Rethink Your Rollover

Posts Tagged ‘2008’

Roth IRA deadline 2008

Question: Can I withdraw my contributions from Roth IRA tax free?

I opened a Roth IRA account with Ameritrade in february 2009. I have contributed $5000 for the 2008 tax year (before april 15th 2009 tax year deadline) and $2600 for this tax year. I was trading stock with my Roth IRA and got some earnings.
Question: Can I withdraw my contributions ($7600 total) penalty and tax free? Would I need to fill out any IRS forms?
I urgently need that money.
Big Thanks to anyone who gives a well informed answer.

Answer: holding period for Roth is five years
you can probably take out the $2600 contribution for 2009 since the deadline for contribution has not been reached

sep ira deadline

Question: I want to open a SEP IRA, rollover my 401k, and do stock trading…all with one company. Who’s the best?

I use Fidelity for my 401K, Ameritrade for my stocks, Wells Fargo for my checking accounts, INGDirect for my savings account, Chase for my credit cards and HELOC, and WaMu for my mortgage. I’m looking to consolidate a bit, so I don’t have to deal with so many different log-ins and interfaces. I also need to open a SEP IRA before the tax deadline. If I want to at least consolidate my 401K, SEP IRA, and Stock Trading with one company, what company should I go with? Schwab? Ameritrade? Fidelity? WellsFargo? ETrade? A different company? My must-haves are:
1. No/Low Fees
2. Good Customer Service
3. Intuitive Online Interface
4. Fast and easy set up (e.g. account set up, rollover, initial deposit, etc.)

Thanks for your help!!!

Answer: Vanguard will give you the lowest fees.

Schwab will probably give you the best service.

Reeling in the Years 1998-1

ira deadline 2008

Question: When to contribute to a 2008 Roth IRA?

I was wondering if i should open my 2008 Roth IRA now, or should i wait until the april 2009 deadline for it? Is there any advantage to opening it sooner in the year or closer to the deadline?

And also: I don’t know how much i can contribute to my Roth; my income is close to the limit set for the 2008 year. So should i make just a partial contribution for now?

thanks for your time!

Answer: The sooner you make it, the sooner it starts growing. I'd make it now. Remember that if you are over the limit you can recharacterize it into a traditional IRA up to the 4/15 deadline.

Remember that you can make your 2009 contribution as early as Jan. 1, 2009.