IRA Plans

There is no limit set by IRS on a per month basis, however there is an annual limit to your contributions. Some employers do create restrictions on how much of your salary you can contribute, but that varies from employer to employer.

Assuming that you want to maximize your 401k for the year and you want to contribute an even amount per month, then you would contribute $16,500/12 = $1,375 per month. This does not include your employer match.

No. All taxes on interest, dividends, and capital gains in a traditional IRA are deferred. No taxes are due until you withdraw from a traditional IRA, when it is counted as ordinary income (not income which is distinguished by whether it is from interest, dividends, or capital gains), which is taxed based on your adjusted gross income in the year they are withdrawn. If you withdraw before age 59.5, you owe an additional 10% penalty.

Contributions to a Traditional IRA made either in 2008 or on or before April 15, 2009, are deductible from your 2008 taxable income. However, there are limits to these contributions which depend on a host of factors. You cannot contribute more than $5000 total ($6000 if you are age 50 on December 31, 2008) to both a Traditional and Roth IRA. If you make over $105,000/year ($159,000 if married filing jointly), your ability to contribute to a Roth IRA is reduced or eliminated. However, no restriction based on income exists for a Traditional IRA. You can always contribute $5000 (or $6000 if age 50) to a Traditional IRA.

It stands for "For Benefit Of" - just additional information on who the account is for or where it is going in some transfers/rollovers/etc.

Roth IRA contributions are not affected by 401k contributions in any way. The max contribution for 2008 was $5000 ($6000 if age 50 or above).

This is of course assuming you fall within income requirements for a Roth IRA.

The tax laws on this change very often, you will need to consult a CPA or an attorney.

An inherited IRA is just inherited money. You have to have a work history to have an IRA. It is not transferable from one person to the next.

Inheritance taxes will come into questions. When all is said and done, you can purchase what you want, after the taxes are paid.

It qualifies you as someone who supports terrorism. You won't get a deduction on your taxes, but you may get an extended holiday in Cuba! :)

This is no small indiscretion! It is a big time problem and likely criminal.

While there may well be actions you could take on your own, my experience has been that something like this can be messy in the extrordinary. And frankly, regardless of legal protections, you probably don't want to be the known as the whistleblower - as it will likely make continued work, and certainly any real future, very difficult. New employers aren't wild about whistleblowers either...and it has the habit of somehow getting around.

However, no question this is something you need to act on. It may be reasonable to find an employment lawyer in your area who is interested. (They frequently come in 2 varities...ones that specialize in handling the Cos side and ones that handle the employee cases). Any should be interested, and if whzt your saying is true, will probably be able to assure that you won't be charged for his actions, and as he may well be able to end up representing the entire employee group...looks at it as a decent fee opportunity. He should be able to make sure ducks are in order, and perhaps keep you unnamed, and getting the many auhtorities involved to fix it.

Spouse certainly not. Others possibly.

Yes, (presuming it wasn't a Roth) - the amount you took out is a taxable income (you didn't pay tax on that income, or the earnings when you contributed it or it grew)...and the penalty for early withdrawal is additional. Normally, by the time your done with doing this...(and I'll bet there were many forms you were required to sign advising you of all this - and probably even saying it is considered a terrible, maybe the worst financial thing you can do)...you'll get maybe 50% of the amount in the account and lose all the needed retirement protection.

Yes Yes

Yes, the limitation does not apply between a SIMPLE IRA and a Roth/Traditional. However, because a SIMPLE IRA is a "qualified retirement plan" offered by your employer, you may not be able to get a traditional IRA deduction- all depends on your income situation.

The 2009 traditional IRA and Roth IRA contribution limits for those eligible to contribute to these IRA's is $5000 for those under age 50 and $6000 for those aged 50 and over. These are the the maximum combined totals you can contribute to both types of accounts.

YES

Yes. Everywhere.

IRA stands for Individual Retirement Arrangement. It also can mean Individual Retirement Account.

in Ireland

The money you invest is from before tax...so say you normally make $100 and pay tax of $25, you would have $75 to invest. By being allowed to use before tax money, the entire $100 is invested. So you have more money working for you. Then the (presumably) gains on your investment, which would normally be taxed as realized, (so if you have interest income or sell a stock at a gain you normally really receive only that after tax amount again), aren't taxed currently. Leaving you all your investment income to re-invest. It does not go untaxed however. When you reeach retirement and start withdrawing it, the amount you withdraw is taxable then. (Of course, it has worked for you the whole time, is now paid in later probably deflated dollars, and probably when your income and rate is lower).

If you inherit a 401(k) plan, many companies often cash you out shortly after you inherit the plan, which makes the entire amount taxable. However, the Pension Protection Act, passed in 2006, allows all beneficiaries to move money to an IRA. Nevertheless, you're limited as to how the movement takes place if you're not the spouse of the decedent.

Yes, America is the biggest funder of terrorist organisations in the world and also the biggest and most evil state terror machine in the world.

I.R.A means International Reading Association.

or Individual Retirement Account. (novanet)

That sounds like a good idea and would benefit all of the communities of northern Ireland. IRA withdrawals are taxable, so I don't see what difference it makes....once withdrawn it is the same as any other income...there is no way to specify the money being spent is IRA money. I guess, to the degree you have expenses to offset the taxable income, it could make sense to use it them rather than years you may not have the same deductable expenses. Be aware, nursing home expenses are not nessasarilarly deductible by anymeans, and certain not entirely if at all.

* Email * Print Question: I recently received a small class-action settlement check from Lucent Technologies for inflated stock pricing. I owned the stock in my IRA, and the check is made out to me and Vanguard, my IRA custodian. Do I cash the check or send it to Vanguard? -- C.W., O'Fallon, Ill. Answer: We called Vanguard about your situation, and the company agreed to accept the check and tuck the money back into your IRA. Endorse the check and send it to Vanguard, with instructions to roll it into your account. "A settlement is not considered a contribution," says IRA expert Ed Slott of Rockville Centre, N.Y. "It is replacing lost value and constitutes a valid rollover to your IRA." Related Results * Short Term Energy Monitoring: A Road To Long Term Energy Savings? * NCS-Omnicare: The New Landscape For M&A * Cloud Computing Also Hit by IT-Spending Cutbacks * Ohio's Health House Provides Asthma-Free Indoor Living * Agistix's On-Demand Solution Gives Maxim Centralized Logistics Control Slott says that you are on solid legal footing, because the IRS issued 11 private-letter rulings at the end of 2004 regarding legal settlements in connection with investments inside IRAs. Although such rulings apply only to the individual cases they address, they are an indication of how the IRS would rule in similar circumstances.

Anything to do with IRA has to be extremely conservative. As such, options trading with an IRA account allows you to only perform simple call options and put options buying as well as debit spreads only. You will not be able to do any naked writes or credit spreads. As such, you are really not getting "Full option trading" with an IRA account.