Jun 5

I have a basis on a regular ira (A) and have converted a 401k into an another separate ira (B). I want to convert the former 401k (B) into a roth.
Can I apply the basis on the regular ira (A)to the converted 401k (B) now that it’s an ira?


Apr 8

I am a US citizen, working (since 4 years ago) as a teacher in China. I earn $40000 per year and this income is excluded from my tax return. I am taxed in China, so I presume my accountant did this exclusion for me so I don’t pay taxes in the US for this income.

I have learned that I cannot use this income to contribute to a ROTH-IRA.

My question is: should I go back on the decision to exclude this income from US taxes? This would mean I have to pay taxes on it. But it would let me contribute $5000 to the ROTH.

Which one is better to have? A ROTH with the tax free compounding that it brings, or a higher income out of which I cannot contribute to a ROTH (but I can contribute to other, taxable vehicles)?

Thank you!


Mar 28

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.


Feb 17

Can my Mother add to an existing IRA of hers after age 85?  Her IRA is making more interest than CD’s so we wondered if she could add to the IRA for a better return on interest? We realize she may have to have a yearly withdrawal, but wondered if she would still be ahead on interest.


Jan 26

What is the last day you can convert an ira to a roth for the 2010 year?


Dec 4

Both myself and my wife are retired. I work a part time job, my wife does not work. can I buy an individual Roth Ira for both myself and my wife each totaling $6000.00.


Jun 14

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.


Mar 22

I’m a full time income less student since 2008 , and I withdrew my money from Roth IRA (contributed in 2007)
to pay my tuition.
The amount I contributed was $4000, earning was $264. It was withdrawn less than 5 years after establishing the Roth.
My non reimbursable medical expenses were more than 7.5% of my AGI as well.
Are $4000 that I contributed and distributed early CONSIDERED as a taxable INCOME or NOT?


Mar 18

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

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?


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