FAQs tagged as

IRA

  1. 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?

  2. I want to roll over a portion of my retirement plan with my employer and I have been advised to ask for separate checks to account for pre- and after-tax amounts. What does this mean?

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

  4. Can I convert non-deductible contributions made to my Traditional IRA to a Roth IRA without being taxed?

  5. 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.

  6. If I am entitled according to my divorce decree to a percentage of my ex-husband's IRA, how can I receive the assets due to me into my own IRA without being taxed? Will he be taxed when he makes the transfer? Will the money he may have to pay in taxes the

  7. 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?

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

  9. I am starting a limited liability company (LLC). I will be the sole member. Can I open an SEP IRA? How much tax-deferred money would I be able to contribute each year?

  10. Can an IRA beneficiary roll the IRA over into another account and designate another beneficiary?

  11. I didn't earn any income this year. Can I still contribute to a Roth?

  12. I have two jobs. Can I contribute to two SIMPLE IRA plans?

  13. Can I roll over a profit-sharing plan to an SEP IRA account without suffering any tax penalties and liquidation of current positions held in this account?

  14. Does the five-year rule apply if a non-spouse inherits an IRA after the required beginning date and the required minimum distribution is not satisfied in the year of death?

  15. 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

  16. 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

  17. What are the tax consequences of a Roth IRA distribution if the IRA holder is younger than 59.5?

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

  19. How can I reduce the taxes on my inherited retirement assets?

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

  21. Can I, without tax penalties, use the IRA I inherited from my father to buy a home that I will live in? He was 72 and had started taking small payouts on it.

  22. Can a simplified employee pension (SEP) IRA be converted to a Roth IRA in the same manner that a Traditional IRA can?

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

  24. What is the difference between a Traditional and a Roth IRA?

  25. I earn more than the income limit for both a Roth and Traditional IRA deduction. Should I contribute anyway?

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

  27. How do I get credit for my retirement plan contributions?

  28. How long does an IRA beneficiary have to take an RMD after the IRA holder dies?

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

  30. I recently and accidentally established a Roth IRA for my spouse instead of myself and contributed additional monies. What should I do?

  31. I have several Roth IRA conversions, each with different custodians. When I spoke to an IRS representative, he maintained that the total amount of the conversions is always available. He told me that at any time I can take out what I had paid taxes on (wi

  32. Upon my death, will the beneficiaries of my IRA be compelled to take the entire amount in the IRA as ordinary income, forcing them into unusually high income tax brackets?

  33. If an IRA owner dies after starting required minimum distributions (RMD) but the spouse is under 70.5, can the spouse roll over the IRA into his/her own IRA, and stop RMDs until age 70.5?

  34. I am only 17 years old. I don't have a job or pay taxes. Can I contribute to an IRA?

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

  36. Should I start taking my RMD based on the amount in my account when I turn 70.5?

  37. My spouse has little/no income. Can I contribute to my spouse's IRA?

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

  39. I will be receiving monies from a QDRO executed pursuant to my divorce. I would like to take a portion of the money as a distribution to pay for a new home. What are the tax implications of doing this?

  40. I am over 60 years old and have a Roth IRA to which I have made contributions for more than five years. Are all distributions tax free?

  41. I am the beneficiary of an IRA and a Keogh. Can I combine them into one plan?

  42. I am making after-tax contributions to an IRA. Will I get taxed again when I withdraw it (when eligible)?

  43. Can I add my higher income spouse's name to my Roth IRA in order to raise our contribution limits?

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

  45. Are my IRAs secure against possible liens?

  46. Can I roll my SEP IRA into a Traditional IRA or should I convert to a Roth?

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

  48. What are the "certain requirements" that must be met for substantially equal periodic payments (SEPPs)? Is it taxed at 20%? Is there any downside to the SEPP?

  49. My 80-year-old mother used her Roth IRA assets to make an $11,000 annual gift tax exclusion. Will these still be considered Roth IRA assets?

  50. If I participate in my company’s SIMPLE IRA plan, can I also contribute to another IRA in order to receive a larger tax deduction?

  51. Can I roll over my IRA assets to a sheltered Canadian plan?

  52. My spouse and I now earn more than the dual-income limit specified by our IRAs. What will happen to our previous contributions?

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

  54. Can I still set up an SEP if one of my employees refuses to participate?

  55. I just opened an IRA. What can I do to help my money grow?

  56. How do I go about opening up a Roth IRA?

  57. My recently deceased spouse's IRA has been rolled over into mine. Does the cost basis change for me?

  58. 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

  59. 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?

  60. 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?

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

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

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

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