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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
53 views

During retirement, what if form 8606 is missed one year? Non-deductable traditional IRA contributions

What happens if, during retirement, you miss filing form 8606 one year? Form 8606 is used to track non-deductible contributions to an IRA. In retirement those contributions can't be taken out all at ...
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0answers
53 views

Should a Canadian working in the USA, invest in a 401k, Roth IRA, Traditional IRA, and/or RRSP?

I have a cousin who is a Canadian citizen working in the USA, asking me about the Canadian RRSP. However being an American I am more familiar with 401k, Roth IRA, and Traditional IRA. 1) From ...
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1answer
72 views

Should I take money from my beneficiary IRA to invest in index funds?

My father passed a few years ago and left me two beneficiary IRAs. I take my minimum distributions from them once a year ($1000-2000 distributions). I'm in my late 20s and want to invest in index ...
3
votes
1answer
88 views

What are the limitations on rollovers to an IRA?

My friend wants to consolidate his various retirement account accumulated over the past 20-30 years to make it easier to manage/track his retirement savings. He doesn't recall immediately all the ...
2
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0answers
43 views

Quitting working - where to put 401k money? [duplicate]

My spouse is considering becoming a stay-at-home parent. They currently work and have a 401k. If they do leave their job, and want to rollover the 401k, what's the best investment vehicle to choose? ...
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2answers
114 views

Can I contribute to my IRA from 2018 still?

I put in my tax filing for 2018 that I had contributed $5500 to a Roth IRA, but due to technical difficulties with my investment account I didn't get around to funding it until now, but it looks like ...
4
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0answers
30 views

What, exactly, makes an “unrelated business” unrelated in the case of junior partnerships held inside IRAs?

My question is concerning the unrelated business income tax on partnership interests inside a Roth IRA. Specifically, I own common stock in a company that's technically classified as a Limited ...
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0answers
29 views

Change IRA contribution to prior year

I under-contributed to my IRA for tax year 2018. I'd like to apply some of my 2019 contributions to tax year 2018 to reach the 2018 tax year IRA contribution maximum. We have not yet reached to 2019 ...
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1answer
95 views

Traditional IRA how much tax on withdraw

I understand that traditional IRA gives you a deduction now and tax you later when you withdraw. I need a clue on how much tax is charged on withdraw. Say I deposit $4,000 into traditional IRA and ...
3
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0answers
66 views

How can you leverage the benefits of an older spouse's retirement account?

Can a marriage with a large age gap and a young high-earning spouse benefit from, for example, a Roth IRA? Let's say Jack and Jill are married. Jill is 50 and makes $25,000/year while Jack is 25 and ...
2
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3answers
191 views

Selling options to myself… which law does this violate?

If I sell a covered call from my IRA well above market value and use a separate account to buy the call, I've effectively added money to my IRA beyond the IRA's annual limit. (I can ensure I'm buying ...
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0answers
85 views

Now that I'm 59 1/2, should I pay off my HELOC by withdrawing from my IRA?

Maybe someone here can help me figure this out. I turned 59 1/2, and I have an IRA with about $500K. My wife has recently semi-retired and has started taking her social security, but I am still ...
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1answer
144 views

I accidentally recharacterized nondeductible IRA contribution to Roth

In 2018, I made a catch-up contribution($1000, nondeductible) to traditional IRA). Then by mistake, instead of Roth conversion, I accidentally requested "recharacterization to Roth" which I didn't ...
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2answers
97 views

Definition of “traditional IRA contributions”?

I hate to post a generic tax question on here but I've been unable to find the answer to this using other resources. When filing taxes, when I'm prompted to enter my "2018 contributions to traditional ...
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2answers
103 views

Am I still covered by my self-employed 401(k)?

A couple years ago I setup a self-employed 401(k) plan (solo 401(k)) to handle retirement contributions made from a side hustle that my spouse and I both participated in as a qualified joint venture. ...
0
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1answer
47 views

1099-R: Converting nondeductibe IRA to Roth

My wife opened a Traditional IRA in late 2017, and then funded it with $5,500 after-tax (nondeductible) dollars in January 2018. We made sure to tell Vanguard that the contribution was for 2017. We ...
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0answers
79 views

1099-Misc Box 3 Other Income

I am retired and receive a small amount from a family trust for which I am a trustee. When I was working I had more than enough earned income to make the maximun IRA and Spousal IRA contributions ...
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0answers
54 views

Effect of holding a publicly traded royalty trust in a traditional IRA?

Does anyone know what the effect of holding a publicly traded trust like Mesabi Trust (MSB) in a traditional IRA account? This is what I've found so far on the Mesabi website: For income tax ...
4
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1answer
255 views

Why are the limits on 401k much higher than IRA?

I'm currently working in a contract position with no option to contribute to a 401k. For 2019, the contribution limit on a 401k is 19,000 vs 6000 on an IRA. Why is there such a big difference? I could ...
4
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3answers
123 views

Non Tax Deductible funds accidentally put into traditional IRA

This last calendar year (2018) I opened up a traditional IRA and contributed $5500. However I did not do all my homework and discovered, after the fact, that money is only tax deductible if I don't ...
1
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1answer
139 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 ...
2
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3answers
253 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
172 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 ...
2
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1answer
71 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 ...
5
votes
4answers
938 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
votes
1answer
39 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 ...
0
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1answer
77 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 ...
1
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1answer
72 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 ...
3
votes
2answers
109 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. ...
0
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1answer
70 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 ...
4
votes
2answers
350 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 ...
0
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1answer
83 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
95 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,...
3
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0answers
53 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
164 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
127 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 ...
2
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2answers
131 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
69 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
37 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
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1answer
142 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
votes
1answer
94 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
59 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?
0
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1answer
81 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 ...
17
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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
175 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 ...
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6answers
13k 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
98 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
159 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 ...