Question: I plan to participate in the opportunity to shift funds from a traditional after tax IRA to a Roth in 2010. These funds will consist of after tax contributions and taxable "earnings". I presume I will be taxed only...
Question I have a small amount of money (3,900) in a Roth IRA -Fidelity Cash Reserves FDRXX- I'm only putting 100 bucks a month into this account due to putting monies in my 401K, and other financial responsibilities the 100...
Is the 5 year waiting period to withdraw funds from a Roth account a one-time restriction or does it apply separately to each deposit made to the account? Also, does that restriction apply to both principal and interest or just...
Question: I am over 70 years old and, of course, must take mandatory taxable withdrawals from my IRA. This year however, I have a $50,000 loss on a business (an LLC) I started and this loss will count as a...
Is there any way to add monies to my Roth IRA if I am retired with income from social security and investments? I was hoping to add about $5500 in 2009 Click below for answer...
QUESTION: In September 2008 my wife (66 years old) and I (65 years old) each purchased $6K CD's within Roth IRA's. Afterward I learned that our joint income in 2008 would exceed the limit for Roth IRA's. In December 2008...
Question: I'm 74 and am thinking about converting part of my IRA to Roth next year. Will I still have to deal with an RMD in 2010 & beyond? If so...what will determine the RMD amount? Thanks...Joe "Click Below for...
Can the annual MRDs (minimum required distributions) from pre-tax retirement funds (IRAs and 401Ks) that are mandatory starting at age 70 and 1/2 be rolled into a Roth IRA account? I realize that taxes would apply to the MRDs as...
Question My wife (58) and I (56) have a net worth of about $1.4 mil. No mortgage and no credit card debt, and a desire to try retiring when she is 62. I understand the advantage of delaying Social Security...
Question: The article said all taxpayers, but my understanding is if you are over 70 1/2 you cannot convert to a Roth IRA. Have I been told wrong? If it can be done, how does this effect mandatory distribution in...
Question: My son has about $15k in a Roth IRA. He is out of work and needs the money now to cover living expenses. The value of his contributions to the Roth is $15,500. Our understanding is that since the...
Question: My son has about $500 less in his Roth IRA than he has contributed. He is 30 years old. If he cashed the Roth IRA out we understand there is no penalty or tax consequence since he would be...
Question: In converting a tradtional IRA to a Roth IRA, one takes an increase in income in the year of the conversion in the amount of the traditional IRA. Right? Charles D. Click below for answer...
I think that it is fairly likely that tax rates will be higher in the future than today, so if you have a large enough asset base or pension that you know will eat up the bottom end of the tax bracket, then a ROTH conversion could be a prudent strategy given that asset values are at record lows.
Editor's note: Please note that Ryan Huey's response to this question has been updated to reflect a change in the rollover rules. Our apologies for the initial error, and thanks to the reader who pointed it out. Question: Our daughter,...
The below answer is posted on behalf of Lynn Lawrance, MBA, CFP® Question: I have a IRA & a Roth IRA. Due to the market I have lost approx $25,000 over the past 2 yrs & was thinking of cashing...
The below answer is posted on behalf of Bill Perryman, CFP, CPA. Question: Here's my question. I was laid off in 08. I had been contributing substantially to my 401k (403b) to get the pretax benefit. My husband is on...
I am ready to re-allocate my money to new funds because I left previous employer. The following is the general picture of my investments and earnings: - In my Rollover IRA account have $51,600 in investments, mostly in cash reserves....
Question: What retirement plans for self employed individuals exist besides Keough plans? Also, what is the best annuity that is to be payed out on a monthly basis for life? Thank you.....
Question: Pension Benefits have not been filed for. I have no existing regular IRA or Roth IRA. My age will be 70 1/2 in December, 2008. Is there an IRS Code that mandates the deadline for receiving Pension Benefits? I'm...
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