I'm looking into using a "Roth conversion ladder" to periodically convert some of my money from a traditional IRA to a Roth IRA, which I can then withdraw five years later in a tax-advantaged manner, despite being younger than the typical age to withdraw funds from IRAs. I have several questions about this. [more inside]
I am one of the thousands of Americans who live overseas and because of ludicrously low incomes have never gotten it together to file taxes in the USA. Zero of my USA friends here are filing taxes in America. I suddenly co-own a business but their accountant does not do expat taxes. How to go about this smoothly would be a delight. I am currently being quoted £500 for each tax year preparation.
If I prepaid taxes on a Roth conversion then recharacterized back to a traditional IRA, how do the taxes I paid work? [more inside]
"Consult your tax advisor about your particular situation. " Hmpf. As if everyone has a tax advisor at their fingertips. So... I thought MeFi would be just as helpful. :-) After lots of thought, we would like to take an early distribution from an IRA for the downpayment on a house. Anyone here on MeFi have any experience with or specific knowledge of this type of distribution? Not looking for advice on whether we should or shouldn't do this; we have a pretty good nest-egg and believe this distribution is for the right reason, at the right time. [more inside]
I had two orphan 401(k) plans from old jobs that I rolled over into my (traditional) IRA this year. When I do my 2013 taxes, do I count those as part of my IRA contribution for the year? [more inside]
Hi HiveMind, I'm filing my own taxes for the first time as a recent college graduate (using TurboTax -- so easy!) and I have a question with regards to my Roth IRA account. In 2012, I graduated college and started a business. We didn't open for business until late November and I only paid myself $1,250 for all my work in 2012. I also opened a Roth IRA account and contributed $5,000 for the year. However, according to TurboTax, contributions to an IRA account cannot exceed earned income. My question: can I simply report a $1,250 contribution to the IRA on my taxes and leave the $5,000 in the IRA? Will this get me in trouble? Should I merely take out the $3,750 and invest it in a different account? If noticed, could I just plead ignorance as my first time filing? Thanks!
Should I roll over my 401(k) and then convert it immediately to a Roth IRA? [more inside]
My tax preparer reported I contributed more to my Roth IRA than I actually did. Does this matter? [more inside]
Can I keep my Roth IRA if I'm not working anymore? [more inside]
US Tax Filter: How do I report an asset transfer/rollover from an IRA into a 401k to the IRS so that we are not taxed for the amount? I know you are not my tax advisor. [more inside]
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]
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]
I inherited a proportional share (a third or a half, usually) of several small IRA accounts last March. I have yet to actually claim these inheritances or do rollovers for them, so technically they're still under the name of the decedent. Do I have any tax obligations for these for 2007? Does the decedent (meaning do I have to do anything for the decedent's 2007 return)?
I want to buy my first house AND not owe any Federal taxes for 2007...Traditional IRA Perhaps? [more inside]
Did my 401K just blow my IRA deduction out of the water? [more inside]
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]
Are there tax consequences from buying and selling stock within a Roth IRA? [more inside]
Should I open my Roth IRA now and buy what I can afford, or wait until I can afford the minimum investment in the fund I really like? [more inside]
Tax Attorney Filter: I contributed too much to my Roth IRA 3 years in a row. Should I be worried? [more inside]