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Questions tagged [roth-ira]

To be used for questions related to Retirement Tax saving scheme Roth IRA as applicable in the United States

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20 views

Excess Roth IRA Contribution - How to Capture Earned Interest No 1099 r?

I contributed over the limit to my Roth IRA in 2018. I realized this and have withdrawn the excess contribution plus earnings in 2019, and have not yet filed my 2018 tax return. My Financial advisor ...
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2answers
69 views

Roth 403b vs Roth IRA

Currently my employer offers a Roth 403b plan that I have been contributing to. I wanted to know if it makes more sense for me to contribute to the Roth IRA first rather then the Roth 403b? I ...
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2answers
63 views

Death benefit into IRA or cash for mortgage

I am the beneficiary of what was left in my mom's state pension fund. I don't know how much it is, but the state estimates most people run through their pension funds (when they chose that option) in ...
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2answers
123 views

What are the limits for 401k and Roth IRA contributions and if I can catch up for the years missed?

I know the basic difference between a 401k and a Roth IRA that one is pre-tax and another is post-tax. I've also learned that I can contribute towards both a 401k and Roth IRA. I would like to know if ...
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2answers
130 views

I'm over the MAGI limit for 2018 for the Roth IRA I already contributed to. Now what?

At the beginning of last year, I contributed the maximum amount to my Roth IRA, as I typically do. Late in the year, I received a very unexpected and very large bonus. I realized when I got my 1040 ...
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2answers
98 views

Limit on Maximum amount to open a Roth IRA

Is there a limit on what is the maximum amount that I can use to start a Roth IRA? What I mean is if I have $100,000 (taxed), can I open a Roth IRA with this amount and then continue with the annual ...
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1answer
78 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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1answer
126 views

Maximum Roth IRA Contribution in 2019

What is the maximum contribution for a Roth IRA in 2019? I believe it was $5500 in 2018 and curious if it had been increased. Thanks
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3answers
242 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 ...
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0answers
48 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 ...
2
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3answers
327 views

Contributing to Roth IRA at beginning of year

I plan to contribute the maximum $6000 to my Roth IRA for 2019 in the next month. However, there is a good possibility I will make over $122,000 dollars with overtime and therefore will be ...
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1answer
73 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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2answers
91 views

Vanguard Total Stock Market vs Vanguard STAR for retirment

I'm about 17 and my vanguard roth ira is now ready for an investment. I was wondering which of the above two funds would be suited as a retirement fund, or if there is any significant difference at ...
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1answer
90 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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2answers
73 views

Can you put an I-bond in a roth IRA?

I was wondering if I could do this, it just seems to make so much sense. You will be earning interest on your I-bond and you won't have to pay taxes until you take out your money during retirement. ...
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1answer
115 views

Should I become a landlord (effort required for positive cash flow) or keep the money in ETFs until I settle down? [closed]

Serious answers only. I'm 22 years old, I started working full-time 5 months ago, and I'm trying to decide if it's better to spend the time, effort and money to invest in a townhouse and become a ...
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1answer
55 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 ...
4
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1answer
83 views

Can I contribute money to a Roth IRA in this non resident alien situation?

Here I have an interesting situation. I am a former American citizen, expatriated (non-covered). I still have my Roth IRA account. I earn money working for a UK company with a US parent, listed on the ...
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2answers
149 views

How are my 401(k) withdrawals taxed if I also withdraw from a Roth IRA?

Let’s say it’s time to retire and I have a $2,000,000 retirement fund. $1,000,000 was accumulated in a Roth IRA and the other $1,000,000 was accumulated in a traditional pre-tax 401(k). Let’s say I ...
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3answers
210 views

Cash out Roth IRA or not?

I am 28 years old and in nursing school full time. I will graduate in May with my RN. I have about $10,000 in credit card debt costing about 20% interest and I am only able to make the minimum ...
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1answer
157 views

Cost/benefit of maxing out 401k using mega backdoor

Forgive me if I get the details wrong and if this needs to be split up into multiple posts, but I'm very new to all of this. I'm 22, have ~60k non-emergency money saved up, and got a new job with ~...
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3answers
1k views

Withdrawal from Roth IRA?

I am thinking of withdrawing all of my money from my Roth IRA as of now. I currently only have a balance of $2536 and have only $283 in investment returns. I know, how there will be some taxes ...
2
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1answer
327 views

Can you immediately withdraw contributions to a mega backdoor Roth IRA without penalty?

My company allows us to do in-service conversions such that we can use mega backdoor Roth. If I convert my after tax contribution upon every paycheck into a Roth IRA (so this is pure after tax ...
5
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1answer
393 views

Exchange Roth IRA mutual fund to Roth brokerage account

Will I incur taxes for exchanging funds in a Roth IRA mutual fund (Vanguard) for a Roth IRA brokerage account?
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3answers
108 views

Merge Roth IRA + Roth 401k

I have a Vanguard Roth IRA that I opened just after graduating with my undergrad. I contributed to it for five years before landing a job at a large multinational. I stopped contributing to the Roth ...
3
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1answer
203 views

S&P 500 VFAIX (Mutual Fund) vs VOO (ETF)?

