Questions tagged [ira]
In the United States, an IRA is an Individual Retirement Arrangement, a tax-deferred retirement account.
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How to contribute capital from 401k or IRA to a Series LLC?
I am new to this thread and I'm seeking some basic advice or comment for this matter.
Please assume that any investment risks are taken into consideration.
Objective:
I would like to bootstrap an ...
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If I sell a stock and buy another in an IRA do I have to do anything when filing taxes?
In an IRA, if I buy a stock and sell it a year or two later but then buy something else without withdrawing any money, is there any paperwork I would need to do when filing taxes during the year when ...
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3
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What happens when I exceed IRA contribution limit due to rewards?
I recently opened an IRA account with Fidelity. They have some sort of reward program running where they give additional $100 for qualifying accounts. So if I contribute $6000 and Fidelity contributes ...
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Distributed from wrong IRA account last year. Any way to correct?
We distributed $47k from wife's (age 52) regular IRA last year, 2021, to improve home.
Realize now we should have distributed from my (age 64) regular IRA instead.
Now we're paying penalty for early ...
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Need to amend my tax return to account for initial error reporting IRA contributions, even if tax return is correct after IRA withdrawal?
I contributed $6,000 to an IRA, however I discovered as I was filling out my tax return that I am only eligible to deduct $2,600.
I will withdraw the $3,400 from my IRA (as allowed per Pub 590a), so ...
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How can I undo traditional IRA contribution and contribute to Roth IRA instead? [duplicate]
I made a contribution to my traditional IRA account for 2021. Later I learned from my CPA that since we had already reached the deduction limit of 125k for a couple, we won't be getting any tax break ...
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Can I buy whatever I want in an IRA?
I have a Roth IRA and so far I've only contributed to a target fund. If I contribute $500 dollars to the IRA, could I buy whatever I want, such as $500 dollars in Apple stock? If so, when I want to ...
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How would I calculate the wash sale permanently disallowed?
If I close a put position at a loss in an after-tax account and buy 1 share of the underlying in an IRA within 30 days, how much of the loss is permanently disallowed according to IRS wash sale rules?
...
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Asset allocation and IRA [duplicate]
I have to take a required minimum distribution from my IRAs every year. And I pay taxes on it at a marginal rate of 24%. I also have assets in a non-IRA investment account.
I do make some charitable ...
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Non Retirement Mutual Funds vs After Tax Traditional IRA [duplicate]
I have two separate accounts. One has non-retirement mutual funds invested in Index Funds and another is an after-tax traditional IRA retirement account invested in funds like media, communication, ...
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Within a single year, when is the optimal time to contribute to an IRA?
Should I be making my maximum allowable IRA contributions as early as possible in the year (for instance, Jan 1st 2023 for the 2023 contribution), or as late as possible in the year (for instance, ...
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What is the difference between a 401k rollover vs IRA?
I have a Fidelity account for my older company's 401k plan which will expire soon. They told me if I don't do anything, it will convert into an IRA automatically. Alternatively I can make a rollover ...
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ok for 60+ year-old to make previous-year contribution to TIRA and immediately withdraw funds?
SHORT VERSION: Is it legal for a taxpayer (who is in their 60s and eligible to make a fully-deductible TIRA contribution) to shift taxable income from last year to the this year by making a previous-...
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Is there any reason I should not be able to recharacterize Excess Roth IRA contributions to avoid the 6% tax hit?
I contributed 6k to a roth IRA early last year for 2021. I later got married and am now over the income threshold entirely.
I'm under the impression that the best option to avoid losses is to ...
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Post-hoc hardship to avoid early withdrawal penalty (US)
My wife and I took money out of our retirement accounts to pay for emergency repairs to our home in May of 2021. Unfortunately, we were not ordered to relocate or demolish, so it doesn't meet criteria ...
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am I covered by retirement plan at work (for TIRA contribution deductibility)?
I retired early in 2021. I am trying to determine if I am considered "covered by a retirement plan at work" for purposes of the MAGI limits for deductibility of a TIRA contribution for ...
