Roth IRA, Traditional IRA, 401K » IRA http://www.iraroth.net IRA Questions and Answers Mon, 26 Jul 2010 00:31:48 +0000 en hourly 1 http://wordpress.org/?v=3.0 Parents Died.What to with IRA?‏ http://www.iraroth.net/2010/06/parents-died-what-to-with-ira%e2%80%8f-2/ http://www.iraroth.net/2010/06/parents-died-what-to-with-ira%e2%80%8f-2/#comments Mon, 14 Jun 2010 23:36:02 +0000 admin http://www.iraroth.net/?p=420 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.

]]> http://www.iraroth.net/2010/06/parents-died-what-to-with-ira%e2%80%8f-2/feed/ 0 Taxation on Roth IRA distribution‏ http://www.iraroth.net/2010/03/taxation-on-roth-ira-distribution%e2%80%8f/ http://www.iraroth.net/2010/03/taxation-on-roth-ira-distribution%e2%80%8f/#comments Tue, 23 Mar 2010 00:07:14 +0000 admin http://www.iraroth.net/?p=330 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 It was withdrawn less than 5 years after establishing the Roth.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?

]]> http://www.iraroth.net/2010/03/taxation-on-roth-ira-distribution%e2%80%8f/feed/ 0 Is it possible to have Roth and Traditional IRAs at the same time? http://www.iraroth.net/2010/03/is-it-possible-to-have-roth-and-traditional-iras-at-the-same-time/ http://www.iraroth.net/2010/03/is-it-possible-to-have-roth-and-traditional-iras-at-the-same-time/#comments Thu, 18 Mar 2010 23:46:31 +0000 admin http://www.iraroth.net/2010/03/can-you-have-both-a-roth-and-traditional-ira/ 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.

]]> http://www.iraroth.net/2010/03/is-it-possible-to-have-roth-and-traditional-iras-at-the-same-time/feed/ 4 Is it true, that I don’t have to pay taxes on inheritances,but inherited IRA is taxable? http://www.iraroth.net/2010/03/inheritances-not-taxable-but-inherited-traditional-ira-is/ http://www.iraroth.net/2010/03/inheritances-not-taxable-but-inherited-traditional-ira-is/#comments Tue, 16 Mar 2010 19:44:06 +0000 admin http://www.iraroth.net/2010/03/inheritances-not-taxable-but-inherited-traditional-ira-is/ 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?

]]> http://www.iraroth.net/2010/03/inheritances-not-taxable-but-inherited-traditional-ira-is/feed/ 5 Deadline for converting a traditional IRA to a Roth IRA http://www.iraroth.net/2010/02/deadline-for-converting-a-traditional-ira-to-a-roth-ira/ http://www.iraroth.net/2010/02/deadline-for-converting-a-traditional-ira-to-a-roth-ira/#comments Tue, 09 Feb 2010 20:58:18 +0000 admin http://www.iraroth.net/?p=226  When is the deadline for converting a traditional IRA to a Roth IRA for tax year 2009?

]]> http://www.iraroth.net/2010/02/deadline-for-converting-a-traditional-ira-to-a-roth-ira/feed/ 0 My mother always said when I was growing up that if I put $1,200 away each year in a Roth IRA that by the time I was retired I will be a millionaire. Is this true? http://www.iraroth.net/2010/02/my-mother-always-said-when-i-was-growing-up-that-if-i-put-1200-away-each-year-in-a-roth-ira-that-by-the-time-i-was-retired-i-will-be-a-millionaire-is-this-true/ http://www.iraroth.net/2010/02/my-mother-always-said-when-i-was-growing-up-that-if-i-put-1200-away-each-year-in-a-roth-ira-that-by-the-time-i-was-retired-i-will-be-a-millionaire-is-this-true/#comments Wed, 03 Feb 2010 00:14:37 +0000 admin http://www.iraroth.net/?p=211  

Or should I be putting more away? I’m currently 23 yrs. old and I’ve already put away 2,600 since I opened the account when I was 21 yrs. old.

]]> http://www.iraroth.net/2010/02/my-mother-always-said-when-i-was-growing-up-that-if-i-put-1200-away-each-year-in-a-roth-ira-that-by-the-time-i-was-retired-i-will-be-a-millionaire-is-this-true/feed/ 1 When withdrawing money from traditional IRAs for Required Minimum Distribution, Can I use only one Traditional? http://www.iraroth.net/2010/01/when-withdrawing-money-from-traditional-iras-for-required-minimum-distribution-can-i-use-only-one-traditional/ http://www.iraroth.net/2010/01/when-withdrawing-money-from-traditional-iras-for-required-minimum-distribution-can-i-use-only-one-traditional/#comments Tue, 12 Jan 2010 23:28:41 +0000 admin http://www.iraroth.net/2010/01/when-withdrawing-money-from-traditional-iras-for-required-minimum-distribution-can-i-use-only-one-traditiona/ For Required Minimum Distribution, Can I use only one traditional IRA instead of all several traditional IRAs? Thank you very much for answering the question.

]]> http://www.iraroth.net/2010/01/when-withdrawing-money-from-traditional-iras-for-required-minimum-distribution-can-i-use-only-one-traditional/feed/ 2 Lost IRA‏ http://www.iraroth.net/2009/12/lost-ira%e2%80%8f/ http://www.iraroth.net/2009/12/lost-ira%e2%80%8f/#comments Sat, 05 Dec 2009 02:22:48 +0000 admin http://www.iraroth.net/?p=42 I had a Roth IRA opened by my mother-in-law for me and I need to know how to find the information on it. I cant ask her and I all the paperwork has been hidden from me. How can I locate the information if I don’t have any info myself. Can it be located by SSN or tax documents?

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