In the United States, an IRA is an Individual Retirement Arrangement, a tax-deferred retirement account.

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Can we make traditional IRA deductions to reduce last year taxes if we have 401ks and I already contributed to a Roth?

I need help understanding IRA deduction rules for Tax year 2015. My wife and I both have 401K accounts from our work. Our filing status is married filing jointly. Our MAGI for 2015 is about 105K. I ...
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49 views

What are some good mutual funds to consider for a new grad looking to maximize market return? [closed]

I'm 21 and will be finishing my degree in Computer Science in May. I will be moving to New York City to work at s software engineer at a major financial tech company starting in June. I'd starting to ...
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152 views

Take Social security at 65 or spend retirement savings

What is better? To retire at 65 1/2 and spend nothing but retirement savings until reaching age 70. At 70 take social security for both me and my wife and get the maximum benefit. I would spend ...
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2answers
36 views

Roth IRA recharacterization, earnings, and conversions

The way I see it, a Roth IRA has 3 implicit buckets of money withdrawn in this order (with the big "conversions" bucket actually being a large number of smaller buckets): Contributions Conversions ...
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21 views

How to file form 8606 when doing a recharacterization followed by conversion?

I made a $5500 contribution to my Roth IRA in 2015 (T1). Later I recharacterized this contribution. The market had gone down and I only got $5090 in my TIRA when the recharacterization happened ...
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232 views

Can I top off my IRA?

I opened an IRA account with vanguard on 1/02/2016 and put the max contribution and put in 5,500. Since then the value has dropped to 5,000. I haven't done my 2015 taxes yet, can I add more to the ...
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14 views

As an American living in Canada what should I consider in determining distribution between RRSP and IRA contributions?

I worked in the US for 15 years before moving to Canada which resulted in a retirement portfolio in the US that contains a traditional IRA. Now living in Canada I have opened an RRSP and have ...
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89 views

Should I pay off my 401k loan or reinvest the funds elsewhere?

I have a loan out on my employer 401k plan for $50k, which I took out for the purchase of a home (so there was no penalties, or taxes withheld). The interest rate is 4%, which I'm paying into the ...
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101 views

Roth and Traditional 401k - Is it a valid strategy to withdraw from traditional for lower brackets, and then switch?

Given I am investing heavily in Roth 401k and also some in Traditional 401k... I was wondering if it is a valid retirement strategy [after retiring] to withdraw the first couple lower tax brackets ...
4
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1answer
57 views

Should I do a Rollover 401k instead of a Rollover IRA because of the loan option?

Until now, I was pretty much convinced that rather than rolling over the 401k from my old company to the new company, it is a much better option to roll everything over to a Rollover IRA, and my ...
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2answers
121 views

Can I file early and use refund for last year's IRA contribution?

I'm in the odd position this year of expecting a large tax refund (>$10K). I also have not maxed out my 2015 IRA. Lastly I don't have a ton of extra money on hand and don't expect to before April (A ...
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61 views

What range of fee should I expect to pay a provider, to convert 401k or 403b to IRA?

We now live overseas and are looking at converting 401k, 403b to IRA. US citizen, resident overseas for a long period. What range of fees would reputable providers charge for this service?
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137 views

$200k in an IRA, unallocated. What's the safest investment?

We have $200k sitting in an e-trade IRA, for retirement. We just rolled the money into this IRA, and the funds are unallocated. We're pretty risk-sensitive, but this money will be untouched for ...
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1answer
1k views

Is it worth investing in 401(k) if a company doesn't do matching?

The company offers 401(k) but doesn't match your contribution at all. In this case, it worth investing in 401(k)? For what reasons might a 401(k) be preferred over an IRA if there is no match?
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32 views

Who can I get to help me roll my 401(k) into an IRA when I live overseas?

When I lived in the US, I contributed for a number of years with my employer to the company 401(k). When I then moved abroad, I found it difficult to stay in touch with my 401(k). The toll-free ...
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1answer
231 views

how late can i put money into an IRA and still have it count for 2015?

