Roth IRA, Traditional IRA, 401K » taxes

What taxes do you pay with a Roth IRA?

admin — Sat, 10 Apr 2010 18:08:09 +0000

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?

Do I have to pay a lot of taxes if I will convert my Regular IRAs to Roth (I’m 69 now)?

admin — Sat, 20 Mar 2010 00:47:31 +0000

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.

Do I have to file anything in my taxes if I didn’t contribute to Roth Ira?

admin — Thu, 18 Mar 2010 01:10:39 +0000

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?

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?

What are IRA trustee’s fees? How can I deduct my IRAs from my taxes?

admin — Sat, 13 Mar 2010 20:32:31 +0000

What is the way for me to file it on a H&R Block DeductionPro?

Roth IRA’s‏

admin — Thu, 04 Mar 2010 22:41:40 +0000

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My understanding is I will not have to pay tax on withdrawn Roth IRA gains provided the withdrawal is done 5 or more years after opening.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?

Conversion of regular IRA to Roth‏

admin — Fri, 15 Jan 2010 17:42:26 +0000

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.

How do I declare roth IRA contribution for taxes?

admin — Thu, 24 Dec 2009 00:39:51 +0000

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.

In my case, can I take the owed taxes from the Roth IRA to pay the taxes due without incurring penalties, etc?

admin — Wed, 16 Dec 2009 16:42:49 +0000

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”?

Understand estate taxes, Roth IRA conversions

admin — Fri, 11 Dec 2009 22:42:56 +0000

Understand estate taxes, Roth IRA conversions Recently I have been asked a number of questions regarding changes in the tax laws for 2010. The questions have dealt with two issues — changes in rules with regards to estate taxes and changes with regards to Roth IRA conversions. Read more on Livonia Observer