Comments for New IRA Rules http://newirarules.com Current information on the changing IRA rules. Thu, 09 Feb 2012 22:21:00 +0000 hourly 1 Comment on Best Roth IRA Providers by Dlhalloran, CFP http://newirarules.com/roth-ira/best-roth-ira-providers/comment-page-1/#comment-133 Dlhalloran, CFP Thu, 09 Feb 2012 22:21:00 +0000 http://newirarules.com/?p=200#comment-133 Guaranteed tax free income for life is you use a Variable Annuity Fixed account inside a Roth IRA and then reinvest the fixed earnings in a managed portfolio. When you retire, just annuitize the portfolio and get an income for life, Tax Free Guaranteed tax free income for life is you use a Variable Annuity Fixed account inside a Roth IRA and then reinvest the fixed earnings in a managed portfolio. When you retire, just annuitize the portfolio and get an income for life, Tax Free

]]> Comment on SIMPLE IRA Rules by Bob43barth http://newirarules.com/ira-rules/simple-ira-rules/comment-page-1/#comment-132 Bob43barth Fri, 27 Jan 2012 23:46:00 +0000 http://newirarules.com/?p=175#comment-132 As a retiree working part tine, being eligible to contribute $6000, I contributed 4889 in 2011. Later in 2012 I computed my total income tax to be under 2000. Only about 3000 dollars of this contribution was useful as a tax credit. If I take it all back as a distribution of 28,000 dollars total, in 2012, is the entire distribution taxable next year, or is there an allowance for a previous contribution not completely creditable? As a retiree working part tine, being eligible to contribute $6000, I contributed 4889 in 2011. Later in 2012 I computed my total income tax to be under 2000. Only about 3000 dollars of this contribution was useful as a tax credit. If I take it all back as a distribution of 28,000 dollars total, in 2012, is the entire distribution taxable next year, or is there an allowance for a previous contribution not completely creditable?

]]> Comment on IRA Withdrawal Rules by IRA Rules http://newirarules.com/ira-rules/ira-withdrawal-rules/comment-page-1/#comment-131 IRA Rules Wed, 26 Oct 2011 00:21:00 +0000 http://newirarules.com/?p=13#comment-131 Use <a href="http://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf" rel="nofollow">this worksheet</a> to figure this year’s RMD for your traditional IRA. Use this worksheet to figure this year’s RMD for your traditional IRA.

]]> Comment on IRA Withdrawal Rules by IRA Rules http://newirarules.com/ira-rules/ira-withdrawal-rules/comment-page-1/#comment-130 IRA Rules Wed, 26 Oct 2011 00:10:00 +0000 http://newirarules.com/?p=13#comment-130 Hi Betty! Contributions can be made to your Roth IRA regardless of your age. Hi Betty!

Contributions can be made to your Roth IRA regardless of your age.

]]> Comment on IRA Withdrawal Rules by Betty Richey http://newirarules.com/ira-rules/ira-withdrawal-rules/comment-page-1/#comment-129 Betty Richey Mon, 24 Oct 2011 18:56:00 +0000 http://newirarules.com/?p=13#comment-129 When I make my withdrawal from my IRA can I open a Roth IRA to put it in? I am 70. When I make my withdrawal from my IRA can I open a Roth IRA to put it in? I am 70.

]]> Comment on IRA Withdrawal Rules by Anonymous http://newirarules.com/ira-rules/ira-withdrawal-rules/comment-page-1/#comment-128 Anonymous Tue, 04 Oct 2011 20:24:00 +0000 http://newirarules.com/?p=13#comment-128 Hi Walter! Are you sure that it's an IRA that you have? Contributions are only supposed to be made to your traditional IRA for each year that you receive compensation and have NOT reached age 70.5. If you opened it when you were 74, i'm not sure how you would make qualified contributions. Generally, you must start receiving distributions from your IRA when you reach the age of 70.5. These are referred to as 'Required Minimum Distributions'. If there are no distributions, or if the distributions are not large enough, you could have to pay a 50% excise tax on the amount that has NOT been distributed as required. To figure your required minimum distribution for each year bydividing the IRA account balance by the applicable distribution period or life expectancy. You can learn more from <a href="http://www.irs.gov/pub/irs-pdf/p590.pdf" rel="nofollow">IRS 590</a> and it's advised to contact your IRA custodian to discuss your specific details. I would also contact your CPA to confirm whether it's an IRA or not. My guess is that it could be a CD instead of an IRA. Hope that helps! Hi Walter! Are you sure that it’s an IRA that you have? Contributions are only supposed to be made to your traditional IRA for each year that you receive compensation and have NOT reached age 70.5. If you opened it when you were 74, i’m not sure how you would make qualified contributions.

