4
votes
1answer
265 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?
5
votes
1answer
69 views

Return a Roth IRA distribution [duplicate]

I withdrew money from my Roth IRA (let's say $5K in contributions and $6K in earnings) to buy a house, and then I didn't buy a house. Oops. How can I return or undo this withdrawal to avoid paying ...
1
vote
2answers
95 views

Roth IRA Limits for Dual-Income Family

My wife and I are newly married and are lucky to be making enough to have a small amount left to make in investments on a monthly basis. We're both employed full time and in our early twenties. I ...
4
votes
1answer
102 views

REITs - Traditional Account or Roth

When investing in REITs there are tax advantages in putting the investment in a retirement account. Is it better to put a REITs in a Traditional IRA or a Roth IRA considering overall growth and tax ...
9
votes
1answer
873 views

If Roth IRAs are not reported on income tax returns, how does the IRS police them?

Directly from the IRS: Contributions not reported. You do not report Roth IRA contributions on your return. If that's the case, then how does the IRS make sure people don't exploit the ...
5
votes
2answers
385 views

Rationale for lower deduction limits for married couples filing seperately?

I recently discovered that I can't contribute to a Roth IRA if I file taxes separately from my wife. What is the rationale for this rule? mod edit ...
2
votes
1answer
49 views

Do last minute IRA contributions reduce taxes on dividends and interest paid during that tax year?

Suppose I contribute to an IRA before the 2013 tax filing deadline in April 2014. I fund the account by moving some securities from an investment account to the IRA account. These securities paid ...
1
vote
1answer
111 views

What are the tax implications of exchanging one fund for another in a tax-sheltered account?

What are the tax implications (if any) for exchanging one fund for another in a tax sheltered account (Roth IRA)? e.g. Changing from, say, a Life Strategy Fund to a Target Retirement fund.
3
votes
1answer
56 views

Requested to recharacterize 2013 IRA contributions. Broker insists I fill out a “Conversion” form. Is this normal?

After getting some good answers to my earlier question, and doing some of my own research, I asked my broker to help me recharacterize my 2013 Traditional IRA contributions as Roth contributions. ...
6
votes
1answer
278 views

Already did my taxes for the year 2013 and received my return. Can I still contribute to my Roth IRA for the year 2013?

So I already did my taxes this year and received my return. I am curious if I am still able to contribute to my Roth IRA for the 2013 year even after having done so, as I understand you can contribute ...
-1
votes
1answer
96 views

Vanguard fund, Roth IRA, and 1099

About a week ago, I opened a Roth-IRA and purchased a Vanguard life strategy fund (VASGX), made the contribution for 2013 Tax Year. I should get q 1099, correct? How long does this normally take?
2
votes
1answer
90 views

What happens to a cashed out Roth IRA in a divorce settlement?

The husband's Roth can be cashed out (has had it over 5 years and is over 59 1/2). The wife has been granted the Roth in the property settlement. The wife needs the cash. If the husband cashes ...
3
votes
1answer
80 views

Roth or Traditional IRA if getting a dramatic increase in income this year?

So I just learned that it's not too late to fund an IRA for 2012. With a week left and never having done this before, I now get to decide which type I want to open. Based on my (really vague) ...
4
votes
1answer
50 views

Can a loss in one Roth IRA make up for a gain in another when trying to withdraw early penalty-free?

I have a Roth IRA account with $9,500 current value ($500 less than I invested in it). My wife has a Roth IRA account with $5,500 current value ($500 more than she invested in it). We pay our taxes ...
0
votes
1answer
285 views

Does the cost basis increase by reinvestment of investment income in Roth IRA?

In regular brokerage account, the cost basis increases by reinvestment of investment income. I guess it is the same case in Roth IRA? I am not sure, because I don't know if there is some rule that ...
-1
votes
2answers
221 views

Emptying a Roth IRA account

If I withdraw money from my single Roth IRA account to make it empty, will the account be closed? Is there any expense to open a new Roth IRA account? If my purpose of emptying my Roth IRA account is ...
3
votes
2answers
2k views

Can capital loss in traditional IRA and Roth IRA be used to offset taxable income?

For traditional IRA and Roth IRA, can capital loss be used to offset taxable income for tax purpose? If not, when withdrawing from traditional IRA and Roth IRA, can the capital loss now be used to ...
5
votes
1answer
135 views

Roth IRA Contributions and MAGI Limits

Want to contribute to my Roth IRA for 2011. I know my salary won't exceed the Modified Adjusted Gross Income limit, but I'm worried that future investment gains might make my MAGI go past the ...
7
votes
1answer
216 views

Convert Traditional IRA to Roth IRA when income limits are not satisfied by Roth IRA?

Our household MAGI (Modified Adjusted Gross Income) does not allow us to contribute the full amount to a Roth IRA for 2010. In that case is converting some part of Traditional IRA to Roth to complete ...
5
votes
2answers
149 views

How to calculate taxes owed on conversion from Traditional to Roth IRA in 2010?

How do I calculate the taxes owed on a conversion from a Traditional IRA to a Roth IRA in 2010?