IRA Plans

Depend on how the contributiom are coded in the simple...if they as coded as simple contribution then you can. However, if they are coded as regular contribution then you have used up your contribution limit for the traditional.

Yes, that income is all the same as "working" income...vac pay and severance in particular...just paying you for services performed already. Why you would pick a Roth I'm not certain...it really only makes sense if your income from that is so much lower than normal that your tax rate is also much lower than normal. Check the link for more info on IRA qualifications...if you were covered by a 401k this year at the job, you may have some other problems. Best of luck...and congratualtions for being wise enough to think ahead, even with the hopefully short term challanges of work...too many actually make terrible choices - like cashing in 401k and such right now (causing bad tax consequences...and sacraficing the future).

No, the inherited funds (beneficiary IRA) have to remain in inherited (beneficiary) form. So the account/funds can only be distributed out of the beneficary IRA as a distribution or transfer to another alike roth beneficiary account at another firm.

However, the deceased account can be transferred into the surviving spouse Roth IRA (or transfer to a beneficiary IRA account). A non-spouse doesn't have this option- they can only transfer to their beneficiary IRA account that they opened.

Sure, why not. It is earned income.

There are many features of a Roth IRA. The most significant feature is that you fund a Roth IRA with money on which you pay normal income tax. When you withdraw the funds at retirement you do not pay income tax on the principal or any increase in value (e.g. interest or dividends).

If this is a normal pension distribution, income tax will apply. The rate depends on your other income and filing status. You may be taxed by your state as well. If this is a premature distribution with no exception, you will be assessed a 10% penalty, or $7,700, in addition to regular income taxes.

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.

James hoffa

Simply removing money from an IRA (as distinct from taking a distribution from the IRA) will incur significant taxes and penalties. What you probably want to consider instead is a "self-directed IRA", where your money remains in a tax-advantaged IRA, but you can manage the investments yourself. Most brokers, including on-line brokers like E-Trade, are qualified IRA custodians and can set up a self-directed IRA account and handle the custodial transfer. (The transfer has to be done correctly or the IRS will disqualify the whole thing).

Check the fine print, too. E-Trade will charge fees on IRAs if you have less than $25k in other accounts. Do a comparison with other on-line discount brokers before you decide which one to go with.

http://www.bankrate.com/brm/news/ira/20010829a.asp?prodtype=grn Anyone have more current information? Or is info still current?

Generally yes. Dependent on Income level. Must pay defered taxes on the SEP IRA as it transfers.

No matter what your investments in an IRA are, the tax situation only unfolds when you withdraw money from the IRA. How the investments in the IRA earn a yield is irrelevant. If its a traditional IRA you will be taxed when you start withdrawing money at retirement. If its a Roth, you will not be taxed on withdrawals no matter what the investments are inside the IRA. Sinces IRA are taxed deferred in makes little senses to invest into a Tax Free Municipal bond.

No. Dividends in a Roth IRA account are not subject to income tax.

First Clearing LLC, is the clearing house for your IRA.

The bank should not take your money and send it to Indiana's unclaimed funds division on an active IRA. Send a letter to the bank requesting information on why this was done. It may be that there is a clause requiring them to turn the money over to the state if the IRA is inactive for a certain period of time.

You can begin withdrawing from your IRA without penalty starting at age 59.5. Under normal circumstances, you would have to pay an early withdrawal penalty of 10% if you do not wait the extra 6 months after you turn 59.

Dr. Felicidad E. Anzaldo is the former Dean of the College of Pharmacy in University of Perpetual. There is no public information on his contributions.

10 trillion

Can you have both a Sep Ira and a Sep Ira?

The IRS says no. See the Related Link below for more information.

First, he should have homeowners insurance (or condo insurance) to cover this catastrophie. If not, he can be sued and his accounts can be siezed if ordered in court.

You can if the CD is an alike IRA within the grace period.

Barack Obama started the IRA plan as apart of his recovery package.

No. A beneficiary has no authority to name a beneficiary of another's property. Only the principal can name the beneficiary. Generally, if the primary beneficiary declines to accept the inheritance then the gift will lapse and the property will be included in the estate.