answersLogoWhite

0

💰

IRA Plans

Tax-advantaged retirement savings plans including the traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, and self-directed IRA

886 Questions

If you cash out your you i r a at 62 is there a penalty?

If it is a Traditional IRA and you are over 59 1/2 there is no early withdrawal penalty. However, the amount you draw out is taxable since it has never been taxed before. If it is a ROTH IRA, only the earnings would be penalized and then only if you have not had the ROTH for at least 5 years.

What is sep noi?

is similar to Piphat, and is ceremonial and formal music and includes: two sets of gongs (khong vông), a xylophone (ranat), an oboe (pei or salai), two large kettle drums and two sets of cymbals (sing, similar to Thai ching).

Whats The difference between IRA and IRB?

Early 20th century- IRA was a consolidation of the Irish Republican Brotherhood and the Irish Citizen Army(ICA, Connelly's force) after 1916.

The IRA had much more popular support than the IRB. The IRB was also much smaller in size than the IRA.

You cannot really compare the modern day IRA to the IRB.

What campaigns did the IRA do?

The IRA was first formed as the IRB, standing for Irish Republican Brotherhood. This organistaion fought against the British in Dublin in Easter, 1916 but was defeated and the leaders executed. The IRA then conducted a guerrilla war against British rule in Ireland, fighting for Irish independence and led by Michael Collins. When the British granted most of Ireland independence in 1921, but kept control over the North-eastern part of the country, a civil war broke out in Ireland as to hether to accept the treaty or not. The IRA split, with the ones willing to accept the treaty forming the first Irish National Army and the rest becoming known as "Anti-treaty forces". Eventually the Irish Army won, but not without heavy bloodshed and the assassination of their leader Michael Collins. The IRA kept a reasonably low profile during the 1930s and 40s, althought they actively supported Nazi Germany in their fight against Britain and often stole weapons from army bases on mainland Britain. During the 1960s they began to conduct a terror campaign against the British in Northern Ireland, to try and unite this part of Ireland with the Irish Republic. However, the IRa eventually split once more, into the Official IRA (which did not participate in much fighting after this) and the Provisional IRA. The Provisional IRA conducted a prolonged terrorist campaign against British forces in Northern Ireland, targeted civilians in Northern Ireland who were loyal to the British regime and conducted a bombing campaign on mainland Britain. They also carried out attacks on British forces in Gibraltar and Germany . Eventually, the British government began to talk to the Provisional IRA about making peace. This caused another split in the IRA as the hardline terrorists, this time called the Continuity IRA, continued to fight against the British. As the group of terrorists became smaller in Northern Ireland as more people started to want peace, the IRA split again, this time only a small group of "Dissident Republicans" opposed to peace in Northern Ireland staying active. This group is known as the Real IRA and is still a terror threat to the Republic of Ireland, Northern Ireland and mainland Britain today.

How do you acquire treasury inflation securities in an IRA?

You open an IRA account at a brokerage firm.

Nearly all brokers buy and sell Treasury securities of all types, but check with the brokerage firm before opening the account.

Are IRA distributions taxable?

It depends on the type of IRA you have. Distributions from a traditional IRA are taxable. Distributions from a Roth IRA are not taxable.

What does IRA stands for?

Irish Republican Army

Individual Retirement Account

What is IRA account?

The initials stand for....... individual retirement account

What is a Roth IRA?

A Roth IRA is an individual retirement account where your money grows tax-deferred. It was created by Senator William V. Roth, a Republican from Delaware, in 1997. When you put money into a Roth IRA, it is assumed that your money came from after taxes were deducted from your paycheck. This means you had to be legally earning income in order to contribute money to your IRA. There is a maximum amount you can put in every year into an IRA. As of 2011, it is currently $5000/year for anyone age 49 and below; $6000/year if you are age 50 and above. Contributions to a Roth IRA are not tax-deductible.

When you make withdrawals from your Roth IRA, your withdrawals come out tax-free. However, a 10% penalty may apply if you make withdrawals before age 59 1/2. There are exceptions to this rule such as buying your first home (you can withdraw a maximum of $10,000 to buy your first home), paying for higher education, becoming permanently disabled, losing a job and paying medical insurance premiums, paying for non-reimbursed medical expenses that is 7.5% above your Adjusted Gross Income, or when you die.

Also, not everyone can contribute to a Roth IRA if their Adjusted Gross Income is very high. Generally, if your AGI is below $120,000, then you may be able to contribute. For exact current figures of what the AGI limit is, go to IRS website and search for Publication 590.

What is a retirement account?

A retirement savings account will never be named as such, but there are certain types of investments that simply work best when saved for retirement. Among them - The annuity. Many annuities have maturation periods that go until retirement, and most have a surrender fee that must be paid if money is taken out of there early. IRAs. The IRA is a retirement account that is named a retirement account, but investors should know the difference between the IRA and the Roth IRA, and the instances in which they could take advantage of both types.

My 401k administrator is saying I am not eligible for a 401K rollover of any kind because I am not leaving the company. Can a 401k be rolled over into an IRA or a roth IRA without a job change?

As a general rule of thumb, you cannot rollover your 401k to another account while you are still with the company.

You could cash the 401k account out, but in doing so you could be facing taxes and penalties of over 40%.

For more information on 401k rollovers, please visit eRollover.com at the links below.

Roll over your Ira Traditional to another bank?

Yes you can as long as the account at the bank is an alike IRA account...would be processed as a transferred or 60 day rollover (if done as dist. from IRA)

I have a term ira at alaska usa credit union can i transfer it to a term ira at bank of america with a pentaly?

