FAQs tagged as

IRA

  1. My certificate of deposit (CD) has just matured and I plan to contribute $10,000 of it to my current Roth IRA account. The person doing my taxes can't tell me why I can't make such a large contribution except for my low income - I am a disabled veteran on

  2. Can I fund a Traditional IRA, a 403(b) or a Roth IRA using pension money? I'm 56 years old. What limits apply if I can?

  3. I stopped distributions from my retirement account while under Rule 72(t). Will this have any effect on future distributions that I do take? Am I subject to the 10% penalty?

  4. Can an IRA owner disclaim his widow's account but exclude one spendthrift contingent beneficiary?

  5. Is my non-qualified Roth IRA distribution subject to taxes or early distribution penalties?

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

  7. Can I roll my 401(k) and/or IRA funds into a more liquid investment fund without penalty?

  8. I have conservative views on investing. How should I go about investing in a Roth IRA?

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

  10. My husband has become eligible for a 401(k) plan (with no matching contribution) at work. How do we get back the $9,000 that we already contributed to our IRA for 2005 without a penalty? My husband earns $144,000/year and we're both over 50 years old.

  11. I am retiree, drawing from my 403(b) annuity. I am the sole employee of my own business. Do I qualify for a SIMPLE IRA account? I want to defer some of my income from taxes.

  12. 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?

  13. Will I incur a tax penalty when making withdrawls from my IRA in excess of my SEPP?

  14. Can I return funds to my Roth IRA after I have taken it as a distribution?

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

  16. As a temporary resident of the US, can I withdraw funds from my Traditional IRA without penalty when I leave the country?

  17. Can an IRA be used as security for a loan?

  18. 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

  19. I converted a Traditional IRA to a Roth. The conversion was a stock equity with a cost basis of $19,000 in the Traditional IRA. The day of conversion, the value was $34,000. Which amount should the brokerage house use for the 1099-R?

  20. How can I make sure that past IRS errors have been corrected?

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

  22. What's the difference between a savings account and a Roth IRA?

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

  24. I have several CDs in my IRA with different maturities. Can I roll them over to another institution with a better rate as they mature?

  25. Can I establish more than one IRA?

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

  27. 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?

  28. My uncle died recently. He designated my mother and father as his beneficiaries in 1997, after his divorce, and did not make any changes after he remarried in 2000. My uncle's current spouse is now fighting for money from the plan. Does she have a leg t

  29. Can IRAs be held jointly by spouses?

  30. 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?

  31. What does the Pension Protection Act of 2006 say about charitable contributions?

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

  33. What is the difference between a ROTH, SEP and Traditional IRA?

  34. Can either a SEP IRA or a SIMPLE IRA be attached in a bankruptcy or malpractice action, or are they safe from any financial judgments like these?

  35. 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?

  36. Can I borrow from an IRA without penalty?

  37. What is a good book on creating a trust that would qualify as the beneficiary for an IRA?

  38. I have a small business, and I'm considering setting up an SEP IRA. What are leased employees? Does this term refer to outside contractors who receive 1099-Rs? If so, how would the 5305-SEP need to be worded to make it acceptable to the IRS?

  39. I want to purchase a five-year period certain single premium immediate annuity (SPIA) with my IRA account. I'm 53. Will the 10% penalty apply?

  40. Can my spouse and I combine our Traditional IRAs?

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

  42. What is the difference between a Keogh and an IRA?

  43. I understand that I can withdraw from a 401k the year I turn 55 without the 10% penalty (IRS 575). Can I do the same thing with an IRA without the 10% penalty?

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

  45. 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

  46. How do I sign up for the saver's tax credit?

  47. Earnings within a Roth IRA are tax free, so are these earnings included in the modified adjusted gross income which is used to determine Roth IRA eligibility?

  48. I have several jobs. Can I contribute the maximum to multiple employer retirement plans?

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

  50. 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?

  51. I'm worried about the economy and want to move my IRA funds from stocks and bonds to cash. Will I taxed for this?

  52. What are some of the features and benefits of SEP IRAs and Roth IRAs?

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

  54. Can a person who is retired continue to fund an IRA?

  55. I make over $100,000/yr and my adjusted gross income precludes standard IRA contributions. My contributions to my 401(k) plan at work are limited to about $7,000/yr. It seems I'm being penalized for my income. Are there other retirement savings options av

  56. 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

  57. I am in the second year of taking SEPP distributions from my IRA. Can I transfer some of the funds to a new IRA with different investment options?

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

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

  60. I am self-employed and do not need most of my IRA RMD for expenses. Can I reinvest it in Roth IRAs?

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