To be used for questions related to Retirement Tax saving scheme Roth IRA as applicable in the United States

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0answers
36 views

Undo IRA conversion to an existing Roth IRA?

I have two retirement accounts at the same brokerage. One is a traditional IRA that was rolled over from a past company 401k plan, the second is a Roth IRA that I contribute to with taxable income. I ...
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3answers
71 views

Can you recharacterize an original Roth IRA to a traditional IRA?

This question is not about recharacterizing a traditional to a Roth, nor is it about undoing a recharacterized Roth back to a traditional IRA. If I opened an original Roth IRA account, can I ...
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1answer
48 views

Does a 401k contribution help you contribute to a Roth IRA?

I have read some pretty poor threads on this site after doing some searches. I would like the following questions answered with the relevant documentation. Suppose I made $125,000 in the United ...
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1answer
44 views

Is a previous year Roth IRA contribution possible since I have to resubmit the previous years taxes?

I've been out of the country for the past couple years. I called the IRS this year and found out my last years tax return was rejected because I electronically signed it. People have told me you can ...
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2answers
95 views

Maximize my 401K and IRA, or save more for home downpayment?

I graduated a year and a half ago, and for the past year I have been maximizing my 401K and Roth IRA contributions. I further save for a house downpayment. Due to a recent surge in house prices, I ...
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0answers
30 views

A record of deposits for Roth IRA? [duplicate]

Years ago I contributed to two Roth IRAs. At some point I combined them into one. I am now trying to determine how much in total I contributed to Roth IRAs over those years, but alas, my paperwork ...
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2answers
181 views

Am I investing properly for my future?

What should my next step be? I apologize in advance for the length of the post. I consider myself to be in a good standing, but I'm always looking for ways to improve. Student loans: I graduated ...
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1answer
152 views

Can I contribute to a Roth IRA while living and working overseas?

If I have a Roth IRA while living in the US and want to contribute to it after I move overseas to work for a few years, how do I do this? Say I make 70k overseas and plan to take the foreign earned ...
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1answer
98 views

Tax implications of owning a Roth IRA as a Canadian resident?

I am a Canadian citizen, U.S. resident with Roth IRA, contributing for 15 years. I will be moving back to Canada in 2 years, am 47 years old, and will leave the Roth with Vanguard and not touch it ...
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2answers
169 views

Basic Roth IRA Tax Understanding

I understand that a Roth IRA offers the benefit of paying taxes up front so that when the investor withdrawals the money at retirement, the funds won't be taxed. My confusion is that I have yet to ...
8
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2answers
580 views

Max IRA contributions and expensive 401(k) plan with no match. Where else to invest?

This question appears to be related. My company has a 401(k) with high expense ratios (I recall 0.84% for an S&P 500 index, but I'd have to double-check) and no company match, so I opted to open ...
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1answer
65 views

Calculation of earned income for Roth IRA contribution

In the United States, for someone earning under the Roth IRA maximum contribution (e.g. a student) what constitutes the maximum they can put in - their gross income before any taxes, or only their ...
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1answer
43 views

Qualified Stock Options purtchased through my Roth IRA

I have qualified stock options for the company I work for, and want to have them paid for out of my Roth IRA. Can I do this?
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2answers
125 views

IRA advisory fee?

I have a traditional IRA which I rolled my previous employer's 401(k) into. I've noticed that there seems to be a quarterly advisory fee, which seems to be about 0.5%. Is this reasonable? I ...
0
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1answer
75 views

Can you replace Roth IRA contributions that you withdraw from the current year?

I know that if I remove principal from a Roth IRA for longer than 60 days from previous year's contributions, that I cannot put that back into the Roth IRA. However, assume I deposit 5500 in January ...
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3answers
116 views

Should I open an IRA, or will it be redundant once I get a 401k?

I'm 28 years old and currently a 1099 self-employed contractor at my job, and have been for 2+ years now. I make about $70k a year before taxes. I'm hoping to eventually get hired on full-time and ...
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3answers
189 views

paying off an auto loan versus Roth versus non-tax-sheltered investment

A hypothetical friend of mine is very young (22 y.o.) lives in the US and has no other debt except a recent 5 year 3.5% interest auto loan. His monthly payment is around $300 He is maxing out his ...
2
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2answers
146 views

Would it ever be a bad idea to convert a traditional IRA to a Roth IRA with the following assumptions?