When you transfer an IRA to an IRA there is not a penalty but if the IRA is in a certificate that has a maturity date the bank will charge a penalty if it is withdrawn before the maturity date. Every bank has different penalty amounts (usually 6-12 months interest)

Can you convert a simple IRA to a roth IRA?

Yes, you can roll a regular IRA into a Roth IRA. You pay income tax on the amount you withdraw from the regular IRA, but do not have to pay a penalty for early withdrawal if you roll the money directly into the Roth IRA.

What kind of IRA accounts are there?

There are many kids of IRA accounts. Traditional IRA, ROTH IRA, SIMPLE IRA and a few more are the various kinds of different IRA accounts. Traditional IRA accounts are one of the more common IRA but are also the most basic and simple to use.

What are the IRA contribution limits?

You can find the current IRA contribution limits on the IRS website (at www.irs.gov). You can also ask at your local IRS office (you can find the address on the IRS website or in your phonebook)

How can I find information about IRA contribution limits?

Information about IRA contribution limits can be found via a number of websites online. This information is available on sites including IRS, Fidelity, About and Wells Fargo.

What is the difference between traditional ira and roth ira?

In a traditional IRA, you pay the taxes back when you withdraw the retirement funds. With a roth IRA, however, you pay the taxes before you withdraw the money, and then you don't have to worry about them after. Which one is better is going to depend on your own individual situation. They both have their pros and cons. For most people, though, a roth IRA is the better choice.

Do most people have IRA accounts?

Yes, many people hold IRA accounts. The acronym IRA stands for Individual Retirement Account. There are many types of IRA, each promising different yields. Further information can be obtained from the IRS.

How high are ira withdrawal penalties?

You don't actually have to pay a penalty when you withdraw from your IRA. You just have to withdraw your annual allowed contribution before taxes come due to avoid the penalty. You can also withdraw excess contributions with no penalty.

How much money can I contribute to a Roth IRA?

As of right now you can contribute up to $5500 each year to a Roth IRA. If you are over 50 years of age, you can contribute an additional $1000 for a total annual contribution of $6500.

IRA Required Minimum Distribution?

form_title= IRA Required Minimum Distribution form_header= Distribute your IRA. Do you currently have an IRA open?*= () Yes () No What is your previous year end balance?*= _ [50] What type of retirement plan do you have?*= _ [50]

Benefits of Early Retirement Planning?

Currently, early retirement planning is perhaps the smartest task a person can embark upon. Planning for retirement becomes increasingly difficult as time passes. An individual should start as early as possible so that they can actually reach their savings goals on time. More and more people are working their entire lives in this day and age, which is quite difficult to say the least. With that in mind, planning early can help guarantee a person's success when it comes to saving for retirement.

To start out with, an individual will need to open a retirement account. General savings or investment accounts are completely solid options too. Individual retirement accounts come with federal limits on annual contributions, and a person should contribute the maximum each year. Non-IRA accounts have no limits on deposits, so a person should consider that option too. Basically, the key to success is the highest possible interest rate along with uninterrupted savings over the course of many years. Making early withdrawals will doom a person to failure long before they find success.

The sooner a person starts planning for retirement, the better off they will wind up being. Without a doubt, it is important to make a solid financial plan to start out with. A person should use a retirement calculator to figure out how much they must save annually in order to reach their retirement goals. Regular deposits must then be made no matter what to ensure that a person is making progress as often as possible. On a regular basis, individuals wind up stalling because they fail to make regular deposits.

Fortunately, a solid thirty or forty years of saving allows anyone to succeed with their retirement goals. Early retirement planning is more than necessary these days. Too many people start too late and wind up never retiring comfortably. Nobody deserves to be in such a situation, so early saving is absolutely necessary. In the end, a person should make as many deposits as possible to ensure progress. A small sacrifice of spending money here and there can really help anyone achieve their retirement savings goals in no time at all.

What is a 401k Rollover?

When you work for an employer who offers a 401k, it often makes sense to contribute as much as you can toward your retirement. By putting money into a 401k, you may also qualify for matching contributions from your employer. If you change jobs or get fired, you will need to address the money that is in your 401k at that point. You don't want to simply leave the money behind, as you would lose out on all of the savings that you set aside.

401k Rollover

When you leave your job, one of the options that you have is to engage in a 401k rollover. This is a process that involves transferring money from your existing 401k over to a new retirement account. For example, you could transfer the money from your 401k to a new 401k at a new job. You could also transfer the money from your 401k to an IRA or a Roth IRA. If you transfer the money to another 401k or a traditional IRA, the money will retain its favorable tax status. If you transfer the money to a Roth IRA, taxes must be paid on the money because it uses a different tax status.

How it Works

When you are interested in engaging in a 401k rollover, the process is generally quite simple. You start the process by opening a new retirement account such as a 401k or an IRA. Then you notify your new account provider that you are going to be rollover funds from an old account. You then go back to your old provider and request a rollover. You will then have to fill out a form for your old account provider with information about your new account. At that point, your old provider will send the money from your old account to your new retirement account.

Considerations

If you are considering simply taking the money out of your 401k after you quit your job, you could use up a lot of your retirement funds. When you take this approach, you have to pay a penalty and pay taxes on the money, which will really eat into your retirement funds.

Is it a good idea to rollover from a 401k to an IRA?

Both 401k and Individual Retirement Accounts (IRAs) are retirement savings accounts. You may ask your old employer to do a direct rollover of your 401k plan to your IRA account with no loss of money.