IRA Plans

Yes this is possible if both meet all of the necessary rules and qualifications.

Go to the IRS gov web site and use the search box for Publication 590 go to chapter 1

Who Can Set Up a Traditional IRA?

If both you and your spouse have compensation and are under age 70½, each of you can set up an IRA. You cannot both participate in the same IRA. If you file a joint return, only one of you needs to have compensation.

What Is Compensation?

Generally, compensation is what you earn from working. For a summary of what compensation does and does not include, see Table 1-1. Compensation includes all of the items discussed next (even if you have more than one type).

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The possibility of not paying some income tax on some of some of your income in the current year but deferring the income into future years after you reach age 59 1/2 and paying the income tax on the taxable amount of the distributions at that time in the future.

Go to the IRS gov web site and use the search box for Publication 590 Individual Retirement Arrangements (IRAs)

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investing for retirement.

10% of the taxable amount. .10 X 100 = 10 .10 X 1000 = 100

Just make sure that you do all of this correctly and that you stay within the total limited amount that you can contribute to the combined IRA accounts.

Go to IRS gov web site and use the search box for Publication 590 Individual Retirement Arrangements for some information.

Yes when you take non qualified distributions. If you receive a distribution that is not a qualified distribution, you may have to pay the 10% additional tax on early distributions under the age of 59 1/2.

You do not include in your gross income qualified distributions or distributions that are a return of your regular contributions from your Roth IRA(s).

IRS Publication 590 has the details available. about this.

When you qualify to deduct the amount on your income tax return for the year and do pay any income in that year on the amount then it would be deferred compensation.

When you start taking the distributions form the IRA account you do not have any cost basis in the deferred compensation account so the distribution will be subject to income tax at that future time.

If you have a signed agreement, you can hire an attorney and sue the employer for breach of contract. However, if you do so, you will likely need to seek other employment.

FCC stands for Federal Communications Commission a U.S. Government Agency responsible for regulating all forms of domestic communications and coordinating with other countries in establishing international rules & regulations pertaining to air and marine radio frequency assignments. They have purview over wired & wireless communications inclusive of Radio & Television, Amateur Radio, and all forms of telephony. There are 5 commissioners appointed by the President, one of whom is designated Chairman. The official website contains a plethora of information about the agency: http:/www.fcc.gov

Roth is the type of IRA. IRA means individual retirement account. A Roth IRA differs from a traditional IRA in that the deposit is not tax deductible for income tax purposes. Also, the gain over time is not taxable when the account matures and the amount is withdrawn for retirement income.

all false!

Not currently

IRA is Roth

What is IRA certificate of Deposit?

In such certificate of deposit, investor can own Roth IRAs or traditional IRAs together with CD inside their accounts. The terms and conditions of such certificate of deposit are same as a regular certificate of deposit. The only difference is that the fund is contained within IRA account.

There are brokerage firms who help retiree to fix the terms of their IRA account, so that they can direct the investment funds to various risk and risk free domains to attain the best possible benefit. One can own certificate of deposit within the self-directed IRA account. Enhanced advantages of tax are involved within the certificate of deposit owned within the IRA account.

An IRA (Individual Retirement Account) can be thought of as an individual savings account that has tax benefits. You open an IRA for yourself (that's why it's called an individual retirement account) and if you have a spouse, you'll each have a separate account. An important distinction to make is that an IRA is not an investment itself; rather, it is an account where you keep investments such as stocks, bonds and mutual funds. You get to choose the investments in the account, and can change the investments if you wish. Your return depends on the performance of the investments held in the IRA account. An IRA continues to accumulate contributions and interest until you reach retirement age, meaning you could have an IRA for decades before making any withdrawals.

IRAs are defined and regulated by the IRS, which sets eligibility requirements, limits on how and when you can make contributions, takes distributions, and determines the tax treatment for the various types of IRA accounts.

If you don't mind the tax liability you can. Uncle Sam will gig you on it.

Yes...actively working isn't a requirement

In 2010 (unless congress changes the law), the maximum per spouse is $5000 if under age 50 at year end and $6000 if 50 or older at year end.

HOWEVER, there are quite a few additional variables. For instance, if either spouse participates in an employer-sponsored plan during the year, then there are income restrictions on how much of that is deductible - if you make over a certain amount, you don't get to deduct some or all of the contribution. That's for a Traditional IRA. For a Roth IRA you don't deduct the contribution in any case, and it has higher income restrictions and contribution to an employer sponsored plan is irrelevant. Whether you file separately or jointly also impacts how much you can deduct. Also, you can only contribute earned income, so if you made less than $10,000 as a couple, you cannot contribute the full $5000 each to an IRA (even on a non-deductible basis.

The above list of variables is not comprehensive. Although I understand many of the rules, I don't feel qualified to try to put together such a list. I'd recommend contacting a financial planner, estate planner or accountant (depending on your exact situation) unless you have some other resource that you feel confident addresses your specific situation. For many couples, it is in fact as simple as you can each contribute $5000.

This depends on your employer's plan. The plan administrator should be able to assist you with the paperwork required if you can roll this over and answer questions about doing a roll over. You will have to liquidate any holdings you do have and transfer cash if you can roll over these funds.

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Can I withdraw early?

You are not allowed to make early withdrawals if you are still employed with the company. If you leave the company or retire, you may then withdraw the money from the account. If you do not want to withdraw it, you can transfer the balance or roll it over into a different type of retirement account.

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My mother is 75 and is facing foreclosure on her property. She is concerned of what the mortgage company can seize of her personal property, especially her IRA, annuity and car. What are they legally allowed to take?

Yes it can. But the loan must be a non-recourse loan, which will be more expensive than a conventional loan. There are a small number of lenders who specialize in such loans. Also be aware that taking out a loan could result in Urelated Debt Financed Income (UDFI) which can result in your IRA having to pay the Unrelated Business Income Tax (UBIT).

You can own as many IRA accounts as you like.

However that does not increase the amount you can put in your IRA accounts.

For example, if your limit this year is $5000, you can put $5000 in one account or $1000 in each of five accounts, if you wish. But the total of all of your contributions must be no more than $5000. You cannot contribute $5000 to two different accounts.

Be careful of fees, particularly low-balance fees if you choose to open multiple accounts.

1. Roth IRA Conversion Taxes. When you convert from a Traditional IRA to a Roth IRA you pay income tax on the contributions. The taxable amount that is converted is added to your income taxes and your regular income rate is applied to your total income.