FAQs tagged as

Life Stage - Retirement

  1. I work for two companies. How much can I contribute to each company's SIMPLE IRA?

  2. Is it possible to reverse an IRA? I received a QDRO and owe money to my ex-husband. Is it possible to reverse the QDRO, which was put into a CD Traditional IRA account, without incurring any type of penalty?

  3. 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?

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

  5. 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?

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

  7. Is my 403(b) account owned by me or by the institution?

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

  9. If there are two plans and one is terminated, creating a distributable event, can loans in the terminated plan be rolled over?

  10. Is it easier to save for retirement if you start earlier in life? Can I make up for what I don't save now by contributing more later on?

  11. 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?

  12. Are my IRAs secure against possible liens?

  13. What should you do when you're five years from retiring?

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

  15. How do I retire?

  16. What are Government Pension Offsets, and who is subject to them?

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

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

  19. Which investment would be most suitable for a client investing for retirement and seeking protection from purchasing power risk in the future?

  20. How do 401(k) loans work?

  21. A lot of retirement projections seem to assume an 8% rate of return. Is this realistic?

  22. Should a Canadian citizen who lives and works in the U.S. continue to contribute to a RRSP account?

  23. How do I use a conduit IRA?

  24. 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?

  25. Is a person an active participant in an employer-sponsored retirement plan if he or she was only active for a short time?

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

  27. Am I entitled to any of my ex-spouse's retirement plan benefits?

  28. What happens when someone is given the golden boot?

  29. 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

  30. I didn't record my Traditional IRA contributions. Is there a website that lists IRA contribution limits for past years?

  31. Are the deferred earnings in a SIMPLE IRA subject to FICA taxes?

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

  33. Can I hold non-dollar currencies in my retirement fund?

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

  35. Are the distribution rules for 401(k) and 403(b) plans the same as those for IRA plans?

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

  37. What is the five-year waiting rule for Roth IRAs?

  38. I just learned that my 2004 and 2005 Roth IRA contributions are not allowed because my income exceeds the limits. Can I just withdraw the contributions plus earnings without penalty?

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

  40. Is there a limit on how much I can move from my IRA to my Roth IRA?

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

  42. 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

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

  44. 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?

  45. I am 61 years old and would like to contribute to my employer's 401(k) plan. Is there an age limit?

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

  47. 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?

  48. Can I return funds to my Traditional IRA after taking a distribution?

  49. Can I establish more than one IRA?

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

  51. 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?

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

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

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

  55. 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?

  56. 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

  57. 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

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

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

  60. 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?

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

  62. I overcontributed to my 401(k). What are my options?

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

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

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

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

  67. Do I need to hit my 401(k) contribution limit before I can begin making catch-up contributions?

  68. Can a creditor seize my retirement savings?

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

  70. I am a first-time home buyer. If I take a distribution from my 401(k) to purchase land and a house, will I have to pay a penalty on this distribution? Also, what kind of form will I need to file with my taxes, showing the IRS that $10,000 went toward a ho

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

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

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

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

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

  76. Is it permissible for a 70-year-old person to buy an IRA?

  77. 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?

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

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

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

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

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

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

  84. 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?

  85. 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?

  86. 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?

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

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

  89. 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?

  90. 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

  91. 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.

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

  93. Can I roll my 403(b) and 457 into other low-cost venders when I change jobs?

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

  95. Can I leave my pension to my spouse when I pass away?

  96. 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?

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

  98. 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?

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

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

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