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I am buying my first home. I have a roth 401K and want to
I am buying my first home. I have a roth 401K and want to use those funds for the downpayment in the amount of $75,000. I have been reading to transfer it to an IRA and withdraw from that to avoid pen… read more
Bill
Bill
Master's Degree
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What forms are necessary to withdraw funds from a Roth IRA
what forms are necessary to withdraw funds from a Roth IRA due to disability … read more
Tax.appeal.168
Tax.appeal.168
Principal
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I'm looking for a tax attorney. In my divorce 4 years ago, I
I'm looking for a tax attorney. In my divorce 4 years ago, I received, as part of the settlement, 50% of the value of the stocks in my husband's Roth IRA via a direct trustee to trustee transfer. I al… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,440 satisfied customers
I am doing my taxes. and last year I took a hardship
I am doing my taxes . and last year I took a hardship withdrawal to pay closing costs and down on a home . Some of the money was pulled from pretax dollars and some from after tax dollars (roth) . My … read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I am considering withdrawing money from my Roth IRA. I am 52
I am considering withdrawing money from my Roth IRA. I am 52 years old and do not meet any of the exemptions for withdrawing without a penalty. My question is what is the impact for me by withdrawing … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
This question is for someone familiar with IRAs, namely Roth
This question is for someone familiar with IRAs, namely Roth IRAs. My Roth IRA has gold coins, with bid value now 13648, it was open in Dec 2008, and paid 11300 then. If I close the IRA, will the 10% … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
In 2009, we closed our Roth IRA and received the money that
In 2009, we closed our Roth IRA and received the money that was left in the acccount. We lost money with this investment. Now the IRS wants payment for early distribution. How do I correct this? Is th… read more
Tax.appeal.168
Tax.appeal.168
Principal
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My husband has a whole life insurance policy that was opened
My husband has a whole life insurance policy that was opened for him when he was very young after his mother passed away. We recently just opened term life policies for each other and were thinking ab… read more
Anne
Anne
Master Tax Preparer
3,422 satisfied customers
on a roth Ira distribution If I set this Roth Ira up and
on a roth Ira distribution: If I set this Roth Ira up and made 25.00 a month contributions (after tax dollars) and then see I was losing money and decided to close it, I would report the true basis (c… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
I am considering converting my regular IRA to a Roth IRA.
I am considering converting my regular IRA to a Roth IRA. Can I use the cash that I converted to pay the taxes that would be due. Example .. I convert 1 million dollars to a Roth this year (2010). Nex… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
I have an roth ira account. It is not a lot - about $4600.00
I have an roth ira account. It is not a lot - about $4600.00 - and since I have openned it, in 03/2007, I had losses in about $ 2700.00, through a "wrong" investment I made. And now with all this econ… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
I have two finance questions. 1) I am 59 1/2 and have had a
I have two finance questions. 1) I am 59 1/2 and have had a Roth IRA for 10 years. My wife is listed along with me as owners. Do we both have to be 59 1/2 to withdraw the the entire funds? 2) My wife … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I will have over 25,000 in deductions for school, health care
I will have over 25,000 in deductions for school, health care and property taxes. i am unemployed and have been living off of savings so i have no income (some itnerest) to claim for 2009. i have mone… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I closed on my first home on August 4th. Can I still withdraw
I closed on my first home on August 4th. Can I still withdraw funds from my Roth IRA to pay for closing costs that I incurred? The IRS allows a 120-day window from the day the home was purchased. But … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My question I recently (late 2008) rolled over all funds from
My question: I recently (late 2008) rolled over all funds from my AZ state retirement account into a traditional IRA, having quit my job and moved away from Arizona. I now reside in TN. I'm preparing … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,440 satisfied customers
Do I have to pay taxes on Roth Ira that I took out in ...
Do I have to pay taxes on Roth Ira that I took out in 2003 & I cashed it in 2007. I''m 68 yrs old & would like to know. Also on an regular Ira? My income is low & I would like to know if you could let… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I have a roth ira and may need to cash it out early.
I have a roth ira and may need to cash it out early. It's value is ~$11,000. I have not added to it recently. I was wondering what my tax hit would be?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
I have a Roth IRA that I opened in 1998 and made $1000 ...
I have a Roth IRA that I opened in 1998 and made $1000 deposits in 1998, 1999 and 2002. I recently liquidated the brokerage that the IRA was held in because I didn't want to pay the $40 annual fee sin… read more
Dennis Cook
Dennis Cook
Tax Accountant / Business Consultant
Bachelor Degree
40 satisfied customers
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