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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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2answers
123 views

Am I eligible to be fully vested?

I have worked for a company in Illinois for a little more than 2 years and was layoff in 2016 in a "mass layoffs" of 37 employees. My 401K shows two balances: Vested balance: $25,651 and Current ...
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35 views

Contribute IRA money to HSA outside of qualified transfer route?

I live in the US. I will be 59.5 on October 31, 2019. I have a Traditional IRA and an HSA (and coverage under a high deductible health plan, as I believe is required for making HSA contributions). ...
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2answers
184 views

IRA limits with employer 401K

My wife and I both work and both our employers offer 401K plans. When I first started my job 4 years ago they had a policy that required you to work for 1 year before you could start making ...
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2answers
93 views

Traditional IRA with No Deduction Allowed

Martha is a W-2 employee, lives in the U.S., and works for a company that doesn't offer a 401(k). She is maxing out her traditional IRA every year 2010-2019 but she is not qualified to take any ...
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4answers
238 views

Refinancing student loans in the context of an impending recession

I am a 23 year old, employed, Software Engineer working for a startup in an inexpensive city in the United States. I make $71k/year plus stock options that incrementally vest over 3 years. I have no ...
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2answers
127 views

basic retirement planning for someone middle-aged

I'm in my early 40s and haven't done anything for retirement yet. I do own some property which I plan to sell later this year, and I'm planning to use the proceeds to plan for retirement. The proceeds ...
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3answers
201 views

How to choose between fund managers?

My Situation A few years ago I invested with JP Morgan Chase mutual funds conservatively. Lately I was thinking about opening a more aggressive portfolio for the long term (10-15 years) and put in ...
4
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1answer
57 views

Tax considerations rolling SEP IRA over to Roth

I have a SEP IRA with about 125k in it and I'm thinking of rolling it into a Roth so that I can have ready access to the money if I need it before age 59.5 (i.e. I'd like to keep my FIRE options open)....
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1answer
55 views

any danger doing and in-service withdrawal and having it be a direct roll-over?

I'm eligible (old enough) to take an "in-service withdrawal" from my 401K plan (at fidelity). I want to do a "direct-rollover" to Vanguard (my IRA). I spoke to a fidelity csr and they said they would ...
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2answers
87 views

Is a distribution triggered by writing a check from one IRA account to another

Is a distribution triggered by writing a check from one IRA account to another IRA account? I have checks for a traditional IRA account at bank-A. I opened another traditional IRA account at bank-B ...
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2answers
112 views

Tax on IRA and 401K to Roth conversion

I have a 403b account with my employer, a simple IRA account, a SEP IRA account, and a Roth IRA account. My wife has a simple IRA account, a Roth IRA account and a rollover IRA account from a previous ...
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2answers
224 views

Locked out of my IRA due to incorrect date of birth on account

I had a 401k plan with a company that I left several years ago and since went out of business and so their 401k plan was rolled over into a generic IRA plan. I want to roll the IRA over into the 401k ...
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3answers
124 views

Is it possible to roll a Roth IRA into a traditional IRA?

I no longer meet the requirements to deposit into my Roth IRA. There's not a huge amount of money in it. Rather than have this relatively small account laying around, requiring periodic monitoring ...
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0answers
32 views

RMD after annuitizing an annuity in a traditional IRA

I live in the United States and I have an annuity that hasn't been annuitized in a traditional IRA account (IRA A). I need to take a required minimum distribution (RMD) of $8K this year for IRA A. I ...
3
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1answer
98 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
132 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
74 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
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1answer
90 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 ...
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0answers
44 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
122 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 ...
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0answers
34 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 ...
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0answers
87 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 ...
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3answers
207 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
91 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
152 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
145 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
105 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. ...
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1answer
48 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
83 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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61 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
265 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
146 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 ...
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1answer
163 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
257 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
173 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
80 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
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4answers
947 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
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
81 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
74 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
117 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
73 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
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2answers
351 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
85 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,...
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0answers
55 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
169 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
135 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 ...