Can I opt out of paying income taxes on inherited retirement benefits in the USA? I won't be filing a tax return, anyway. [more inside]
posted on Jul 22, 2008 - 9 answers

Will opening a Solo 401(k) before year's end reduce my modified adjusted gross income (MAGI)? I'm a 28-year-old freelance worker with a sole proprietorship, and I'd like to be able to fully fund my Roth IRA for 2008 [more inside]
posted on Jun 26, 2008 - 1 answers

A tax question. Our family has experienced a drop in income and an emergency (not medical). I have a 40 thousand dollar 401K retirement fund and want to get 16K out of it. Our family makes 91K gross with two dependents. What will be the tax hit on the 15 k from the retirement fund (so we won't be surprised at tax time). [more inside]
posted on Jul 21, 2007 - 6 answers

I've several tax-related questions. Background: (a) I just became eligible in my job to participate in the firm's 401K program--the firm makes a 3% contribution--since I'm over 50 (I'm 57), I'm told I can contribute a maximum of $20,500 during 2007; (b) I have a traditional IRA from the past; and (c) I also am self-employed in addition to working for the firm. My questions are: (1) Since I have ample assets, would it not make sense to immediately start contributing my ENTIRE salary into the 401K until I max out the $20,500 limit? (2) Related to #1, would it not make sense to change my withholding so that nothing is withheld, eg so that the entire amount of my gross is contributed to the 401K? (3) Is there any reason why I should not "roll over" my traditional IRA to the 401K? (4) Am I able to make a contribution to my IRA in addition to my contribution to the 401K? (5) If I don't roll over my IRA, should I convert it to a Roth?
posted on Jul 7, 2007 - 8 answers

Health Savings Accounts (HSA's) ... Can they be used as just another tax-free retirement account after you max out your Roth IRA? [more inside]
posted on May 16, 2007 - 6 answers