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Did I lose Backdoor IRA amount by moving into the wrong account?
I live in California. I have 3 accounts - Trading, Traditional IRA and Roth IRA.
I moved $6000 (IRA limit) from my Trading account to Traditional IRA, and then I intended to move this amount to Roth ...
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Non-deductible IRA contributions withdrawal
Last year (2020), I contributed for the first time to a traditional IRA from my savings, without knowing it would be non-deductible due to my 401k contributions.
I think I read that I can withdraw my ...
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How do I determine the cost basis on an Inherited IRA?
I recently inherited a non-spousal IRA. The 10-year rule applies, I understand that.
The cost basis on the broker statement for the mutual funds is from 20 years ago when they were purchased. If this ...
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Can I have more than one IRA if I utilize the backdoor Roth conversion option?
A few years ago I began doing backdoor Roth contributions. Up until that point I had done traditional Roth contributions only. I contacted my IRA account holder Vanguard and asked some questions about ...
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What are the pros and cons of participating in a "Fully Paid Lending Income" program in IRA?
I am interested in lending my passive holdings for generating more income. Hopefully the risk is minimal. I see, for instance, two brokerages offering it. I am not asking any recommendation on ...
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can SEP contribution be made more than one time for same year
Can a small employer make contribution to SEP similar to 401K with each pay check/1099 or at end of the year for previous year. So for example for 2021 contributions, can one give 10% in January 2022, ...
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Does Net Income Attributable during a Roth IRA recharacterization count toward the IRA contribution limit?
At some point during 2021, my income ended up exceeding the limit to directly contribute to a Roth IRA, which was unexpected. At that time, I had already contributed an amount below the limit (let's ...
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When transfering IRA ask origin or destination institution?
I have some money in an IRA account with NEW YORK LIFE. I would like to transfer this money into a Fedelity brokerage account since I can buy individual stocks there. Who do I contact to arrange the ...
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Going back to school: student loans vs borrowing from IRA
Preamble about where I am right now:
Late 40s
In the USA
Modest car loan, no mortgage, no credit card debt
No spouse or children
About $200,000 in a traditional IRA, another $50,000 in a Roth
...
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2
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1
answer
147
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How much money can a self-employed person put in his IRA
Consider a self-employed person (over 55) who wants to contribute to an IRA.
His income from self employment is 8000. That is, on line 31 of his Schedule C, the number 8000 appears.
He cannot put into ...
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Self Directed IRA take over current mortgage?
My family and I currently live in a townhome. We are interested in buying a single family home which will be our primary residence. We would like to keep this home and rent it out as an investment ...
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High Expense Ratio and High Return vs Low expense ratio and low return
I am currently investing in a Traditional IRA account using T Rowe Price. The two funds I am investing are as follows:
Global Technology Fund (PRGTX)
Gross expense ratio - 0.86%
Average Annual Total ...
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IRA rollover to meet minimum income for ACA subsidy
Can I use a rollover from a traditional to Roth IRA to meet the minimum income necessary to qualify for ACA subsidies in 2022? I do not qualify for Medicaid, and am buying insurance for a family of ...
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Is the IRA early withdrawal penalty less than benefit from EITC?
I am hoping someone could check my math on this. If my income is about $45,000 with two children and I put $1000 into a pre-tax IRA my understanding is that it ups my EITC by about $210. That is ...
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2
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Best time to take Beneficiary IRAs Required Minimum Distribution for reinvestment?
I have a Beneficiary IRA and have been reinvesting the RMD from it each year by putting it in a Roth IRA of my own. My understand is I can take the withdrawal any time during a calendar year and have ...
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Is a company 401k better than a IRA?
Company is moving to a poorly rated 401k provider.
If I keep the money in company 401k I can take advantage of dollar cost averaging with poor fund choices.
If I rollover to an IRA I can invest as I ...
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1
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Two IRAs and RMDs
An investor, who is over 75, has two different IRAs. If the first IRA has an RMD of $4000 and the second IRA has an RMD of $6000, can he satisfy both RMDs by taking out $10,000 from the first IRA?