Assuming: you had enough sitting around right now to pay the taxes you had at least 20 years until retirement you expect at least 7% per year return tax rate being the same as now (even though it ...
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2answers
224 views

How to split a Roth IRA into multiple accounts?

I currently have a roth IRA with a large brokerage firm but to increase the diversification of my portfolio, I'd like to invest in some securities that this brokerage firm will not invest in (in my ...
2
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1answer
50 views

Maxing out HSA after maxing out Roth IRA

Let's assume a hypothetical individual is a contractor working in the US and paid with 1099. He does not have any other employees and his business is not registered anywhere. He is in his mid ...
8
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2answers
976 views

What are reasonable administrative fees for an IRA?

I have a couple of IRAs (one roth, one traditional), at a local credit union for state employees where I live. I'm fairly young, so the money has simply been in interest-bearing accounts to date. ...
0
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1answer
217 views

Roth IRA withdrawal taxes for nonresident aliens after age 59 1/2?

I am a non-resident alien living in the US now, and I need to ask if I have to pay any IRS any taxes after the age of 59 1/2 on any gains or earnings from a Roth IRA withdrawals? I know that US ...
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2answers
65 views

Distribution from a traditional IRA and future contributions to a Roth IRA

I am 60+. Can I still make contributions to my Roth IRA in future years if I start taking distributions from my traditional IRA this year?
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1answer
134 views

Where should I take some money from after retirement? (IRA, 401K, Roth, Taxable)

I have three 401ks, each doing well. One has some pre-1987 money, another has some Roth money, and some has post tax, non Roth money. I also have several smaller IRAs and Roth IRAs, some of them ...
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2answers
200 views

Can a Roth IRA be used as a savings account?

If my understanding is correct, you can take out your contributions from your Roth IRA whenever you want without paying any penalties. If this is true, then other than the limit you can contribute to ...
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1answer
200 views

Straight Index Fund vs IRA + Index Fund

I am about to open a traditional IRA and put my money in an Index Fund (to be decided). Which has the advantage that taxes are deferred until withdrawal. It also seems that I have the advantage of ...
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1answer
56 views

Deductibility of traditional IRA contributions in same year as Roth conversion?

Is the deductibility of my traditional IRA contribution at jeopardy if within the same year I convert a portion of that same IRA to a Roth? Note; I am aware of the phaseout thresholds. Thanks, Jim ...
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2answers
79 views

1040 Annotations for IRA to Roth trick

If I contribute to an IRA that is non-deductible, I can then roll that over to a ROTH and pay no additional tax, assuming that there is no gain. I am assuming that I can do this until April 15 for ...
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6answers
1k views

How should I invest/spend this 50k inheritance?

I am 32 and work in the non-profit sector making 30k/yr. I own my home, which was recently appraised at 202k. I was given an inheritance of 50k from my grandmother. Based on my financials, how should ...
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3answers
95 views

Are contributions to ROTH IRA/401k effectivly bigger then to IRA

I've just moved to US and I started considering savings/retirement options (I'm mid-20 but I don't think it unwise to start early). I'm trying to max the contributions. I started to think if the ROTH ...
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votes
2answers
150 views

Selling units/shares in my startup to my Roth IRA

Since I can't transfer/gift shares directly to my Roth IRA, what's the most tax-efficient way for my Roth IRA to take ownership of as many units of my startup as possible? Is this even possible? If ...
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1answer
68 views

Transferring assets between Roth IRA accounts

I hit the maximum contribution limit on account A, and cash contributions through the financial institution holding account B are a headache. If I sell some of my stocks in account A and transfer the ...
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2answers
237 views

Is my Roth-IRA still valid after if the business no longer exists?

I have a Roth-IRA from my company that is no longer in business. Is it still valid for me to contribute to it or do I need to change it?
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1answer
136 views

Is the new myRA retirement savings account option worth it?

