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Recent IRA questions

The company I work for is about to get bought out. I have a

the company I work for is about to get bought out. I have a large amount in my employee stock purchase plan as well as a large amount in my 401K. I am worried first about my stock purchase plan. I am assuming one the purchase goes thru, my current stock is done and the amount will not drop or lose anything at the time of the buyout? I have more questions but this is a starting point.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: just my 401K will be diverted to a State Street Target fund.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,448 satisfied customers
I am curious in investing with my Roth IRA. I have a few

I am curious in investing with my Roth IRA. I have a few questions.* I will need to set up a Roth IRA llc account, which depending on the state pay those state fees. Along with a bank account in that LLC name?* If a property's cost is (purchase price, rehab, and closing fees) more than what is in my Roth can I bring in other investors (roth llc accounts). Who is limited in investing in this property. Note most properties will be purchased from a third party that is not related to any of the investors?* same question as above but the property is owned by myself or a direct relative of mine?

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Lev

Retired

Bachelor's Degree Equivalent

24,344 satisfied customers
I have a Sep IRA and would like to know how many

I have a Sep IRA and would like to know how many trustee-to-trustee transfers am I allowed in a calendar year?

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Lev

Retired

Bachelor's Degree Equivalent

24,344 satisfied customers
Can I withdraw money from my IRA to do advanced flight

Can I withdraw money from my IRA to do advanced flight training for a career change to being a professional pilot and avoid the 10% penalty. I do understand that it is not a tax deductable, but I am asking if I can avoid the penalty similar to withdrawing the money for college?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,448 satisfied customers
I have an individual IRA, not through my job. I am 50 and

I have an individual IRA, not through my job. I am 50 and unmarried. It's my understanding that I can only put 5500$ into this IRA per year. Is this correct? If so could I invest more into my retirement through a Roth IRA, or maybe some other investment vehicle? ThanksJames

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Mark Taylor

Certified Public Accountant

Masters

3,300 satisfied customers
I just changed employers, and have the option of whether to

I just changed employers, and have the option of whether to rollover my 401k. I would like to liquidate it and take the cash. I am preretirement so I accept the early withdrawal penalty. In my second 401k I have a stick that has a 60k longterm loss. If I liquidate that specific stock will its capital loss reduce my 401k tax burden? And do I liquidate the whole position or just part of it?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Nope that's it

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,448 satisfied customers
I have a 401(k) with my employer. I am returning to India

I have a 401(k) with my employer. I am returning to India and would like to withdraw the same completely and am ok with a tax deduction. I currently have around 17k in my account. Since I will continue with the same company in India, I do not think I can withdraw directly from the 401(k) fund. What is the best way for me to get the money in my pocket. I do not want to move the money to do additional trading etc and would like to use my funds. How much tax (amount) would I lose from this 17k? To what account do I need to convert my 401(k) so that I can withdraw the lumpsum. I am 36 years old.

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Mark Taylor

Certified Public Accountant

Masters

3,300 satisfied customers
Simple IRA - 60 Days (applicable) back to a regular IRA. Can

Simple IRA - 60 Days (applicable) back to a regular IRA. Can I do it?During the year I had anticipated a large loss on the sale of real estate. So I transferred funds out of my Simple IRA and rolled the funds into a Roth. Was a good plan at the time. Did not do my homework correctly and did not have loss to the extent I thought I would. So now I don't have the large loss to offset the Simple withdrawal (rolled over to a Roth). I am still a very quickly diminishing window of time to transfer back to a IRA. Question - can I do this? Does the 60 day rule apply to Simple IRAs ? I want to go from Simple IRA - to a Roth - to a Regular IRA all within the 60days and not be subject to tax.I appreciate your opinion and related documentation. I have found research material that gives me hope as well as constriction to being able to do this.Thank you in advance

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,874 satisfied customers
Mr. Lane-You answered my question about my roll over

Mr. Lane-You answered my question about my roll over dismemberment yesterday. Key points:I received a $36900 diversification check from my company's ESOP in December. It was issued on 12/16/16. I had the check sent to me and I deposited into my personal checking account. I want to roll over $25000 into an IRA with E-Trade. I have the IRA account set up. (I know that I will have to pay a penalty and the appropriate tax on the $11,900 that I am not rolling over.) E-Trade says to send them a check for $25000 and put in the note section "60 Day Rollover" and they will put it into the IRA.My questions are:1) Does this recommended process by E-Trade seem to be the correct process for making sure that I avoid the 10% penalty and taxes on the $25000 portion that I am rolling over?2) How will I report to the IRS that I rolled this portion over on my 2016 taxes?3) Do you recommend a better way to do this since I have already deposited the check into my personal account.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,448 satisfied customers
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