FAQs tagged as


  1. Can I deduct my Individual Retirement Account (IRA) contribution on my tax return?

  2. Can I take money out of my Individual Retirement Account (IRA) while working?

  3. What's the difference between an individual retirement account (IRA) and an annuity?

  4. What's the difference between an individual retirement account (IRA) and a certificate of deposit (CD)?

  5. How Can I Fund A Roth IRA If My Income Is Too High To Make Direct Contributions?

  6. What are the differences between a 401K and an IRA?

  7. How do I retire?

  8. How do you plan for retirement if you have multiple employers? Can you combine retirement plans from multiple employers?

  9. My daughter would like to use some of her Roth IRA to pay for some current tuition fees and loans. Can she do this without a penalty?

  10. I have a 403(b) from a old employer. I would like to convert it to a 401(k). How can I do that?

  11. How can I start an IRA for my child?

  12. What are the exceptions to the premature withdrawal penalty rules for IRA accounts?

  13. Can I refuse a gift by providing a "Qualified Disclaimer," and what does this entail?

  14. What is the "stretch IRA" concept?

  15. What are the pros/cons of naming a trust as the beneficiary of a retirement account?

  16. Does it make sense to convert a Traditional IRA to a Roth when the market’s down?

  17. Which of the following accounts does ERISA cover?

  18. Is it wise to put an IRA account into a fixed or variable annuity?

  19. I overcontributed to my Roth, then lost half of this money to the market. Does the 6% penalty apply to my original contribution, or only what's left of it?

  20. How do I use a conduit IRA?

  21. Do I still have to pay penalties and taxes on money that I don't roll over from a DROP fund?

  22. We are in a 401(k) at work. Can we also do a Roth each year? If we can, can it also be deducted from our taxes?

  23. What are the penalties for withdrawing from my Traditional IRA less than a year after acquisition?

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

  25. 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.

  26. 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

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

  29. 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?

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

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

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

  33. 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?

  34. 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?

  35. 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

  36. 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

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

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

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

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

  41. 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.

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

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

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

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

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

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

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

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

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

  51. 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

  52. 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?

  53. 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?

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

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

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

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

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

  59. 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?

  60. 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?

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

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

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

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

  65. Are my IRAs secure against possible liens?

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

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

  68. 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?

  69. 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?

  70. 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?

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

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

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

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

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

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

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

  78. 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

  79. 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?

  80. 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?

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

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

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

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

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

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

  87. 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.

  88. 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.

  89. 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?

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

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

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

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

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

  95. 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

  96. 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?

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

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

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

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

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