Apr 5

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

Traditional IRA contributions, Employer, impact, Traditional

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.

Mar 27

Is it possible to deduct loss from Roth and Traditional IRA accounts?

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I have a new retirement plan at the place where I work, therefore I closed my old personal IRA accounts. At that point I had less money in my Roth and Traditional IRA accounts then the amount that I contributed.Is it possible to deduct this loss since the money was transferred to a retirement account?I would really appreciate any help.

Mar 25

Is it possible to withdraw the money from Traditional IRA account for college?

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My father is trying to pay for my sisters education.I know that we can withdraw money for college from Roth IRA.Is it the same for the Traditional?Any references are more than welcome.Thanks a lot!

Mar 24

Traditional IRA without tax break or Index Funds?

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I exceed income limits for traditional IRA deduction but thought I’d open one to take advantage of long-term tax-deferred growth. However, a friend recommends investing in low-cost index funds in a taxable account, as capital gains taxes (currently) are only 15% and that withdrawls from an IRA later on will likely be at a greater rate than this (depending on my future tax bracket). Does this make sense? Is there something he’s not factoring in?

Mar 18

Is it possible to have Roth and Traditional IRAs at the same time?

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Last year my income went over the limit of Roth IRA, so I wanted to open a Traditional IRA account, while keeping the Roth at the same time. Is it OK to do that? Can I contribute to the Roth account while having Traditional IRA? Thank you in advance.

Mar 16

Is it true, that I don’t have to pay taxes on inheritances,but inherited IRA is taxable?

Traditional IRA Inheritances, inherited, IRA, taxable, taxes, Traditional

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Somebody told me that inheritances are not taxable. I inherited a Traditional IRA, but somebody else said to me that it is taxable. Anybody has the answer? And if it is true,then why is that?

Mar 14

How to avoid penalty for transferring money from Roth to Traditional IRA?

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I have Roth and Traditional IRA accounts and I exceeded my Roth limit, so I wanted to transfer some funds into my Traditional IRA account. Does anybody know if it is at all possible and if yes, what is the right way to do it?

Mar 12