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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
What are the tax implication when converting a regular IRA to a Roth IRA?
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.
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.
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.
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
Is there any way to get money out of an IRA without paying taxes?
There are some IRA withdrawals that are not penalized. If the entire amount is used for the purpose of higher education. If a maximum of $10,000 is used for the purchase of a first home. If the funds are needed to pay excessive medical bills. Payment for medical insurance premiums if the person becomes unemployed. If the IRA holder becomes totally and permanently disabled.
Can you collect unemployment benefits and withdraw from your IRA in Kentucky?
To qualify for unemployment compensation you have to have lost your job through no fault of your own, or quit with justifiable reasons. You also have to be ready, willing, and able to go to work immediately in a full time job which you are required to be seeking. Maternity leave under those conditions does not seem to apply.
Does the state of New York tax IRA distributions?
Qualifying pension and annity income includes:
periodic and lump-sum payments from an IRA, but not
payments derived from contributions made after you retired
up to $20,000 received after the age 59 1/2 are eligible to for the pension and annuity exclusion. enter on line 29 of IT-201.
Married taxpayers
If you both qualify, you and your spouse can each subtract up to
$20,000 of your own pension and annuity income. However, you
cannot claim any unused part of your spouse's exclusion.
The provisional Irish Republican Army, or IRA, is an outgrowth of an older group known as the Irish Republican Army, which fought an insurgency that successfully challenged British rule in the whole of Ireland in the early years of the twentieth century. The 1916-1921 warfare culminated in the creation of an independent Irish Free State in 1921. But in exchange for its independence, the old IRA's leadership agreed to allow Ireland's six northern counties to remain under British rule. Britain reconstituted these provinces as Ulster or Northern Ireland, and inside the IRA, significant elements rejected this partition and launched a civil war ultimately won by the rejectionists. Ties between the Free State and Britain remained chilly into the 1970s. Meanwhile, the old IRA maintained a low level campaign of violence aimed at reuniting Ireland. By the 1960s, however, its activities had dwindled significantly.
In the late 1960s, developments in Northern Ireland hastened the declining influence of the old guard. Reacting to discrimination against Catholics in the British-ruled province, civil rights marchers engaged in civil disobedience and were met by violent crackdowns from the Protestant-dominated police force, the Royal Ulster Constabulary. Tensions rose and Britain deployed regular army troops to the province's streets, ostensibly to protect the Catholic minority. These tensions split the IRA, too, which in 1969, the IRA splintered into two groups, the Dublin-based "officials," who advocated a united socialist Ireland by peaceful means, and the Belfast-based "provisionals," who vowed to use violence as a catalyst for unification.
At first, the provisional IRA, or "provos" conducted sniper attacks, assassinations, and several small bombings in the province, and appeared to have little public support. Then, in January 1972, British troops opened fire on a Catholic rally in Londonderry, killing fourteen unarmed people. PIRA recruitment soared, and the official wing of the organization fell away into obscurity. Their violent comrades proceeded to launch a series of bombing campaigns around Northern Ireland and in Britain targeting both military targets and civilian populations. So-called "Loyalist" groups determined to retain British rule sprung up to challenge them, and in the crossfire, together with British military and Northern Irish police forces, some 3,600 people would die before a peace accord was signed in the late 1990s. Today, the IRA's political wing, Sinn Fein, which means "Ourselves Alone" in the Gaelic language, holds various positions within the provincial Northern Irish government. The Royal Ulster Constabulary has been disbanded, Loyalist groups largely have laid down their arms, and most British troops have left the province.
Answerthe IRA has had various incarnations. the "old" IRA up until 1923 believed that the political route to Irish independence would not succeed without a military element. some believed that there should only be a military solution. after 1923 some of the IRA accepted the de facto partition of Ireland and entered politics in the republic as the fianna fail party led by eamon de valera. a minority persisted with the armed struggle until the 1990s - the provisional IRA led by gerry Adams etc. AnswerThe Irish Republican Army is an unsanctioned Irish military force that fights for Northern Ireland's independence from English occupation. They are a controoversial and violent group. You can find out more about them using the following link:en.wikipedia.org/wiki/Irish_Republican_Army - 82k -
What does R in IRA investment term mean?
Depends whether you're referring to an American retirement plan or an Irish terrorist organisation. Either "retirement" or "republican".
From what i know it ended a while ago, but there is still dirty british rule in northern ireland, and till this day there is still a well respected IRA but more commonly call PIRA, the "provo"IRA. Not to sure the meaning of that. But the war ended but the IRA still fights. And now with a recession I am sure they we begin to fight again, recession does that to people. And i hope they do start again.
Can you contribute to a Traditional IRA and a Roth IRA?
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.
What do you have to do to join the real IRA?
The IRA has disbanded, so you can't join now. It was illegal to join. To do so you would have had to know somebody in it. It was secretive, so they would have had special ways to ensure you were suitable to join. They would not just take anyone.
Can you collect unemployment and an IRA at same time?
You could take money out of your IRA at any time (well, maybe, it depends on the exact form of the IRA, so you might want to talk with a tax professional and/or investment counselor first), but if you do so before retirement there are penalties (in the form of extra taxes) for doing so. If you're getting regular payments from your IRA, that implies you're "retired", thus not actually looking for work and therefore ineligible for unemployment compensation.
Can you contribute to your IRA if you are drawing social security?
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.
If I withdraw from my IRA at age 71 how much do I have to withdraw?
Normally, you must start receiving amounts from your IRA by April 1 of the year after the year in which you reach age 70 1/2. But for 2009 there's a temporary waiver of required minimum payments from your IRA.
To determine your future required minimum payments, see Table II (Joint Life and Last Survivor Expectancy) or Table III (Uniform Lifetime), whichever applies, in Publication 590 (Individual Retirement Arrangements IRAs), at www.irs.gov/formspubs.
Can an IRA account be seized for child support?
In Illinois, yes, even if the child support obligor transfers his IRA into a new spouse's name. See Takata v Hafley at http://www.state.il.us/court/Opinions/AppellateCourt/2008/3rdDistrict/June/3070175.pdf
What are the penalties for closing an IRA?
Besides the taxes you will have to pay on the lump sum distribution, there is a 10 percent penalty if you are younger than 59-1/2 years of age.
Does the executor get a fee on an IRA that was left to beneficiaries herself and her sister?
The IRA is usually treated seperately from the total Estate if there is no Power of Attorney on the documents so it's highly unlikely that the executor would get a percentage unless the heirs agree to it. * No. In the US, the executor or administrator of an estate is only entitled to the percentage allowed by the laws of the state probate court.
You forgot your PF account No How do you can check it?
You can either contact your employer or visit the regional pf office in your area and request them to search for your account by providing your details like name, date of birth, employer info etc
What is and individual account?
this is a single-named account where the person whose name appears on the passbook has the sole right to withdraw funds.
The IRA announced on 28th July 2005 an end to their armed campaign. However several branches of the IRA are still very much present in Northern Ireland and are in fact reappearing.
The reality to your question is they have never disappeared.
What happens to your IRA at death?
An IRA requires a named beneficiary. If there are no beneficiaries named, it will be a part of the estate.
