Service would not be taxes as the government agency does not pay taxes themselves. Please explain so I can help you.
Action plan to expand accounting firm to auditing firm?
1. I would say the first to get audit client- do outstanding work-.
2. Be active and outstanding in your community prove to be someone people can count on and when an organization they are one the board off needs an audit they will come to you.
3. Every time you get a letter requesting bids for an audit.. Make a bid.
4. Have staff that respond well to your clients and are knowledgeable.
50, it is seems once you get established and have a good name audit clients will just start coming from every an.e
If you contribute 70000 to roll over IRA how much can you deduct filing jointly?
First a $70,000 move of funds from a qualified plan to an IRA is not actually a contribution. It is a rollover or transfer from one custodian to another and is a non-taxable event.
Therefore, whether the tax filing status is joint, single, head of household or something else, no deduction is due from the movement of these funds from the employer's plan to an individual's IRA.
How does the Real IRA pose a threat to the US?
The Real IRA pose a threat to the United States through
a) their criminal network which works closely with the Dublin mafia,
b) the fact that they are a white-identity organization, and
c) the fact that not just the RIRA but Republicanism in general has the goal (either through "peaceful"political means or violent means) to effect the ethnic cleansing of Protestants from Northern Ireland, labelling them as 'Occupying Brits'.
The RIRA reject the mainstream IRA's agreement to the political peace process and the rejection of terrorist tactics, so their goal is to disrupt, upset and menace everyone who does not share their views.
Currently they are trying to
a) negatively affect the local economy of areas in Northern Ireland such as in Derry/Londonderry, with bombs, causing a cascade of disillusionment and the kind of benefits-dependency that fosters radicalism,
b) bring British troops and army patrols back into Northern Ireland to foster a sense of occupation and encourage oppression to validate their views, and
c) menace out everyone they don't like.
This can affect Americans in different ways. First of all, American tourists are already fed a line of Republican propaganda which completely negates the existence of Protestants as anything other than radical oppressors, which is patently untrue. And if an American tourist gets fed this propaganda but then gets blown up on a tour bus by an RIRA bomb, this would be very bad press. So they treat Americans with white kid gloves knowing they don't want to awaken the "Sleeping Giant". If an RIRA operation comes near an American, they've got major bad press to scramble.
Instead, the RIRA chooses to operate in the United States and raise money via "Plastic Paddy" Americans lacking in white identity, feeding them a romantic Celtic view of Irish freedom and history like a bad rendition of "Braveheart" and getting Americans to dig deep in their pockets to support "political prisoners" and "send food/presents/etc to families suffering from British occupation and oppression". (This, of course, is BS; I'm American and swallowed the Braveheart BS...and then I moved here and learned that Braveheart was actually Trainspotting. Rotten, sad, and in this day and age, self-inflicted.)
US Money for Oglaigh na hÉireann, the National Irish Freedom Committee etc (ie RIRA) etc for "political prisoners" means that these political prisoners sure do love bullets, semtex, batteries, fertilizer, and used Fords.
The risk to Americans comes in calling their bluff and disrupting their supply lines. As with any mafia organization, this is unacceptable, and if you're in the US and start operating against the RIRA network, and you're not protected by the likes of the UVF or Police Service of Northern Ireland, you might well be a sitting duck.
Americans who support the RIRA have a very skewed and romantic view of freedom. They're almost all US Republicans, which is a joke; Republicanism in Ireland by policy is socialist and very nearly Communist. Many RIRA supporters in the US are US Protestants, descended from Ulster Protestants who left Ireland 200 years ago. Why? Because they were being killed by Fenians, ie today's Republicans. And, no Protestant from the North in Ireland is ever able to enter the ranks of the IRA, for one simple reason: it's unthinkable; it's an ethnic cleansing organization to get rid of Protestants calling them "Brits". This means that US Protestants who are IRA sympathisers are nothing more than jokes to Republicans, and there is only one thing they want from you: your money.
