3
votes
2answers
132 views

How can I calculate my income for purposes of an IRA deduction when I have HSA/401k deductions?

This chart here has the income restrictions for IRA deduction income limits. It does not use your AGI but a modified AGI. I have been unable to find any resources detailing how this income ...
3
votes
2answers
77 views

Can I contribute to an IRA from investment income?

Can one contribute to IRA if the income for the year is received from stock sale only (no W2)? What I have been reading is that in order to contribute $X to IRA I need to have earned $X of income, ...
0
votes
1answer
35 views

How do I offset the income of a large Traditional IRA distribution (+59.5age) with other losses (LT or ST)?

My Wife lost job, was 64 and took a large cash distribution from her Trad IRA. We have 8K in ST Losses carryover and 41K in LT losses carryover. It appears that the IRA distribution is seen as ...
3
votes
2answers
77 views

Already made contributions to a Rollover IRA in 2013, but exceeded the income limit to deduct. What to do?

I switched jobs in February of 2013 and rolled over my 401(k) to a Rollover IRA, which as I understand it, is equivalent to a Traditional IRA. Over 2013, I contributed $4125 to the Rollover IRA and ...
0
votes
1answer
44 views

What is the “Taxable portion of a conversion” in a roth IRA?

From here, under "Treatment of Distributions". In particular, let's assume I have some funds in Traditional and Roth 401(k) and IRAs. Now, let's take a year when I make no income and I decide to ...
1
vote
2answers
390 views

Tax implications upon withdrawal of 401(k) or IRA while residing in India

Hypothetical situation. Let's say I am an Indian citizen living in India (and have some income). And, I withdraw money from my 401(k) or IRA. If its a traditional 401(k) or IRA, I understand that ...
2
votes
1answer
827 views

Tax consequences for commingled money rolled over from 401k to Traditional IRA to Roth IRA

A 401k account with pre-tax and post-tax funds at Institution A is rolled over as one lump sum into a new Traditional IRA at Institution B. The funds are commingled at this point. The funds will ...
0
votes
1answer
99 views

Conflicting information about late recharacterizing of excess contributions

Say someone contributed more than they were allowed to for a Roth IRA in Year 1 (therefore, there was an excess contribution). Can they still re-characterize that contribution to a Traditional IRA ...
6
votes
1answer
65 views

How do I report using an IRA distribution to purchase a first home

The tax code allows up to $10,000 to be withdrawn from an IRA (Roth or regular) and put towards the purchase of a first home without having to pay the normal 10% penalty for an early distribution. ...
9
votes
3answers
5k views

Could a 401k or IRA contribution switch my current taxable income to a lower tax bracket? is this the same for traditional and Roth 401k?

In the case that my annual income is right in the limit between one tax bracket and the next tax bracket. Can contributing to a 401k or IRA reduce your present income declaration in such a way that ...
2
votes
2answers
127 views

What is the best option: conversion of excess contribution to traditional IRA; distribution, or leave for now?

I made a contribution to traditional IRA in '09. For various reasons, I did not receive some POD CD's of 2008 until now (2012). Now because of higher AGI for that year, figured on amended form, I have ...
4
votes
1answer
326 views

What happens to class action awards for a stock in an IRA?

One of the individual stocks I own in an IRA account recently lost a bunch of value, allegedly due to misconduct on its officers' part, and is now the defendant in a bunch of class action lawsuits on ...
1
vote
1answer
180 views

IRS letter about 401(k) rollover not shown on return

I got an IRS letter that states my return does not match the records they have from others. In particular, it shows I reported $0 but they were reported a non-zero amount for taxable retirement ...
2
votes
3answers
387 views

Are IRAs condusive to short term trading?

Since IRAs are only taxed when you take the money out when you retire, are the normal tax implications of short term trading non-existent? Thereby making it extra beneficial to do your short term ...
3
votes
6answers
2k views

why is the money withdrawn from traditional IRA taxed at the ordinary income tax rate?

When money is withdrawn from a traditional IRA account, why is the money taxed at the rate same as for ordinary income, instead of capital gain tax rate? In other words, what is the rationale for it? ...
1
vote
2answers
75 views

set pre-tax money aside in 2011, tax liability was lower, use for IRA?

I set pre-tax money aside in 2011. (didn't do estimated taxes, paid neglible penalty) My tax bill is lower than the amount I set aside in 2011. I still have wage work, so can I use the remaining ...
1
vote
1answer
280 views

Proper way to report Simple IRA to Rollover IRA transfer

I have two IRAs: a Simple IRA (for more than two years), which I contribute to every month, and a Rollover IRA, which I use for automated trading. I had the Simple IRA broker do a trustee-to-trustee ...
1
vote
1answer
223 views

If you are married filing jointly, is your AGI (or modified AGI) the sum total of your income?

I'm trying to determine whether my wife can contribute to an IRA. The table on the IRS website talks about AGI and I'd just like to know whether the AGI in the case of married filing jointly is our ...
5
votes
4answers
489 views

Should we draw down a previous employer's 401k or roll it into something else?

My husband has a 401k from his previous job which is worth about $13,000. He wants to take it out and use it. His new job has a 401k option that he has not looked into yet. I was wondering if we did ...
4
votes
2answers
415 views

What is exactly is considered taxable income when you retire?

I'm in my 30's and trying to figure out whether I should convert some of my traditional IRA funds into a Roth. The funds would be taxed at 15% based on my current taxable income. So, I need to best ...
7
votes
2answers
116 views

IRA conversion when part of the contributions were non-deductible. Taxes owed?

I have a traditional IRA, which has money which has been contributed three different ways: deductible IRA contributions non-deductible IRA contributions rollover from 401(k) I'm looking at ...
4
votes
1answer
352 views

Is the penalty for an early withdrawl from an IRA applied to the gross or net amount?

Does anyone know if the 10% early withdrawal penalty on traditional IRA is on the pre-tax or post-tax amount? Let's say I withdraw $5k from my IRA, and I pay 20% (example) in taxes, is the additional ...