IRA
When it comes to rollovers or transfers between 401k accounts and IRA accounts, one word makes a lot of difference. A 401k rollover requires that 20 percent of the amount being rolled over be withheld for taxes, even though the account owner still has to deposit 100 percent of the amount within 60 days to [...]
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How to use your 401k account for your mortgage. What are your options for withdrawing money from a 401k for your home or mortgage?
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Contributions to IRA accounts for 2010 and 2011 are subject to an annual limit of $5,000 for all taxpayers under age 50. (The IRA contribution limits for 2011 are the same as the IRA contribution limits for 2010.) IRA owners over age 50 can contribute an additional $1,000 catch-up contribution to their IRA account for [...]
As the end of the 2010 tax year comes to a close, an interesting question is coming up more often. Should I convert my IRA to a Roth in 2010? There is a special 2010 tax trick that allows you to convert your traditional IRA to a Roth IRA and spread the taxes from the [...]
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What is the difference between a Roth IRA and a traditional IRA? That question about retirement planning is very common. I’ve written up short answers, detailed answers, courseware, seminars, flyers, tear sheets, white papers, and who knows what else about what a Roth IRA account is versus a traditional IRA account. Lately, the questions, while [...]
The questions have started coming in regarding the 2011 income limits for Roth IRA contributions. Planning ahead for taxes is always a good idea. However, sometimes, you can get out a little bit too far. The IRS publishes various numbers, tax brackets, and the like for the next tax year during the fall of the [...]
Ok, everyone and their dog tells people to make their 2008 IRA contribution now in order to reduce their 2008 income taxes. But, there is good reason for that. If you qualify for a deductible contribution to a traditional IRA either by meeting the income limits, or because you don’t have a retirement plan provided [...]
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