I qualify for foreign earned income exclusion. This shows as a negative on income on the tax form. If I convert a traditional IRA to a Roth IRA, the IRS will withhold some taxes. Since my income is negative, can I get these taxes back at the end of the year? Alternatively, can my negative income offset capital gain taxes?
Using the Turbotax program, it takes the value from form 2555, and places it as a negative number in form 1040. Reading the instructions from form 2555, it says to place the value in parenthesis which indicates a negative, correct?
If I start a Roth IRA and put $100 a month into it and a year later come tax time do I pay taxes on that $100 a month I contributed?
I understand the withdrawals are tax free but what about the contributions?
Are Roth IRAs the best thing ever? Should every ‘average’ american have one?
Does the age matter if I will convert to Roth? I don’t have any bills, no mortgage and in the 25% tax bracket. My health is great too.
I have around 40K in funds and Roth Ira, if I didn’t contribute anything to Roth Ira, do I still have to file anything because I have it?
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?
What is the way for me to file it on a H&R Block DeductionPro?
I have Roth IRA CD’s at a bank earning an attractive 5 year rate with a one time no bank penalty withdrawal clause. I opened these accounts in ’06 & ’07 by transferring and rolling over Roth IRA accounts from other banks originally opened over 5 years.
My understanding is I will not have to pay tax on withdrawn Roth IRA gains provided the withdrawal is done 5 or more years after opening. My question is, if I withdraw now will my gains be taxable based on the date of the current Roth accounts or not based on the original date of the Roth accounts?
I am 60 years old and have $30,000 in an IRA CD which will mature in August 2010. At that time, I am thinking about converting it to a ROTH IRA CD and paying the taxes on the $30,000 (it’s all pre-tax money). If I convert it to a ROTH, will I have to wait five years before I can withdraw any money from it? I’m talking about principal, not any subsequent earnings.
I contributed $5,000 to my roth IRA in 2008. How do I declare this when filing taxes? My company has not provided any 1099 or other document, are they supposed to? I plan to file my taxes using Turbo Tax, how/where should I declare the contribution?
Awesome, thanks for the answers. I knew it wasn’t tax deductible, I just thought I had to declare the contribution as income. Thanks all for the clarification.
I converted a Traditional IRA to a Roth IRA. The federal taxes were withheld – all is well with that (I think). The state taxes were not withheld. Now I owe the state a bunch of money. Can I take the owed amount (or less) from the Roth IRA to pay the taxes due without incurring penalties, etc? Would this be considered a “premature withdrawal”?
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