I ...
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can I retroactively make a Roth contribution based on an amended 2020 return?
In 2020, wife and I filed separately. She was unable to make an IRA contribution (a deductible one, at least) due to being highly-paid and covered by a retirement program at work, and I was unable, ...
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Self-Employed near retirement needing to start a retirement account
My father is 58, with no retirement accounts. He's run a sole-proprietorship for most of his life with 0-1 employees and doesn't have too much in savings. We're exploring the options of a ...
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2
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139
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Best Option to Fix Roth IRA Excess Contribution For 2021
I have maxed out my Roth IRA contribution this year (2021) not knowing there was a limit due to my income. To put it simply, I only qualify for $5k and I put in $6K. The IRA has now grown to about $8k ...
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Post Tax Traditional IRA vs Normal Mutual Funds Account
I am setting up a Traditional IRA account and this will have my post tax contributions. Traditional IRA does not have any income limit but the contribution limit is $6000 (married filling jointly).
If ...
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What is the advantage of making charitable contributions (CCs) from one's IRA over just writing checks?
From time to time, I see an enthusiastic tip about how neat it is to make one's charitable contributions from one's IRA, in lieu of taking all or a part of one's RMD.
I don't see the point. The ...
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When 401K gets rolled over to a rollover IRA OR Traditional IRA gets rolled over to Roth IRA, do the stock units get preserved?
Consider a traditional 401K getting rolled over to a rollover IRA. When such a rollover happens, do the stocks and mutual funds get sold and the total sum gets transferred as cash into the new account ...
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Is it possible to to rollover 401K into an IRA account multiple times with different employers?
Say I am employed with company 'A' with whom I have a 401K account. Now, while switching jobs, I decide not to carry forward this 401K to the next employer but instead rollover this 401K I had with ...
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Net unrealized appreciation only applies to pre-tax 401k?
I just want to confirm that NUA only applies to pre-tax 401k because a post-tax 401k/ira doesn't have any taxes for withdrawals. Or am I misunderstanding something?
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What can we do when we are stuck in a conservative 401(k)?
Right now, I am working as a software contractor and my agency allows 401(k), but only in conservative investments, such as Vanguard Target Retirement 2030, 2035, or S&P 500 index fund, or at most ...
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Roth IRA conversion and income limit
If I convert some amount to Roth IRA from traditional IRA, I understand that this will get added to MAGI and I will have to pay taxes on this amount. My husband and I file tax jointly. Will this ...
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Why not solely use IRA for investing taxed income
My understanding of IRA is that withdrawing up to amount contributed does not incur tax penalty. So I can basically withdraw any amount of taxed income I contribute. It just seems like too good to be ...
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Is there a case against having an IRA?
I am in the United States and I earn an income in the range of $200k/year. I am single with no kids and generally keep my overhead expenses low (car is paid off, my housing cost is very reasonable, ...
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Net Unrealized Appreciation (NUA) on Rollover scenario
Finding this as maybe the closest match, to the scenario, I also find that this and this strongly suggest that NUA rules only apply to Employer stock purchases. In other words, if I work for Acme, ...
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Transferring deceased owners IRA to my inherited IRA
I am liquidating a deceased owners IRA (I am executor).
I have opened an Inherited IRA at another institution.
Institution1 has to sell the stocks, open an Inherited IRA for me. I have to initiate ...
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What is so good about IRAs?
I still don't get what is good about IRAs. For example, in a traditional IRA when you deposit you won't have to pay tax but when you withdraw you still have to pay taxes. So you only benefit if you ...
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Converting Portion of 401K Rollover Traditional IRA to Roth IRA
I have a 401K (Pre Tax) plan rollover to a personal Traditional IRA. I also have a Roth IRA account. Currently, I do not contribute to the 401K plan, since it was from a previous employer. I do ...
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Best Time for Back Door Roth IRA Contributions
I want to contribute to Roth IRA but due to income limits I cannot. I am already have a Traditional IRA account with funds in it. I can move certain amount to ROTH IRA as a backdoor contribution. My ...
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