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See the Roth IRA ordering rules for distributions in IRS Pub. 590-B. Conversions and rollovers are treated as a middle ground between contributions and earnings. They can be withdrawn immediately without regular income tax, but taxable conversions/rollovers incur a 10% early withdrawal penalty for the first 5 years. Conversions/rollovers are withdrawn in a ...


7

First a few points: Most employers have a 401(k), 403(b), 457(b), TSP or similar plan. They don't generally get involved with an IRA. The total employee contribution to the 401(k) in 2021 is $19,500; for 2022 it is $20,500. If you are 50 or over and your employer plan allows a catch-up contribution, then the you can contribute an additional $6,500 each year....


1

There are several options. You can take out the contributions (and the earnings attributable to those contributions) before the tax filing deadline for 2021 (i.e. April 15, 2021), and you will not have an excess contribution penalty. You will have to pay tax (and potentially early withdrawal penalty; although I'm not too sure about this penalty as the IRS ...


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Even if you keep track of all your investment income etc, you might not know know till December 31, 2021 or later what your exact income is for 2021. For example, some bond mutual funds will be paying dividends on December 31, and these won't get recorded and be visible on the fund's website till after 2021 ends. Worse, you might get 2021 income from ...


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