Currently the annual IRA contribution limit is $5,500. Let's say I wanted to put $5,500 in my IRA for this year (2015) and for next year (2016), for a total of $10,100. How late can I put in the ...
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50 views

No 401k available, max contribution for IRA and Roth

I'm a higher income w2 contractor through a no-frills agency. No 401K. What is my max contribution that I can make to my personal IRA\Roth combined, and which should account type should I prefer. For ...
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93 views

Does the starting balance of an account affect it's rate of growth?

Given two accounts: Traditional IRA - Current balance $30,000 403(b) - Current balance $0 And contributions of: $400/month * 12 months = $4,800 / year Which account would you apply contributions ...
6
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146 views

Max out 15% tax bracket with IRA distribution for retired couple

We are a retired couple (71 and 75) in the U.S. and we would like to do a voluntary IRA distribution so that we are maximizing the 15% tax bracket. In other words, we want to increase our taxable ...
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2answers
68 views

Are we eligible for a traditional IRA contribution this year?

My wife and I will be making around $143,000 this year. My wife is disabled, and $48,000 of it is from past and current Social Security disability paid in the same year. (Approx. $38,000 was paid from ...
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3answers
111 views

Cons of withdrawing money from an Roth IRA account?

I would like to withdraw the money from my Roth IRA account. But I have the following concerns, before I make the decision. Will there be fee, charge, or penalty if I withdraw the money from Roth ...
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20 views

Inherited IRA for minor in interest-bearing federally insured account? Do any financial institutions support this?

Some minors were listed as beneficiaries on a 457 plan and the plan owner passed away such that the minors inherited it. The local court requires that the money be held in a zero-principal-risk ...
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1answer
43 views

Why do dividend reinvestments not match my calculator?

I've seen this occur numerous times in my IRAs. In the transaction section of my Fidelity IRA, it shows a line item Reinvestment XXX with a dollar amount. Clicking the details will display the ...
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5answers
303 views

Are there any recognized retirement plans / IRA accounts that also allow me to trade in stocks/options

The company that I work for was recently acquired by a much larger company. One consequence of this is that my company decided to discontinue their 401k plan and move us all to the larger company's ...
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368 views

Can I deduct two years of IRA contributions in the same tax year?

The 2015 IRA contribution deadline is in April 2016. As such it is possible to contribute $5500 to my 2015 IRA and $5500 to my 2016 IRA during the 2016 calendar year. My question is simply: if I ...
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1answer
37 views

IRA after tax withdrawal taxes

I made after tax contributions to a IRA 35+ years ago ($2000.00). Should that money (2000.00) come out tax free? If so how? Thanks
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107 views

Resolved: Why is the IRA contribution limit $6,500 in the examples provided on the IRS website about the subject?

This issue has been resolved: the website has been updated and the typos corrected. So I wanted to verify that the IRA contribution limit was, as I originally thought, $5,500. I went to the IRS ...
2
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1answer
126 views

What's the difference between investing in Index Fund through and not through a IRA/Roth IRA?

I'm a young adult who currently invest in Vanguard index fund using money from my paycheck, which is already taxed. What is the difference of doing this compared to put the money into a Roth IRA ...
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48 views

Using Roth and Rollover IRA for home down payment

I'm not able to find anything on this. I'm planning to withdraw $5000 from my Roth IRA and $5000 from my Rollover IRA for a home down payment. That's the $10k max to avoid a 10% penalty. But does ...
2
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2answers
110 views

Is it sensible to borrow from a 401K to fund an IRA (traditional or Roth)?

Is it sensible to borrow from a 401K to fund an IRA (traditional or Roth)? I am aware of the downsides to borrowing from a 401K plan but if the principal is low and the maturity short (and no other ...
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159 views

Retirement as arbitrage of the tax system

While reading this blog post about effective marginal tax rates, I came across a reference to this scholarly article with the following abstract (emphasis mine): The paper offers four main ...
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101 views

Is it possible to recharacterize an IRA twice?

I made a contribution to my Roth IRA and did not know there is an income limit that precludes one from making contributions to Roth IRA if one is over that limit. Now that I discovered this, I have ...
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1answer
47 views

Can I open an IRA as a US citizen living outside the country?

My husband and I each had an IRA while living and working in Boston. We moved to to Ireland in 2001. Merrill Lynch has resigned from our account recently and the reason given was due to us not ...
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231 views

Deductions greater than Income : Traditional IRA to Roth Conversion?

