FAQs tagged as

Traditional IRA

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

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

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

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

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

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

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

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

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

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

  11. 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?

  12. 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?

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

  14. Does participation in a 401(k) plan prevent an individual from contributing to a Traditional IRA?

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

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

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

  18. What procedure applies to a taxpayer who made excess contributions for 2001, 2002, 2003 and 2004 and has neither withdrawn the excess and the earnings for 2001-2003, nor recharacterized 2004 to a Traditional IRA?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

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

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

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

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

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

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

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

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

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

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

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

  30. 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

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

  32. 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

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

  34. 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?

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

  36. 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?

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

  38. 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?

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

  40. 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.

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

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

  43. 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?

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

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

  46. 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

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

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