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Recent Traditional IRA questions

Is there any way possible to get a loan using my IRA

Is there any way possible to get a loan using my IRA account, either as a direct loan on the IRA account itself, or some other way that I could get a loan using my IRA for collateral?

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Lev

Retired

Bachelor's Degree Equivalent

24,904 satisfied customers
My mom is 58 years old, her company offers no 401K and she

My mom is 58 years old, her company offers no 401K and she makes only > $40K per year. I want to help her and was contemplating to open a Fidelity ROTH IRA account. I want to motivate her to start investing even if she's old, at least have extra money, I will manage the account myself using a good asset allocation base on Ray Dalio's all weather strategy. Question is that ROTH IRA the best approach? I appreciate your input. Thanks

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,188 satisfied customers
I'll turn 70-1/2 on June 5, 2017. I am required to take a

I'll turn 70-1/2 on June 5, 2017. I am required to take a RMD from my Traditional IRAs. Since this will be my first RMD, I have until April 1, 2018, to do that. Is it permissible to take part of the RMD in 2017 and the balance in 2018? Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,188 satisfied customers
I quit my job of 17 years to pursue other things. I have not

I quit my job of 17 years to pursue other things. I have not yet decided where to work but transamerica called me asking what I wanted to do about my 401k with that company. The most likely company I may go to work for has their own retirement program and no 401k. Transamerica said I could leave it alone but suggested I put it into an IRA with them. What are my best options on what to do with it?

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TaxRobin

Vocational, Technical or Trade School

24,226 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

3,376 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

3,376 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

24,226 satisfied customers
I am self employed and made over $300,000 in 2016. I

I am self employed and made over $300,000 in 2016. I contributed to my IRA and my wife's IRA in December. My wife started a part time job in 2016, but she was not eligible for healthcare or the retirement plan. Yet, her W-2 came in with the retirement plan box 12 checked. My tax program denied the tax deduction completely. Question is the limit on non-deductible IRA contributions the same. In other words, I can leave the contribution in our IRA accounts, but I do not get the tax deduction. We contributed $6,500 for me and $5,500 for my wife ( who is not yet 50 ). Thanks for your help.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,188 satisfied customers
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.

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TaxRobin

Vocational, Technical or Trade School

24,226 satisfied customers
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