FAQs tagged as

Retirement

  1. 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

  2. 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

  3. What is the best retirement plan option for a physician with her own practice, employees and a desire to fund her retirement without making things complicated? She'd like to avoid plans that rely on a stringent income test or require all employees to part

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

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

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

  7. 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?

  8. I failed to distribute an inherited 401(k) that was found in an audit. What happens now?

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

  10. My company is the trustee of our 401k plan (which has 112 participants). What are the pros and cons of having the company instead of the plan provider/vendor as the trustee?

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

  12. Can I borrow from an IRA without penalty?

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

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

  15. I participate in a profit-sharing plan at work. If I retire at age 62, will I be able to withdraw the money tax-free, or must it be rolled over to another account or plan?

  16. Where can I find information on how to distribute my deceased parent's assets?

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

  18. 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?

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

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

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

  22. 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.

  23. If an individual still has his or her former spouse as the beneficiary of an IRA, does the former spouse receive the assets upon the individual's death?

  24. 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

  25. I made involuntary contributions to a retirement plan while temporarily employed. Can I withdraw these funds without penalty?

  26. 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

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

  28. 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?

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

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

  31. Can I contribute to both a 401(k) and an IRA?

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

  33. 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?

  34. 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?

  35. Can you have a 403(b) and also contribute to a 401(k)?

  36. Is my husband's ex-spouse entitled to receive my spouse's retirement benefits?

  37. 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?

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

  39. 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?

  40. 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?

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

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

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

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

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

  46. 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.

  47. My Traditional IRA has been converted to a Roth IRA. Can I still make a qualified withdrawal as a first-time home buyer?

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

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

  50. 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?

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

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

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

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

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

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

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

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

  59. I am considering taking a loan from my qualified retirement plan. What is the definition of a "reasonable interest rate"?

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

  61. What are the requirements that a trust needs to meet to be qualified?

  62. 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?

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

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

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

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

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

  68. Can I give stock as a gift?

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

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

  71. Can I establish more than one IRA?

  72. 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?

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

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

  75. 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

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

  77. 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?

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

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

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

  81. Can I donate stock to charity?

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

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

  84. 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?

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

  86. 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

  87. 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

  88. 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.

  89. 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?

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

  91. 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?

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

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

  94. 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?

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

  96. 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?

  97. 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?

  98. 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?

  99. 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?

  100. 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?

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