Rethink Your Rollover

Posts Tagged ‘finance’

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Roth IRA qualified distributions

Question: Form 8880 line 4 – do they mean all distributions or just the non-qualified ones?

In 2007 I “cashed out” 3 of my mutual funds in my IRA account. These were separate funds from the Roth IRA that I want to contribute to this year. The amount that I cashed out was in an IRA that was 10 years old. I did not make anything on this IRA and did not pay taxes on that money since it was not money earned while in the IRA.
My question: do I need to report this on line 4 of the 8880 form?
Thanks

Answer: If you took money out, it’s a distribution. So, yes, you must report it.

Roth IRA brokerage account

Question: i have 35k i invest and every year i sell about 3k worth of stocks and fund my IRA, make sense tax wise?

i sell 3k and pay taxes on that 3k each year, then turn around and put it into my Roth IRA and invest it. i mean the only other legit option i see is either putting the portion of my paycheck into my roth instead of into my core brokerage account and investing it, this way i’m not paying taxes on the earnings, or, what’s my other option?

Answer: Whether you should sell 3K of your stocks or use your paycheck to fund your roth depends on what you expect to happen to the stock you are selling. If you think it’s going to go down, yes sell it. Another factor is that if you sell stock thats already lost value you can deduct the loss on your taxes.

Beginner Investing : Roth IRA Facts

roth ira information

Question: Rollover IRA (is it Roth or traditional?)?

I have a rollover IRA (from an old 401K). I am considering funding it more so I started searching online but there is virtually no information re:Rollover IRAs. They either talk about Roth or traditional. So what category does my Rollover fall under?

Answer: Neither AND both. A rollover IRA simply means the funds came from another retirement plan. That is ALL it means. EVERY IRA is either a traditional or a ROTH. In most cases, a 401(k) is rolled into a traditional IRA.

Should You Convert Your IRA To A Roth IRA?

Roth IRA real estate

Question: investment strategies when household income of 220k?

What are some investment tools used by people in this bracket? We have been discussing a max contribution to our 401k accounts, but it seems that we should do more than just this (IRA, CD, Money Market, real estate). What is a good rule of thumb for an emergency savings account? My wife and I are unable to invest in our roth IRAs due to AGI restrictions. What do we need to do with our current ROTH investment that requires 50 dollars per month?

Answer: My advise is to speak to several different Financial Adviser’s.
Ask them many questions. Like how long have they been in their position? Have they ever had any complaints filed against them?

Emergency Funds of 3 to 6 months of expense’s.

Now for the Roth IRA you mention that you can’t invest in your Roth IRA’s because of AGI restrictions, but you turn around in the following sentence and asking what do you need to do with $50 going into a Roth investment. If you max out the Roth then you will have to find somewhere else to put the money.

Pay off your home if you haven’t done so, that way you will have one less stress in your life.

Again, chat with an Financial Adviser and good look in your decisions.

Don’t forget about Term Life, get 5 to 10 times your pay.

Atlanta Real Estate Investing Using IRA|SELF DIRECTED IRA|Roth IRA

Roth IRA taxation

Question: Is it legal and all to have both a Standard Accounts with my discount online broker and a Roth IRA?

Notice I’m not asking if it is ok to have a IRA and a Roth IRA. I’m asking is it legal and all to have a Standard Account and a IRA whether regular IRA or Roth.

So with the Standard I can withdrawal whenever without penalty with taxation an all when the time comes around and save for retirement a million years from now with a Roth.

Answer: Yes.

Roth IRA CONVERSIONS