Retirement FAQs

  1. Can the non-spouse beneficiary of an IRA name a successor beneficiary?

  2. What are some common and useful retirement planner designations? Are they expensive or difficult to obtain?

  3. If an employee covered by a SIMPLE leaves his employer within the two-year period and his new employer doesn't have a SIMPLE, what happens to the plan? Can the employee roll it over without penalty, or keep it at the old company until the two years expire

  4. My spouse is the primary beneficiary of my IRA. I also have a contingent beneficiary. Can my spouse still transfer my IRA assets tax-free to her own IRA?

  5. I have some stocks in a taxable account. Can I use them to fund my Roth IRA instead of using cash?

  6. What will happen to my SEP IRA if I leave my current employer?

  7. Are there special benefits for U.S. armed forces personnel?

  8. Why should I bother creating a budget?

  9. What should I consider when I select an executor for my will?

  10. Can I roll a Traditional IRA into a 529 college account for my grandchild?

  11. Who qualifies as "single" for tax or retirement purposes when spouses do not live together?

  12. If I am no longer employed, can I roll over a 403(b) plan into an IRA?

  13. Can I move my IRA to a better income-producing opportunity?

  14. Can my spouse and I convert our IRAs to Roth IRAs regardless of earned income?

  15. I am 52 years old and wish to make a withdrawal from my 401(k) plan. Is there any way I can avoid having to pay additional tax on the grounds of hardship - e.g. unemployment?

  16. Is divorce an exception to the SIMPLE IRA's two-year waiting period rule?

  17. What procedure applies to a taxpayer who made excess contributions for 2001, 2002, 2003 and 2004 and has neither withdrawn the excess and the earnings for 2001-2003, nor recharacterized 2004 to a Traditional IRA? How are multiple years such as this to be

  18. Should I put money into a retirement account even if it isn't tax deductible?

  19. I withdrew funds from my Roth IRA to contribute elsewhere. How will I be taxed?

  20. Do I have to continue SEPPs for an inherited IRA?

  21. When am I not required to submit a social security number on my tax return?

  22. How does online banking assist with budgeting?

  23. I want to close my IRA account. What percentage will I lose to tax?

  24. If I pass away, will my retirement plan go to my spouse tax free?

  25. Can I pull out most of my assets from my IRA and use the cash as long as I replace it in the IRA within a year?

  26. I am a teacher in a public school system and I don't presently have a 403(b) plan, but I do have some money in a Roth IRA and also a self-directed IRA. Can I roll my IRA funds into a newly opened 403(b) plan, since I am presently employed by the school sy

  27. I plan to retire in March 2005 at the age of 59.75. When and what percentage or dollar amount can I start withdrawing from my SIMPLE IRA account?

  28. Once substantially equal periodic payments (SEPP) of an IRA have started, is the payment fixed each year, or does it fluctuate with interest rates? Can payments be monthly?

  29. How do my siblings and I receive inherited pension benefit payments from our deceased parent?

  30. Who bears the investment risk in 401(k) plans?

  31. Can my spouse and I use our IRAs to purchase our first home?

  32. What are the exceptions to the early distribution penalty for a non-qualified Roth IRA distribution?

  33. Can a creditor seize my retirement savings?

  34. What is estate planning?

  35. Can I close my existing Roth IRA and invest in a new Roth IRA at a different financial institution without a tax penalty?

  36. I'm about to retire. If I pay off my mortgage with after-tax money I have saved, I can save 6.5%. Should I do this?

  37. Does participation in a 401(k) plan prevent an individual from contributing to a Traditional IRA?

  38. What do you do for a non-spouse beneficiary receiving a required minimum distribution (RMD) when the plan terminates? Is the purchase of an annuity the only option? Any thoughts on whether an IRA could be opened?