I just recently looked into investing (as a 26 year old, I know I'm slightly late to the game). But the myRA option looked appealing. However, I couldn't find an abundance of information on it, as I ...
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4answers
491 views

Do my 401k/Roth accounts benefit from compounding?

I've always read that the great benefit of 401k's and IRA's are the compounding of interest. My entire 401k invests in a S&P index fund and I make semi-monthly contributions and there is one ...
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1answer
57 views

If I roll over my retirement into an IRA, can I pay off my school loans at the same time without having that sum penalized?

I want to roll over a lump sum of retirement funds into some type of savings account, but want to designate a certain amount of it to pay off school loans. Can I do it without being taxed and/or ...
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1answer
135 views

Can I take money out of my Roth IRA any time?

So I have a Roth IRA brokerage account with Scottrade. I finally have enough savings (maxed standard employer 401k, emergency fund, etc.) that I'm ready to start investing some of my discretionary ...
6
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1answer
208 views

Should I split contributions between 2 Roth IRAs or max one out?

If I have $8000 to put in Roth IRAs, is it better to split it equally between mine and my spouse's, or max one of them out and put the rest in the other?
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1answer
795 views

Roll over Post-1986 401(k) to Roth IRA

I have a 401(k) that only has "post-86 after-tax" contributions and earnings. I left the company and was thinking about rolling over the whole balance to a personal Roth IRA. This would be a direct ...
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2answers
230 views

Can I max out all retirement account types?

Hypothetically speaking, could I contribute the maximum to a 401k, a Roth 401k, an IRA, and a Roth IRA? That would be a total of 46k per year (17.5k + 17.5k + 5.5k + 5.5k).
5
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1answer
392 views

Can I deduct IRA contributions and take the standard deduction?

If I have the standard deduction on my taxes (that is, I don't itemize), can I deduct IRA contributions? If so, would that be for Traditional or Roth IRAs?
2
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1answer
138 views

If you rollover a Roth 401k to Roth IRA and immediately withdraw it, is there any tax or penalty?

According to the accepted answer to this question, when you rollover a Roth 401k which contains contributions and earnings, to a Roth IRA, you don't pay any taxes. Suppose you then withdraw from the ...
2
votes
1answer
82 views

Roth IRA Contribution Limit

My filing status is Married Filing Jointly, and our Household income is >$191,000. However, my spouse and my income separately is less than $191,000. My spouse is covered by a retirement plan at work, ...
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votes
3answers
261 views

Limitations of the 401(k) to Roth IRA conversion escape hatch

I'm currently planning on retiring before the 59 1/2 year old milestone where 401k's and IRA's become accessible penalty free. One workaround I've heard of to access your retirement funds early is to ...
2
votes
1answer
179 views

How much more can I contribute to my 401(k) this year after I made some Roth IRA, Roth 401k, and 401k contributions?

I've just started a new job, and would like to max out my pre-tax 401(k) contributions before year end. I have contributed to various other investment accounts earlier this year and am struggling to ...
7
votes
8answers
933 views

Roth vs Traditional Investing assuming same tax bracket in retirement

I've done a little (simplified) math to determine the difference in investing in a Roth account and a Traditional retirement account. I'm assuming that I will be in the same tax bracket in retirement ...
5
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1answer
134 views

Roth 401k rollover into Roth IRA: How are earnings handled?

I have a Roth 401k from a prior employer and I want to roll it into a Roth IRA. For simplicity, let's assume there are no pre-tax employer match funds in the 401k, only my after tax contributions and ...
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5answers
157 views

Investing in 401k and a Roth IRA

I am a senior in college and I have $3,000 dollars from my summer internship that I want to invest. I was thinking of investing it in a Roth IRA in an index mutual fund. However I am questioning my ...
5
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4answers
1k views

Senior in College, need advice on my investing plan

I am a rising senior in college and saved up $3,000 dollars from my summer internship. I have done a lot of research online about investment options for my age and I decided that opening a Roth IRA ...
3
votes
1answer
63 views

403(b) and ROTH IRA contribution and rollover

My current employee offers a 403(b) with a Roth option. I also have a Roth IRA. The Roth IRA has a lower annual contribution limit than the 403(b). I have some questions regarding contributions. ...