As I learned, if you go there to play Braveheart, you're a trad-music-playing romantic middle-class Protestant, and unwilling to integrate into a harsh and grotesque Trainspotting mafia reality, you will learn quickly that they do NOT want you there, and they do NOT want you waking up to the reality and telling other Americans that it's all a lie.
The biggest danger the RIRA as well as Sinn Féin poses to Americans, is propaganda. They want your money to kill, menace, and outshout people- even though mainstream SF have only 14% of Dáil seats in the Republic of Ireland.
They're terrorists, and their tactics are well-worn and familiar.
no
What are the vesting rules for a Simple IRA?
All Simple IRA contributions made by employees and employers are immediately vested. This means employees have immediate access to their funds, without any employer restrictions.
Although immediately accessible by the employer, taxes and penalties still may or may not apply.
Yes.as long as you do not contribute more than your annual limit.
The law (ERISA: see Dept of Labor) = within 15 days of payday. If you get a monthly salary, it should be paid in by 15th of the following month. If you get paid twice monthly, it should be paid by the date of your subsequent paycheck. Either which way, your employer is acting illegally. The whole point of an IRA is the power of dollar cost averaging. If it's not put in promptly, your employer is stiffing you on all the gains via that method - and it can be substantial!!! That's why the IRS changed this, and your employer is in non-compliance. However, if your Employer has sizeable assets, it MAY be that the money is in the Trust just not in your name yet. As its well over 180 days, the Employer is in effect getting a free loan from your paycheck. Please check with your Department of Labor in regard to this. Good luck!
Can you roll over a 401K to a Roth Ira without paying taxes?
Yes. But it is much better and no taxes will be withheld if you have the trustee do a direct transfer from the 401K trustee to the IRA trustee and you do not receive any of the funds in your hand.
What statements are true of a traditional IRA?
The taxes to this type of plan are deferred and not paid until money is withdrawn from an account.
What is the 2010 Simple IRA contribution limit?
2010 Simple limits will remain the same as in 2009. With the 2010 contribution limit now attached to a cost-of-living index, the Simple IRA limit will remain at $11,500.
In addition to the above, 2010 simple IRA catch-up contributions are $2,500. Catch-up contributions are allowed to participants 50-years old and older to increase the level of contributions as they grow closer to retirement.
Contributions to a SIMPLE IRA, or Savings Incentive Match Plans for Employees, are not taxable. Contributions made to an IRA are, in fact, tax deductible. There are limits on how much one can contribute to an IRA each year, and on how much one can deduct. Distributions from an IRA (whether Traditional or Simple), however, are indeed taxable.
What is the penalty for withdrawing early?
Early withdrawal penalty of 10% on the taxable amount of the early withdrawal distribution amount when you are under the age of 59 1/2.
Unless you meet one of the exceptions to the early withdrawal penalty amount.
Should you convert your traditional IRA to a Roth?
Depends mostly on whether your marginal tax rates will rise or fall. Starting with $1,000 untaxed money:
The Roth route: pay income tax on it at say 28%. The remaining $720 goes into the Roth. Say it doubles over X years to $1,440. You draw it out but do NOT pay tax on it. You get $1,440 after tax money.
The traditional IRA/401(k) route: do not pay tax on it; $1,000 goes into the traditional IRA/401(k). It doubles over the same X years to $2,000. You draw it out but you DO pay 28% tax on it. You get $1,440 after tax money.
The R stands for Retirement. IRA means Individual Retirement Account (or Individual Retirement Arrangement).
Assumning you are in the same tax year or have not yet filed your tax return for the tax year in which you made the IRA contribution, yes.
From IRS Pub. 590 (2008), Individual Retirement Arrangements, adjusted to reflect 2009 tax year dates:
THE GUARDIAN IS NOT ALLOWED TO TAKE THE MONEY OUT TO USE FOR THEMSELF. oNCE THE MONEY IS IN THE GUARDIAN/COVERDE
LL ACCOUNT, THEN THE MONEY IS THE KIDS.