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Questions tagged [ira]

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

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1answer
64 views

Roth IRA Nondeductible basis

I've been using TurboTax to file my taxes for the past decade or so. Since 2015, for income reasons, I have been making after tax (nondeductible) contributions to a Traditional IRA, and then ...
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3answers
235 views

Is a traditional or roth IRA preferable at my income level?

Before taxes, I make $16k a year, which is not much of an income. I've been told that people who have low incomes should get a Roth IRA since they won't make much money off of tax deductions, so I got ...
3
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1answer
165 views

Accidental trade in Roth IRA

I accidentally made a few trades totaling about $6,000 in my Roth IRA that I intended to make in my taxable account. I realized the mistake when I got a notice from from broker asking me to deposit ...
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0answers
43 views

Roth IRA Conversion vs Recharacterization

Despite trying to hit the nail on the head, I managed to put more into my Traditional IRA for 2018 than I will be able to deduct due to Traditional IRA phaseout limits. The last thing I want is to ...
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4answers
879 views

What are the advantages of a tax deferred investment account?

So, I suspect I am missing something huge about this. But I notice there is a lot of talk about retirement accounts recently such as 401-Ks and IRAs. I understand these come in two flavors, ...
2
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1answer
37 views

Reduce LLC profits by putting towards spouse's IRA?

I have a full time job. I also own a LLC (sole proprietor). I have some profits from my LLC this year. My spouse and I file jointly. My spouse is not currently employed. Can I move the profits from ...
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1answer
71 views

Rollover from a Traditional IRA to ROTH IRA

I have a few thousands of dollars contributed to a Traditional IRA over 2016, 2017 and 2018. These contributions are post-taxed dollars and I have not deducted them from the IRA contributions (Since ...
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1answer
65 views

I have a traditional IRA. Can I rollover my 401k into that account or do I need to make a new rollover-traditional-ira?

Basically that. I have a traditional IRA and have been contributing 5500 a year. I need to rollover a couple 401ks from previous jobs, can I move them to the same account? Or do I need to open a ...
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2answers
97 views

Withdraw IRA Funds after Divorce

So I know that in most cases, withdrawing cash from a retirement fund is never a good idea. However in my case, my ex husband left me with a decent divorce settlement but over 25K in credit card debt. ...
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1answer
67 views

Rolling over Traditional IRA and timing

I have a 401k at work. I also have a Traditional IRA. Both have losses. However, the 401k at work has much fees and expenses. Also it has larger pool of funds to choose from. I want to consolidate ...
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2answers
348 views

IRA Annuity when 1 of the 3 Beneficiary's owes estate

Mom died listing her 3 kids as beneficiaries on a 401k/IRA Annuity. One of the beneficiaries owes her $20k and she wanted it deducted from his share of any money in the estate. Since she listed the ...
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1answer
80 views

Best Roth IRA stock brokerage account? [closed]

I'm planning on mainly trading stocks and a few mutual funds in my Roth IRA. I hate paying commission on trades, but I also realize the brokerage has to be reputable/reliable before I invest in it. ...
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1answer
88 views

Roth IRA issues

I opened up a Roth IRA in June of 2018. I was originally paid $6,000 as a contractor (with a 1099). I put $5,500 into the Roth IRA. I then thought that I wouldn't be able to use a Roth IRA with a 1099,...
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0answers
27 views

Can You Receive Both a Simple IRA and SEP IRA?

I am the employee of two companies. At one company, I receive a SEP IRA. I know that SEP IRAs are not included in the standard annual elective deferral limit. At the second company, I have the ...
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2answers
132 views

If your 401(k) doesn't match contributions, should you max out your IRA contributions before contributing to it?

I've seen described three main advantages of 401(k)'s over IRAs: Employers often match 401(k) contributions. If your employer offers a 401(k), then the deductability of contributions to a traditional ...
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0answers
102 views

IRA rolled over mistakenly to 401k

In a previous tax year I rolled over some money from a former employer's traditional IRA (TD Ameritrade) to a non-Roth 401k plan (Milliman). I didn't report this on my federal tax return at all ...
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2answers
127 views

How can I roll-over a 401(k) to a different person?