Generally, you must start receiving distributions from your IRA when you reach the age of 70.5. These are referred to as ‘Required Minimum Distributions’. If there are no distributions, or if the distributions are not large enough, you could have to pay a 50% excise tax on the amount that has NOT been distributed as required.

To figure your required minimum distribution for each year bydividing the IRA account balance by the applicable distribution period or life expectancy.

You can learn more from IRS 590 and it’s advised to contact your IRA custodian to discuss your specific details.

I would also contact your CPA to confirm whether it’s an IRA or not. My guess is that it could be a CD instead of an IRA.

Hope that helps!

]]> Comment on IRA Withdrawal Rules by Ben http://newirarules.com/ira-rules/ira-withdrawal-rules/comment-page-1/#comment-127 Ben Tue, 04 Oct 2011 15:15:04 +0000 http://newirarules.com/?p=13#comment-127 Hi Walter! Are you sure that it's an IRA that you have? Contributions are only supposed to be made to your traditional IRA for each year that you receive compensation and have NOT reached age 70.5. If you opened it when you were 74, i'm not sure how you would make qualified contributions. Generally, you must start receiving distributions from your IRA when you reach the age of 70.5. These are referred to as 'Required Minimum Distributions'. If there are no distributions, or if the distributions are not large enough, you could have to pay a 50% excise tax on the amount that has NOT been distributed as required. To figure your required minimum distribution for each year bydividing the IRA account balance by the applicable distribution period or life expectancy. You can learn more from <a href="http://www.irs.gov/pub/irs-pdf/p590.pdf" rel="nofollow">IRS 590</a> and it's advised to contact your IRA custodian to discuss your specific details. I would also contact your CPA to confirm whether it's an IRA or not. My guess is that it could be a CD instead of an IRA. Hope that helps! Hi Walter! Are you sure that it’s an IRA that you have? Contributions are only supposed to be made to your traditional IRA for each year that you receive compensation and have NOT reached age 70.5. If you opened it when you were 74, i’m not sure how you would make qualified contributions.

Generally, you must start receiving distributions from your IRA when you reach the age of 70.5. These are referred to as ‘Required Minimum Distributions’. If there are no distributions, or if the distributions are not large enough, you could have to pay a 50% excise tax on the amount that has NOT been distributed as required.

To figure your required minimum distribution for each year bydividing the IRA account balance by the applicable distribution period or life expectancy.

You can learn more from IRS 590 and it’s advised to contact your IRA custodian to discuss your specific details.

I would also contact your CPA to confirm whether it’s an IRA or not. My guess is that it could be a CD instead of an IRA.

Hope that helps!

]]> Comment on IRA Withdrawal Rules by Walter http://newirarules.com/ira-rules/ira-withdrawal-rules/comment-page-1/#comment-125 Walter Mon, 26 Sep 2011 21:48:22 +0000 http://newirarules.com/?p=13#comment-125 Hope that you can answer my question and hope that this is the page for such. My bank has notified me that I have a small IRA coming due in October. I took it out as a tax-savings measure. It has accumulated to $2,600. It is not really a part of my retirement, just an ill-conceived investment by a CPA. I have had it for 7 years. I am 81 years old. I plan on cashing it in. What sort of penalty will there be? Walter Hope that you can answer my question and hope that this is the page for such.

My bank has notified me that I have a small IRA coming due in October. I took it out as a tax-savings measure. It has accumulated to $2,600. It is not really a part of my retirement, just an ill-conceived investment by a CPA. I have had it for 7 years. I am 81 years old. I plan on cashing it in. What sort of penalty will there be?
Walter

]]> Comment on Important 2011 IRA Dates by Ted Hinzy http://newirarules.com/ira-basics/important-2011-ira-dates/comment-page-1/#comment-123 Ted Hinzy Fri, 02 Sep 2011 00:26:06 +0000 http://newirarules.com/?p=138#comment-123 Is it permissible to transfer funds in a IRA or 401K account to the down payment on a personal Home (real estate). Since a home is most peoples largest investment. Without paying taxes on the funds transfered? Is it permissible to transfer funds in a IRA or 401K account to the down payment on a personal Home (real estate). Since a home is most peoples largest investment. Without paying taxes on the funds transfered?

]]> Comment on Early Withdrawal from IRA by Mike LePore http://newirarules.com/ira-basics/early-withdrawal-from-ira/comment-page-1/#comment-122 Mike LePore Mon, 22 Aug 2011 18:03:24 +0000 http://newirarules.com/?p=125#comment-122 My wife and I have IRA's. My age is 78 and my wife's is 83. Is there a provision in IIRS code that allows early withdrawal without penalty? My wife and I have IRA’s. My age is 78 and my wife’s is 83. Is there a provision in IIRS code that allows early withdrawal without penalty?

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