Jurisdiction is US/Oregon I retired in 2014. In 2015 I am drawing on cash and investments held in a taxable account, and don't foresee needing to tap my IRAs for several years. Thus I am in the ...
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2answers
110 views

Funding an ira or roth ira

I've heard you can reduce your taxable income by opening an ira. My question is when you fund your ira, do you need to have the money deducted from your paycheck? Otherwise, how does the IRS know ...
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228 views

Undo 401k to IRA rollover?

After I left my employer I rolled my 401k over to a traditional and Roth IRA (Roth for after tax contributions, traditional for everything else), but am having second thoughts. Is there any way to ...
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1answer
62 views

Backdoor Roth IRA Maneuver - Multiple T-IRA Accounts

The way I understand the pro-rata rule is that if you have $5K in T-IRA (deductible), open and contribute $5K to a new T-IRA (non-deductible), then decide to convert the latter $5K into Roth IRA, you ...
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41 views

Income tax profile update

Hello I am from Bangladesh and I have monetized my website that means I can earn by suggesting ad blade'scontents. But They are mailing me to update my profile by adding tax information. But I do not ...
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61 views

What needs to be done to transfer IRA accounts when someone dies?

My mother has died, and she had a number of IRA accounts in her name for which I am a 50% beneficiary. One was a Roth IRA. The Financial Advisor she was using wants to charge me exorbitant fees just ...
2
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1answer
108 views

Is it possible to add money to an existing rolled over IRA when I have a 401(k) from work?

I contribute about 12% of my income to 401(k) which comes to about 15000 a year or so. My employer doesn't match anything due to nature of the contract. I have been investing in 401(k) since 2012. ...
2
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2answers
67 views

Which IRA Account would be ideal for my age group?

I am around 33 years old and have only 401 K Account.My employer doesn't participate in my 401K Contribution. Since June, I am contributing 20% of my 401K. I don't have IRA Account. I live by ...
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482 views

Withdrawing $10,000 from two IRA accounts for first time home buyer expenses

I am married and looking to buy my first home. I am planning on withdrawing around, but not more than, $20,000 for use as a down payment. There are two IRA accounts under my name, both opened by me. ...
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3answers
1k views

Should I cash out my unused traditional IRA to pay student loans?

Currently I have a traditional IRA that has about $3,000 in it. It was rolled over from a 401k two years ago and has been sitting ever since (due to various reasons). It's not making any money and I'm ...
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1answer
188 views

Are traditional IRAs worse than taxable brokerage accounts at high incomes?

Brokerage accounts are seen as relatively tax-inefficient, since you invest with post-tax dollars, and growth is taxed upon realizing gains. The traditional IRA allows you to deduct contributions and ...
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100 views

Are tax-free investments still tax free when taking distributions?

If you read the 'Power of Zero', he talks about putting tax free investments into your traditional IRA. That way, you won't incur any taxes when you take distributions. Maybe I misunderstood what he ...
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125 views

Could capital gains from a stock sale impact my IRA eligibility?

If my annual income plus profits from the sale of a stock is greater than the annual ceiling for being able to contribute to an IRA, am I ineligible to contribute to an IRA? In other words, are ...
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3answers
741 views

Best starting options to invest for retirement without a 401k

I'm trying to avoid asking a duplicate question, but I feel my situation is more specific than general beginner's saving or investing. I am a university student with a part time job that does not ...
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1answer
100 views

Can I deduct IRA contribution even though job offers a 401k which I don't contribute to?

My job offers a 401k, but I don't contribute to it (because it doesn't have a match). Instead, I would rather contribute to an IRA where I can control what I invest in exactly. Here's what the IRS ...
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1answer
57 views

Under federal rules, does a non-taxable IRA Roth Conversion impact school financial aid?

If you convert a traditional IRA to a Roth IRA and all the funds were deposited into the traditional IRA as non-deductible contributions, and there is no gain, and thus there is no income by the ...
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51 views

Can IRA contributions be recharacterized multiple times

Are there limitations on recharacterizing (not converting) IRA contributions such that you could not re-characterize a contribution multiple times? Recharacterized an Roth IRA to a traditional IRA, ...