I have a friend who wants to roll-over their 401(k) after recently leaving their employer to an IRA or 529 plan for her grandkids (in their name, or their parents' name) instead of into an IRA in her ...
4
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1answer
63 views

Traditional IRA in addtition to other employer provided retirement plans

I have a 401(a) and contribute to a 403(b)(aka in private sector as 401k) at max rate. I read at educational tax site that one can contribute to both 403(b) and Traditional IRA as the contribution ...
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1answer
32 views

Rollover IRA contributions

I currently have 2 retirement accounts with Vanguard: 401K Rollover IRA I contribute to both. I and my employer contribute to 401K before taxes. I have been contributing from my paycheck (After ...
5
votes
1answer
137 views

Contributing to IRA with high income

If your AGI puts you in the in the "partial deduction" or "no deduction" category for IRA contributions, can you still contribute up to $5,500 (2018) without penalty? Is it still advantageous to do ...
2
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1answer
90 views

Can I contribute deductible money to a traditional IRA if I left my job before maxing out my 401(k) for the year?

I've read these answers: Can I deduct a contribution to an IRA if I also contribute to a 401(k) in the same tax year? 401K participant for part of year - Can I contribute to an IRA? Can I contribute ...
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1answer
54 views

How does one annually convert each previous year's Traditional IRA contributions to Roth IRA? [duplicate]

My income is too high to contribute to a Roth IRA, so my only choice is a Traditional IRA. Is there some way I can in 2019 convert my 2018 Traditional IRA contributions into a Roth IRA? And then do ...
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0answers
22 views

Clarification on contributing IRA [duplicate]

In an assumption, If i exceeded my 401K contribution limit. Can i start contributing to IRA Account? Will that be helpful by combining 401K and IRA for the year end Tax deduction?
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1answer
74 views

Best IRA investment strategy

Two questions here: What is the best investment strategy for low risk income-oriented investor? What is an acceptable fee for IRA money management? I have a 401k account I am looking to roll over ...
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8answers
6k views

I have $3500 in Rollover IRA. Should I withdraw it early and pay off my credit card debt?

I have been investing a healthy amount in my current 401k with no plan to withdraw it early. I have $3,500 in a rollover IRA which has been sitting in there for about 4 years and I have done nothing ...
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4answers
87 views

What is the difference between IRA account to buy ETF and using a taxable brokerage acct to buy ETF?

if I use IRA to buy ETF, then my money cannot be used for many year. If I use a taxable brokerage account, I can get cash today. However, why do so many people like IRA?
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4answers
167 views

Can I place a stock in an IRA temporarily to capture a dividend, then move it back?

Consider the following scenario: Stock A pays a large annual, non-qualified dividend. Stock B pays a monthly non-qualified dividend. I hold stock A in a taxable account and an equivalent $ amount of ...
48
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6answers
12k views

How can someone profit from a horse as an investment?

A recent Forbes article states that you can invest in horses and livestock in an IRA. you can also invest in the following: - real estate - farm land - horses and livestock - water ...
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1answer
93 views

What's the rationale behind the IRA One-Rollover-Per-Year Rule?

What's the rationale behind the IRA One-Rollover-Per-Year Rule (mirror) in the United States, which was introduced in 2015? I cannot think of any reason to limit the number of IRA rollovers to a ...
2
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2answers
112 views

Is there any upside in electing to have federal taxes withheld during a traditional IRA to Roth IRA conversion?

When converting a traditional IRA to a Roth IRA at Fidelity, one is given the choice to either: elect not to have federal taxes withheld and continue my conversion online. elect to have federal taxes ...
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0answers
35 views

Form 8606 and Potential Errors

I have been using tax software for years to do my tax returns. Recently, I did some analysis to determine if my Form 8606 was correct and could not tie back to the amount on the last 8606 I submitted. ...
2
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1answer
71 views

Can combined contributions to tax advantaged accounts exceed gross income?