I currently have just under $10,000 in a Vanguard Roth IRA brokerage account. So far I have purchased VOO ETFs since they have a lower expense ratio than VFINX. My next contribution will put me over $...
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2answers
116 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 ...
2
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1answer
117 views

Should I Contribute to my roth 403b or roth IRA?

I currently have a Roth IRA Account I started a few years back when I was in college. Only have like 1300$ in it now. I started a full-time job now and I have a 403b plan. The thing is, I will not be ...
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4answers
78 views

Moving my Roth IRA to a different Roth IRA custodian

I currently am funding a 403b but it is Roth Basic from my employer. I also have a Roth IRA from Vanguard that only has 1300$. Does the Roth that I put into the 403b count towards that 5500$? And or, ...
61
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11answers
28k views

I'm 18 and have 6 grand. What should I do with it?

I'm 18 and about to go to college. Luckily, I don't have to worry about student loans or most other living expenses. I've been working and have over $6,000 (will probably be about $7,000 by the end of ...
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1answer
131 views

Contributed to my Roth IRA when I wasn't eligible to

I put $5,500 in my Roth, and learned that I'm not eligible to (I make too much money). What's going to happen to me, come the time of reckoning (tax time), and what can I do about this before then?
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1answer
112 views

Can I withdraw a conversion to a Roth IRA without penalty?

Several years ago I converted some money from both Traditional and SEP IRAs to my Roth IRA. I paid taxes on the money I converted at the time. I know that a Roth IRA allows you to withdraw ...
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1answer
339 views

If I rollover a 401(k) to Roth IRA can I make investments and still withdraw them?

I am a grad student in the US. As an undergrad I managed to save about $20,000, I have no debt, and I have a 401(k) with about $12,000 to which I am no longer making contributions. I am breaking even ...
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1answer
77 views

Withdrawing from Roth IRA before age 59

This question is quite similar to this one, which I asked earlier this week. Suppose I have contributed to my Roth IRA plan $5,500 for 5 years for a total of $27,500 of contributions, plus another $...
3
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1answer
78 views

Implications of withdrawing Roth IRA contributions before age 59?

What repercussions, penalties, fees, or additional taxes exist on withdrawing contributions (basis) from a Roth IRA account under 59 years old? For example, suppose I have contributed $5,500 for 5 ...
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2answers
11k views

Can I hire my kid and start a Roth IRA for him?

I own an LLC, of which I am currently the sole member. It's my main source of income. I am wondering if there is a reason why I could not do the following: Hire my child as a part-time employee of ...
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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
150 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 ...
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1answer
78 views

How to use a business loss to convert a traditional to a Roth IRA?

I have an annual business loss on a C-corp business I own. Is it possible to use that loss to convert traditional pretax IRA funds over to Roth IRA?
2
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1answer
85 views

IRA - Back Door Conversion, Tax Filling - 1040, 8606 and 1099R

I contributed to Roth IRA Account in Jan-2016 for FY 2016 and again I contributed to Roth IRA account in Jan-2017 for FY-2017. When I was ready to file my tax return for 2016 in Feb-2017 I came to ...
2
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2answers
229 views

Roth IRA excess contribution removal infinite loop?

I'm dealing with correcting an overcontribution to a Roth IRA due to income limits, and my head hurts. Here's the gist of my problem. I contributed $5500 to my Roth in 2016. In March 2017, I went to ...
2
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4answers
153 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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1answer
130 views

Swing Trading Roth IRA & SEC's Reg T+2 amendment?

Few resources state that swing trading Roth IRA account would be difficult due to SEC's Reg T+3 which per SEC Website is now Reg T+2 effective Sept. 5, 2017. Even prior to SEC's amendment, my ...
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2answers
155 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 ...
2
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1answer
82 views

Roth IRA one year, Traditional IRA another. Sound strategy?

Much of what I've read in the decision between Roth Vs Traditional IRA (simplified) comes down to "depends on your tax situation now & at retirement." So my question is would it be a wise ...
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1answer
54 views

How to convert a Traditional IRA contribution from 2016

Here's some background information about Dave For 2016, Dave has Worked for a company (say, Employer A) that offered a 401k and he contributed to it. Say the balance of the 401k is $30k. Also ...
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3answers
228 views

How do you correct an excess Roth IRA contribution after the October 15th deadline?

I'd like a clear answer on the process of correcting an excess IRA contribution. My Roth IRA has an excess contribution from 2 years back. This means for 2017 I will be paying a 6% penalty. My ...
4
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1answer
64 views

Transferring Stock Holdings to Existing Roth IRA

The US has capital gains taxes that apply whenever gains are realized by selling off stocks and other investment assets. Do these taxes still apply if an individual realizes gains by selling stock ...
3
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1answer
95 views

How does having a 401(k) affect taxes on a Roth IRA?

I have a traditional 401(k) account from my employer and I'm thinking about opening a Roth IRA to start saving for my daughter's college. From a tax perspective, does having a 401(k) account impact ...
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1answer
123 views

Roth IRA recharacterization

If you converted from IRA to Roth on November 30, 2017 and then did a recharacterization on December 22 2017 (didn't know there was a time frame of 30 days or until 2018 before recharacterization). ...