Roth IRA, Traditional IRA, 401K » IRA

Can I apply the basis on the regular ira to the converted 401k now that it’s an ira?

admin — Sun, 05 Jun 2011 16:36:10 +0000

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?

Contribute to ROTH or exclude foreign income‏

admin — Fri, 08 Apr 2011 20:29:12 +0000

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!

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.

Adding to an existing IRA after age 85‏

admin — Thu, 17 Feb 2011 22:53:40 +0000

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.

2010 Roth IRA?

admin — Wed, 26 Jan 2011 19:40:07 +0000

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

Roth IRA Requirments‏

admin — Sun, 05 Dec 2010 01:58:44 +0000

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.

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.

Taxation on Roth IRA distribution‏

admin — Tue, 23 Mar 2010 00:07:14 +0000

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?

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

admin — Thu, 18 Mar 2010 23:46:31 +0000

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.

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

admin — Tue, 16 Mar 2010 19:44:06 +0000

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?