FAQs tagged as

Retirement Saving Plan

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

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

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

  4. 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.

  5. 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?

  6. 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

  7. 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?

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

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

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

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

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

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

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

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

  16. 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?

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

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

  19. 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

  20. 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?

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

  22. 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?

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

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

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

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

  27. 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.

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

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

  30. 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.

  31. 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.

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

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

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

  35. What are the exceptions to the early distribution penalty for a non-qualified Roth IRA distribution?

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

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

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

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

  40. 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

  41. 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?

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

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

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

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

  46. I inherited a Roth IRA. What are my options for taking distributions from the account?

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

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

  49. 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?

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

  51. 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?

  52. 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

  53. Can IRAs be held jointly by spouses?

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

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

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

  57. 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?

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

  59. Can I establish more than one IRA?

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

  61. 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

  62. 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

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

  64. 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?

  65. 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?

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

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

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

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

  70. 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?

  71. 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?

  72. 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?

  73. 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?

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

  75. 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?

  76. 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?

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

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

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

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

  81. 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?

  82. 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?

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

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

  85. 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

  86. If an employee covered by a SIMPLE leaves his employer within the two-year period and his new employer doesn't have a SIMPLE, what happens to the plan? Can the employee roll it over without penalty, or keep it at the old company until the two years expire

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

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

  89. 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?

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

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

  92. 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?

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

  94. 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?

  95. 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

  96. Can the non-spouse beneficiary of an IRA name a successor beneficiary?

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

  98. What procedure applies to a taxpayer who made excess contributions for 2001, 2002, 2003 and 2004 and has neither withdrawn the excess and the earnings for 2001-2003, nor recharacterized 2004 to a Traditional IRA? How are multiple years such as this to be

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

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

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