  39. I am 59 (not 59.5) and my husband is 65. We have participated in a SIMPLE IRA with our company for more than two years. Can we convert the SIMPLE IRA to a Roth IRA? If we can convert, do we have to pay tax on the SIMPLE IRA money placed in the Roth? Are t

  40. I'm an 80 year old making increasing required minimum distribution (RMD) tax payments. I plan to convert my IRA to a Roth IRA and pay the taxes for the total RMD. Will I be able to withdraw funds from the Roth the year following the conversion? I understa

  41. What is the best retirement plan option for a physician with her own practice, employees and a desire to fund her retirement without making things complicated? She'd like to avoid plans that rely on a stringent income test or require all employees to part

  42. What are the rules and reporting requirements for a rollover of a required minimum distribution (RMD)?

  43. Can I have a self-directed IRA or Roth IRA using the forex market?

  44. Where can I find information on multiple annual additions for someone employed by more than one unaffiliated company?

  45. I inherited a Roth IRA. What are my options for taking distributions from the account?

  46. After receiving a required distribution when and how are my taxes affected?

  47. What's the best kind of IRA for a 20-something?

  48. What are the income limits for Roth IRA contributions?

  49. My company is the trustee of our 401k plan (which has 112 participants). What are the pros and cons of having the company instead of the plan provider/vendor as the trustee?

  50. Can an individual contribute to both a Roth IRA and a Traditional IRA in the same year?

  51. Can I borrow from an IRA without penalty?

  52. Are there tax penalties for closing my Roth IRA account?

  53. Can investment real estate be purchased within an IRA and, if so, are there any pitfalls?

  54. I participate in a profit-sharing plan at work. If I retire at age 62, will I be able to withdraw the money tax-free, or must it be rolled over to another account or plan?

  55. Where can I find information on how to distribute my deceased parent's assets?

  56. I deducted my IRA contribution on my tax return but failed to transfer the funds. What do I do?

  57. I am rolling my 401(k) into an IRA. After a year, can I convert this amount to a Roth IRA tax free?

  58. I have two Roth IRAs, one of which has a balance that is much less than the total contributions I have made to the account. Can I write off the losses for that account?

  59. I failed to distribute an inherited 401(k) that was found in an audit. What happens now?

  60. I am in my mid thirties and have nothing invested for retirement. Is it too late to start contributing for a retirement plan?

  61. I converted my former IRA to a Roth for tax purposes in 1998, so even though the tax was paid over four years, am I correct to assume that this is now mine to withdraw, if I like, at no penalty? I am 60 years old.

  62. If an individual still has his or her former spouse as the beneficiary of an IRA, does the former spouse receive the assets upon the individual's death?

  63. My wife and I both converted our Traditional IRAs to Roth IRAs in Dec 1998 and have invested the maximum amount each year to date in the Roth. I am purchasing a new home in January. Do my wife and I each qualify for a one-time, tax-free $10,000 "qualified

  64. I made involuntary contributions to a retirement plan while temporarily employed. Can I withdraw these funds without penalty?

  65. My mother inherited my father's IRA. When she died, I received an account application listing me as the beneficiary, as well as notice that my brother and I will have to take my mom's required distribution. My brother is nowhere to be found. How should I

  66. Can an employer adopt a different type of retirement plan for each employee?

  67. If a trust is named as the beneficiary of an IRA, can the trustee of that trust become the beneficiary without the IRA owner signing the Change of Beneficiary form?

  68. If I roll my annuity into an IRA and receive after-tax distributions, will this be considered taxable income?

  69. I retired and transferred part of my pension distribution to a Roth IRA. If I am over 55, do I still qualify for the age 55 exemption?

  70. Are any special forms or documents required when transferring an IRA/SEP/SIMPLE to a Traditional IRA?

  71. Can I roll the funds in an SEP-IRA over to a profit-sharing plan or self-directed retirement vehicle?

  72. How can I get information about my deceased husband's retirement account if his employer withholds it?

  73. How do I "vest" something?

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