Join the 9 million people who found a smarter way to get Expert help

Recent IRA questions

I have a couple of questions on taxes, 1- is commisions paid

good morning i have a couple of questions on taxes, 1- is commisions paid on trades in a traditional ira account tax deductable for the current year , how about profits or losses? 2- i am trying to fill out 1099 forms for non employee compensation on turbo tax they ask for state id (ca) is that same as social or tax id Number. 3- business vehicle , can i use standard deduction on miles in previous years didnt have that deduction on my tax returns.

Read more

TaxRobin

Vocational, Technical or Trade School

22,384 satisfied customers
I am a retired dentist and do draw SS, but while employed, I

I am a retired dentist and do draw SS, but while employed, I have ceased taking any SEP-IRA withdrawals because our wonderful Feds want to tax my SS. I went back to work part-time as an employee (not as a self-employed worker) of a friend, to help out 1.5 days per week and when he is out of town. I must fill out a new form to take taxes out of my earnings and I wish to know which category to select for the MOST taxes to be removed. Just my wife and I. Is it married with zero, or single with zero, or what? Also, is there any age (I am now 75) where the Feds do not tax my SS for earnings? Is there any way I can contribute to my SEP, or ANYTHING to reduce my taxes? Thanks.

Read more

ABC Accounting Group

Bachelor's Degree

512 satisfied customers
I would like to fund a portion of my down payment for

I would like to fund a portion of my down payment for purchase of a home in the US. I have a traditional IRA and a Roth IRA.Am I limited to withdrawing $10,000 from each account without tax consequence? Or is it $10,000 from the amount the total of what is in both accounts?My Roth only has $11,535.46 in it. My contributions total $10,537.40. The rest are earnings, dividends, etc. Can I withdraw $10,000 from this account without a tax consequences? This is the first purchase of a home for me.I wouldn't close on the home until Jan 2017, so I assume the tax consequence, if any, would not occur until I file in 2018. Is that correct?Thanks in advance!

Read more

Mark Taylor

Certified Public Accountant

Masters

2,642 satisfied customers
I am contemplating taking my IRA out of stocks and put into

I am contemplating taking my IRA out of stocks and put into reserve until I see what 2017 will bring. I lost half my portfolio in 99/2000 and am not feeling too great about what I'm reading regarding the new president. So is it ok to do this or is this silly?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
I have a question about roth IRA for non working spouse. I

Hello,I have a question about backdoor roth IRA for non working spouse.I am a married self employed physician with high income. My wife had a job early this year but quit in the summer to take care if our newborn baby. She is currently unemployed.I started a solo 401K plan where i contributed 53k for 2016 (I am the only employee of my own LLC , filing as S corp)I also opened a non deductible IRA under my name and converted 5500$ to Roth IRA for 2016 (I do not have other IRA accounts)We file our taxes jointly.this is the first year we will be filing with her not having a job.1. Can she be listed as a dependent for 2016 since she is currently unemployed or no because she earned income in early 2016 ?Her last job had a 401k plan with Principal, which was automatically converted to an IRA saving account when she left. It's only 4200$ in total. We were hoping to contribute to a backdoor roth for her as well, another $5500 for 2016. I read about the pro rata rule and how this could affect other IRAs account but does the fact that she is currently unemployed make us avoid that problem ? If we proceeded with a new backdoor IRA account at another company from after tax money, how will this affect those 4200$ and how much will we owe in taxes if any when we file our returns ?Thank you

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
This question is for Lane Only.... Plan to take profits from

This question is for Lane Only....Hello....Plan to take profits from IRA Vanguard account....for tax purposes would it be best to sell shares lets say Jan. 1 and defer taxes....not have them deducted now and wait until filing 2017 since the Trump tax rate will be lower by year end 2017? If I have taxes deducted in January with deduction the rate may be higher? Hope my question makes sense....

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
Can My son claim me as dependent? I live with him and he

Can My son claim me as dependent? I live with him and he pays close to 100% of my expenses.I made around $45,000 in capital gains in year 2016. I have $60,000 in capital losses from previous years.I received a lump sum from my pension plan for around $46,000 this week. I will rollover the entire amount into an IRA. Should I rollover this week or wait to do it in 2017? Or does it matter since I have 60 days? I believe to be claimed as dependent I should have earned less than $4,000.What line # on form 1040 is my income that should not exceed $4,000?Somewhere on form 1040 I should say the money was rolled over and I will be claimed as an dependent.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
G! I was wondering if you could tell me if these fees seem

Hi Stephen G! I was wondering if you could tell me if these fees seem in line that we were charged for our Roth IRA through our accountant? Bot***** *****ne is we don't have much but are trying to play catch up! I asked for an "Investment Analysis" of our investments with them that they are managing. I have no idea what they do, just that we both have an IRA account with them. We transferred it to them to manage in mid 2014. I just got the report and don't know whether we are doing good or bad! Our contributions are $540/month for each of us and we transferred $19,000 to them in 2014. So since that time the bot***** *****ne of the analysis is we contributed $72,000. Market value is now $76,000 for a "net gain/loss of fees of $4300. The fees for that time period were $1150. On the monthly contributions we paid $195 in 2014 on $4320 for my IRA. $255 on $6480 in 2015 and $306 on $5940 in 2106. My wife paid $310 on $5500 in 2016. If that makes any sense to you (it doesn't to me!) are we being charged fairly?

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,404 satisfied customers
I'm looking for some assistance with self directed IRA's. I

Hi, I'm looking for some assistance with self directed IRA's. I have a small 18k IRA with Vanguard. I want to move that account to a self directed IRA and invest the money with a lending group. How do I go about this and what type of IRA do I have/need?Should I continue to contribute to an IRA? I'm 67, retired and have an annual income of $115,000. I live on and pay taxes with +/- $80k of my income and re-invest the remainder of my income. I'm debt free and all my assets are invested. My net worth is $1,180,000 +/- and increasing yearly. My tax rate is +/- 25%. I can't see the tax rate changing in the near future. Will an IRA just defer the same tax liability or reduce my taxes payable? When do I need to begin to withdraw funds from my iRA?Thank you for your help.Best,Robert

Read more

Mark Taylor

Certified Public Accountant

Masters

2,642 satisfied customers
View more finance questions
In The News