If I am eligible to contribute to several IRS-recognized tax advantaged accounts that have separate limits (HSA, 401K, 457, IRA, etc) can I fund the contributions with prior savings when my gross ...
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1answer
127 views

Borrowing money from 401k to put into another vehicle

About 15-20 years ago (so late 90s-ish), I had some extra money (a few thousand US dollars) that I was considering putting into a short term investment to at least keep pace with inflation. Something ...
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1answer
72 views

2017 IRA Contribution Mischaracterized as Roth

In April, I mistakenly deposited my wife's 2017 IRA contribution to her Roth IRA, rather than to her Traditional IRA. This happened as follows: I called my broker and told his associate that I wanted ...
0
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1answer
122 views

What to do with my previous jobs' 401ks? Advice for someone in his 20's [duplicate]

I'm 26 and became self-employed. I have been wondering what to do with my previous 401ks. Any help is appreciated. Currently I have: -$3.5k in a 401k (Ubiquity) from the company I just stopped ...
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1answer
41 views

Received Excess Distribution from IRA how to reflect in Taxes

How to reflect excess distribution I received from regular IRA account (brokerage). I rolled over 30K from one IRA to brokerage IRA (within same bank) I contributed $5500 to brokerage IRA (late March ...
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0answers
43 views

Does basis remain in Traditional IRA after a complete conversion?

If you convert your entire Traditional IRA to Roth IRA, but the amount you convert (the value of the Traditional IRA at the time you convert) is less than the basis (after-tax amount) in the ...
1
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1answer
126 views

10k first time homeowners IRA distribution for home improvement

I bought a house 6 months ago. I've run out of money and I still have lots to fix, windows, backsplash, paint, etc. From what I've read I believe I can take the first time home buyers $10,000 ...
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2answers
169 views

USA - Why can't I write off my IRA contribution for 2017?

Backstory Last year I made 60k from earned income and 25k from moving an investment - I was forced to realize the gain even though I reinvested into a managed portfolio. All in all I'm taxed at 85k. ...
0
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1answer
45 views

Backdoor Roth Conversions with 401K Rollovers

In a related question to this one, I currently participate in backdoor Roth conversions (i.e., I contribute $5,500 annually to a Traditional IRA, then convert it to my Roth IRA prior to investing it ...
2
votes
1answer
147 views

Is it advisable to rollover multiple 401k accounts? [duplicate]

I left my fulltime job mid 2017. I am not earning since then (no pay roll being generated). Since many years I have changed many jobs. Each job had a 401k plan which I maxed out every year. So I have ...
3
votes
1answer
98 views

Circular dependency involving IRA deduction

I am not able to resolve the following circular dependency. In order to get Adjusted Gross Income (AGI) one needs to subtract an "IRA Deduction" from Gross Income. Modified AGI must then be computed ...
4
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1answer
126 views

Can I contribute to an IRA without any U.S. earned income?

I used to live in the U.S. on a H-1B and returned to my home country in the year 2017. However, I still have some U.S. ETFs and equities in a brokerage account. I also have a IRA account. I have no ...
1
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1answer
102 views

Should you contribute as much as you can to traditional IRA to get lower tax?

I am an extreme newbie in the who IRA/finance area. From what I understand you pay less taxes if you put them in traditional IRA account so you should put as much as possible every year when you do ...
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votes
5answers
152 views

What are some 401K alternatives?

If your employer offers a 401K, but you do not like their investment options and fees, what are your alternatives? I know there are Traditional and Roth IRAs. But if your income is too high to ...
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0answers
107 views

Best use for after-tax dollars if you've already maxed your Roth IRA?

Recent market volatility has me fretting about my taxable account. I figure if I lock up my funds in some tax-efficient vehicle, then I won't even think about it, similar to my 401(k). I'm wondering ...
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2answers
149 views

Is there any benefit to an IRA if I do not qualify for deductions?

I get a 401k from my employer, and contribute the maximum amount ($18,500 annually) but I still have some money left over that I'd like to put to use. However, from what I understand, because I am ...
2
votes
2answers
98 views

Borrow money from IRA, and use it to deposit to IRA for current tax year?

Traditional IRA Suppose I want to deposit $5500 by tax day 2018 in order to qualify for a 2017 tax year deposit, but I don't have the cash at the moment. Let's say I expect to have the cash within ...
2
votes
4answers
151 views

New to Roth IRA. Where is the best place to get one where I can trade with that account? [closed]

Relatives have told me to get a roth ira, as I can use it to trade tax free in the account. I'm still new to this as I'm unsure which one to pick. Also I need to fund my roth ira before filing my ...
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2answers
153 views

Should I invest all of my IRA contributions to get the max benefit?

I think I've been using IRAs all wrong. I read a while back about putting money into an IRA, so I opened up a Roth IRA and have been maxing out my contribution. I saw that there were opportunities to ...