FAQs tagged as

Retirement

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

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

  3. I own a small business. Can the SBO-401(k) work for me?

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

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

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

  7. My husband left his ex-wife as his retirement plan beneficiary. Can this be changed?

  8. Why should investors pick less risky investments as they approach retirement?

  9. Can I establish more than one IRA?

  10. My old company offers a 401(k) plan and my new employer only offers a 403(b) plan. Can I roll over the money in the 401(k) plan to this new 403(b) plan?

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

  12. When should I take my Canadian Pension Plan distributions?

  13. 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

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

  15. 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?

  16. Is an employee eligible for an SEP if the plan has already been set up for other employees?

  17. Can high-income earners deduct yearly defined-benefit plan contributions of over $100,000?

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

  19. Can I give stock as a gift?

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

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

  22. 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?

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

  24. 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

  25. 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

  26. 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.

  27. 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?

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

  29. 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?

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

  31. I'm 70.5 and still working for my own company. Can I defer starting my required minimum distributions?

  32. Can I donate stock to charity?

  33. Health problems caused me to take my RMD after the deadline. Can I appeal my case to the IRS?

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

  35. 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?

  36. 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?

  37. 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?

  38. 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?

  39. I've heard that workers who don't roll over their 401(k)s after retiring face some problems related to estate planning. I was told it was some type of final 2002 government regulation. Is this true?

  40. 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?

  41. 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.

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

  43. My company has three partners but plans to hire more this year. Would we be better off with an SBO-401(k) or a SIMPLE IRA?

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

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

  46. 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?

  47. What types of plans allow catch-up contributions?

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

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

  50. 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?

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

  52. My husband has a 401(k) account which is 100% vested with an $8,000 balance. We are in foreclosure and need a hardship withdrawal. The investment management company which handles my husband's account says we can't withdraw anything because we have not con

  53. 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

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

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

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

  57. I have just been laid off. Can I use my 401(k) for living expenses now and report it as income next year?

  58. Are my IRAs secure against possible liens?

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

  60. What effect will a prenuptial agreement have on a 401(k)?

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

  62. I'm a teacher. Which is better for me, a 401(k) or 403(b)? What is the difference? From whom do I get these plans?

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

  64. The company I am working for said that 401(k) contribution can be based on only straight time pay! The company I previously worked for allowed me to contribute on gross earnings. Has the law changed, or is the current employer wrong?

  65. 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

  66. I'm having trouble getting my former employer to distribute my 401(k) plan balance to a rollover. Can you tell me the reasons why an employer might delay distributions and if there is a government agency I could contact to encourage the distribution?

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

  68. Can IRAs be held jointly by spouses?

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

  70. 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?

  71. If a company undergoes an acquisition can an employee withdraw 401(k) funds tax free?

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

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

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

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

  76. I work for a university, and I have a 403(b) with TIAA-CREF. But TIAA-CREF says I cannot transfer money to another provider. Can they prevent me from transferring my money to a better investment?

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

  78. 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?

  79. Can 529 plans be used to transfer wealth to other family members if the original beneficiary does not use the money?

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

  81. 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?

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

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

  84. Can I contribute to my company-sponsored 401(k) after the company's year-end but before its tax-filing date?

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

  86. I have a small business (LLC), which I operate part-time. I also work full time for a company and am enrolled in a 401(k) plan. Am I still eligible to make contributions to an individual 401(k) from earnings of my part-time LLC?

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

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

  89. What kinds of investments are allowed in a qualified retirement plan, and what kinds are forbidden?

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

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

  92. 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?

  93. Can a spouse who is not named as a beneficiary receive assets from an IRA?

  94. 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

  95. 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?

  96. 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?

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

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

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

  100. How can I budget for both short-term expenses and long-term goals?

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