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2

The IRS would actually notice- since both 4500 and 6000 dollars are less than the minimum filing requirement I don't think my income would even end up on any tax returns either way. Reporting incorrect information would be tax fraud. You would have an excess contribution which would then require you to either remove it before tax day, or next year face ...


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If you invest $6,000 in a non-retirement fund and you sell that fund when the value reaches $12,000 you will be taxed on the $6,000 gain. How much depends on your exact tax situation including how long you owned the shares, your other income and gains, and your filing status. But if you put the $6,000 into a Roth IRA, and then you want to remove the $12,...


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The new law only allows you to withdraw from your IRA without penalty if the money is used for COVID-related needs. Specifically, the legislation restricts relief to qualified participants with a valid COVID-19 related reason for early access to retirement funds. These include: Being diagnosed with COVID-19 Having a spouse or dependent ...


1

Yes but you have to do a bit more. In my opinion you are smart for asking the question. I wish that I did when I was your age (sometime during the Jurassic era). Here is something to give food for thought but keep asking the question and see what advice you get.


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Not a lot of information to go on, but if you contribute $900 a month at 4% for 40 years you'll end up with slightly more than $1,000,000... If you wait another 10 years you'd need to save $1500 a month for the same outcome.


4

When it comes time to withdraw cash, if you don’t have any cash inside your IRA (just investments), you will need to sell some of your investments to get cash to withdraw. If you have multiple investments in your IRA, you will need to decide which investment(s) you want to sell. In a taxable account, there are strategies specific to saving money on capital ...


3

Matter for what? You don't say what it supposedly matters for, so I'll assume IRS regulations. For the IRS, it is only relevant how much your total value in all IRA Roth accounts is, and when your first IRA Roth was opened. Otherwise, all the money in all your IRA Roth (in any investments you might have chosen) is just a big soup of money. Gains are tax ...


0

No, 401k withdrawals is not 'earned income' Your earned income for 2018 is $3000. Normal contributions to a Roth IRA or Traditional IRA can only occur during that tax year up through the tax filing deadline (April 15) in the following year (2019). If you meant 2019 earned income is $3000, then you have until the new tax deadline of July 15, 2020 due to ...


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