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Recent Roth IRA questions

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 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
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

9,856 satisfied customers
I am 58 years old and retired from the military in late

I am 58 years old and retired from the military in late 2014. My pension is enough to support my wife and I in our current standard of living. While in the military, I invested in the Thrift Savings Plan (TSP) and currently have just short of $100K in it (non-Roth). Since I am no longer in government service, I cannot contribute to the TSP. I am basically just sitting here and watching it grow (or shrink). I am considering rolling the entire amount over into either investment funds, IRA (traditional or Roth), etc. I am just not sure which way to go with it and what the repercussions might be. I do eventually want to use some of the money to travel abroad while we are still young enough to do it. Do you have any recommendations?

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TaxRobin

Vocational, Technical or Trade School

23,218 satisfied customers
I received 1099-R for 2016. I'm not positive but think that

I received 1099-R for 2016. I'm not positive but think that this Sep IRA transfer was custodian- to-custodian. Questions: 1) If it WAS a direct transfer then is this a non-taxable event and nothing to report on tax return 2) Box 7 has code 1 in it. Does that verify custodian to custodian transfer or do i need to call one of the custodians to verify whether it was a direct transfer or a check cut to me which I turned around and sent the same amount of money to the second custodian within 60 days (rollover)?

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Emilee Weaver

Controller

Masters of Professional Accounting

82 satisfied customers
Regarding my Roth IRA, on December 9th of last year my then

Hi, regarding my Roth IRA, on December 9th of last year my then LinkedIn shares were sold as I believe Microsoft bought them (bought the company LinkedIn) and I was provided a cashout that was put into my account as cash essentially, and at a bit of a loss. Can I withdraw that cashed out amount from this transaction without penalty? I'm under 59 1/2 by the way. Thanks. Robert

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ABC Accounting Group

Bachelor's Degree

686 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!

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Mark Taylor

Certified Public Accountant

Masters

3,300 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

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,448 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?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,856 satisfied customers
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