Roth IRA, Traditional IRA, 401K » Traditional IRA

Roll Over Traditional IRA to Roth IRA, at 50 With No Other Income

admin — Mon, 28 Mar 2011 20:56:19 +0000

I would like to roll-over Traditional IRA to Roth IRA in March 2011 . I’m 50, early retiree and physically outside the US; my unearned income from(dividend,investment and interest)and no other earned income.
What are the tax consequences? Or Should I roll-over part of my Traditional IRA into Roth IRA. I’m really concern about the tax any potential tax ramification of such move. Please advise. Thank you.

Parents Died.What to with IRA?‏

admin — Mon, 14 Jun 2010 23:36:02 +0000

My parents died at 72 years old.I’m the only name on it.What should I do? It was a traditional IRA.Would I be taxed if I took the minimum distribution out at a time?Should I put it in the estate and are we taxed then?What is the best thing to do?I’m sharing this money with my brothers and sisters even though I was the only beneficiary.

why would someone want a non-tax deductible traditional ira?

admin — Fri, 04 Jun 2010 00:45:43 +0000

So, i heard there are technically 2 types of traditional iras. The tax deductible/tax-deffered, or non tax deductible.
If someone is not eligible for tax deductible, why would someone want a non-tax deductible traditional ira. especially if the have to pay taxes twice. once when they go in, and once when they go out.
it just doesnt make sense why they would even offer it as a choice, what am i missing?

What are the projected amounts for Roth and traditional IRAs, saver’s credit, std. deduction amts. for 2010?

admin — Wed, 19 May 2010 01:39:30 +0000

CCH released the amounts on 9/29/09 to subscribers of their service.

Can you avoid 10% penalty on w/d from Traditional IRAs by doing this?

admin — Mon, 10 May 2010 23:11:19 +0000

if someone under age 59 1/2 wants to take money out of a Traditional IRA, they would have to pay a 10 % penalty and taxes. But what if they converted the Traditional IRA to a Roth IRA first? (and they can maybe convert only the amount they need). Then – as I understand Roth IRAs – there is no 10% penalty to withdraw from a Roth. Is this true?
Also, Can you w/d from a Roth anytime without incurring or do you have to wait 5 years after conversion?

Different types of Traditional IRAs? ?

admin — Sun, 09 May 2010 02:22:29 +0000

My boss asked me to bring a completed IRA application to my annual review. He will be contributing to it, and used the term SEP. Knowing nothing about IRAs, I went online and did some research. Now, I am really confused. It looks like traditional IRA funds can be used in CDs, Mutual Funds, or annuities. Which one is best? Since it is a retirement account, I want the money to stay there until retirement. What are the pros and cons? And are they all eligible for him to contribute to?

Question about traditional IRAs?

admin — Fri, 07 May 2010 02:40:16 +0000

Okay. If I can only put 5000 into a traditional IRA a year. what if i want to invest more than 5000 dollars into the same fund. can i not just invest more than the 5000 and get no tax break for the additional funds? or do i really need to buy a separate identical mutual fund?

What decide which bracket the traditional IRA will be taxed on at distribution?

admin — Thu, 22 Apr 2010 20:12:50 +0000

I know it’s taxed when you get the money from traditional IRA, but is it taxed on your current income bracket or the amount of money you take out?

say you retire earlier and sell your biz.. so you pay no income tax, then even if you take out your IRA early, pay 10% penalty, do you still pay income tax on the money?

Would it be a good idea to set up a traditional IRA for tax deductions I need this year, and a Roth later?

admin — Tue, 20 Apr 2010 20:19:11 +0000

My consulting business did well enough this year that I had a bit of money due to the IRS. I planned on setting up an IRA this year since I’m in my mid-twenties. I like the tax-free potential of the Roth, but I also need to lower my AGI this year. Would it make sense to open and contribute a portion of my wages to a traditional account and deduct what I need to break even on taxes, and throw the rest into a Roth account? Not exceeding the $4,000 limit on contributions of course… The fees on the accounts should be negligable, considering that I’m working primarily with an Internet broker.
25% is my current tax bracket.

How does my employer contributions to a SEP IRA impact my Traditional IRA?

admin — Mon, 05 Apr 2010 21:57:14 +0000

First, I do not need a link to an IRA FAQ that talks about various circumstances governing IRA contributions. Read my question and answer it, do not answer an imaginary generalized IRA question.

I just want to know, do contributions to an SEP IRA by my employer have any impact on my ability to fund a Traditional IRA to the normal limit and deduct my contributions. Assume that if the SEP IRA didn’t exist, I could contribute and deduct the full 4000 this year.