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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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1answer
12 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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1answer
36 views

Can an IRA contribution be made on the same date of the tax deadline and still count for that tax submission?

The deadline for taxes and IRA contributions for FY2018 in USA is April 15, 2019. If I haven't made a contribution yet for FY2018, can I go to a bank on Monday, April 15, 2019 and make a contribution ...
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2answers
74 views

Roth counting toward 401k maximum

Vanguard is showing me that my Roth contributions are counting toward the $19,000 401k maximum. I thought Roth counted towards a separate $6000 maximum. Is my Roth not an IRA?
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0answers
34 views

U.S. Amending Tax - Should a 1040x be made if I forgot to include 1099-r but there is no difference in taxable income?

I was notified last year when I went to the tax office that I didn't include a 1099-r early distribution. This is the distribution in question: I am confused because the TurboTax UI shows my ...
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0answers
65 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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2answers
114 views

Broker Didn't Invest the Roth Contribution in the Tax Year They Said They Did - Now We are Behind. What can we do?

The short story is: In the spring of 2016, we gave our broker a check to max out our Roth IRA contributions for the tax year of 2015 (check was written and cashed by the broker before April 15 in ...
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1answer
32 views

Selling ETFs in Roth IRA fund, in exchange to buy Bonds tax implications

I would like to sell ETFs in my Roth IRA fund, in exchange to buy Bonds. What are the tax implications of this? Even if the money is still held in the Roth IRA fund, would I get taxed?
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2answers
730 views

Taxes on Dividends in a Roth IRA

Do I have to pay taxes on dividends that I receive from stocks in my Roth IRA? I'm aware that I won't pay taxes on my money if I take it out after age 59.5 or if I take out less than or equal to the ...
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1answer
50 views

Do scholarships and PhD stipends count as taxable compensation for Roth IRA limits?

The maximum amount you are allowed to contribute to a Roth IRA in a given year is either a certain dollar amount or your “taxable compensation”, whichever is lower. Now I am a PhD student who gets ...
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1answer
116 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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1answer
33 views

Will Receive K-1 from Trust: Roth IRA

I apologize if this question is not warrant asking. Though I was wondering if taxable income earned by the trust distributed on the K-1 form would qualify me as the trustee to contribute to a Roth IRA....
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1answer
145 views

How to properly compare pension vs Roth IRA?

I am trying to compare the benefits of a federal pensions system FERS vs simply investing the money myself with a Roth IRA. I'm assuming that I work in a federal job for several years, but retire ...
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1answer
103 views

Why is it a good idea to invest only in a Roth IRA or a no-load mutual fund invested in an indexed fund of the Dow or S&P 500?

Basing this question on this answer from a popular Quora writer: This is just a matter of simple math. Saving accounts earn less than 1% per year. CDs usually pay less than 2.75% per year....
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0answers
30 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
100 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
65 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
143 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
146 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
113 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
124 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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1answer
129 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
251 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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1answer
64 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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3answers
335 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
74 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
96 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
94 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
80 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
58 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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1answer
93 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
164 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
216 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
160 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
424 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 ...
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1answer
394 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
115 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 ...
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1answer
256 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
140 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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1answer
119 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
80 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, ...
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11answers
29k 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
136 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
116 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
341 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
80 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 $...
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1answer
80 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
110 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
151 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 ...