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In 2017 I took money out of my IRA. In completing my 2017
In 2017 I took money out of my IRA. In completing my 2017 tax form 8606 line 6, it appears to want me to state the total value of my IRA at the end of 2017, then uses this to calculate more taxes. Is … read more
Bill
Bill
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I am over 65 and still working part time. I have contributed
I am over 65 and still working part time. I have contributed to my 401K. Inside the 401 I designated all contributions to be post tax Roth since 2012. I am also getting a distribution from an annuity … read more
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I am a beneficiary of many payouts I received in 2015 due to
I am a beneficiary of many payouts I received in 2015 due to the death of my grandmother. If I have a 1099-R with the IRA/SEP/SIMPLE box checked, and the "taxable amount not determined" box (2b) check… read more
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I retired in mid-2010 and had my savings transferred to an
I retired in mid-2010 and had my savings transferred to an IRA with Amerprise Trust Company. All of this was pre-tax money with the exception of a relatively sizable amount that was already taxed. It … read more
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My wife changed jobs in 2002. The money that she had in a
My wife changed jobs in 2002. The money that she had in a 401K was rolled into an IRA. Then she chagned jobs again in 2003, and the money she had in a 401K with that employer was rolled into an IRA. W… read more
Expert
Expert
Form 8606 question. My wife inherited an IRA (traditional)
Form 8606 question. My wife inherited an IRA (traditional) from her father in 2013, with no basis. Distributions from the inherited IRA have resulted in disqualification of traditional IRA contributio… read more
Lane
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JD, MBA, CFP, CRPS
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My wife inherited an IRA from her aunt that passed away 4/4/12.
My wife inherited an IRA from her aunt that passed away 4/4/12. She received the full amount via distribution. The majority of IRA amount was from th original amount the aunt started with when she ope… read more
Lev
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I am 64 years old. I am retired and have current taxable income
I am 64 years old. I am retired and have current taxable income of about $68,000 per year. I have a total of $203,000 in 6 separate Traditional IRA CD's; the CD's have maturity dates over the next 3 y… read more
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I am 59 1/2. I want to withdraw from my IRA to pay debts.
I am 59 1/2. I want to withdraw from my IRA to pay debts. I will have to pay 20% of the withdrawal in taxes. How can I minimize the tax burden?… read more
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I inherited some Mutual funds and Iras from my mothers estate,
I inherited some Mutual funds and Ira's from my mothers estate, I cashed out the IRA'S and the Mutual funds, none were ROTH IRA's. Is the income I received from these cashed out accounts considered in… read more
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Bill
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I make over 120K/ annually. I max out my 403b contribution
I make over 120K/ annually. I max out my 403b contribution $16,500 annually and my company also puts aside money for my retirement in a 401A defined benefit plan. I would like to put money into an IRA… read more
Bill
Bill
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I made after-tax contributions of $2000 each to my IRA over
I made "after-tax" contributions of $2000 each to my IRA over a 5 year span in the 1990's. Can I with draw those 5 payments ($10,000) from my IRA without tax or penalty consequence?… read more
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I changed jobs several years ago from a company that had a
I changed jobs several years ago from a company that had a cap on the non-taxable amount you could contribute to the 401K. Since we had no kids and wanted to get ahead on our saving, I contributed mor… read more
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I received a 1099 r as a result of my father passing away
I received a 1099 r as a result of my father passing away and his ira being transfered to me. Is there anyway to avoid paying taxes on this?… read more
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Bill
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I am 65. I withdrew short-term capital gains from my nondeductible
I am 65. I withdrew short-term capital gains from my nondeductible IRA account (my contributions were all non deductible). Can I use prior short-term capital losses outside the IRA to offset the withd… read more
RD
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I have only one IRA account with a basis of $39,000 (nondeductible
I have only one IRA account with a basis of $39,000 (nondeductible contributions of $39,000) The value of the account dropped to $30,000 and I withdraw that amount in March 2008 without closing the IR… read more
Bill
Bill
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My mom, 74 year old retiree, cashed in an IRA in 2006, initally
My mom, 74 year old retiree, cashed in an IRA in 2006, initally the investment was made with a cash payment of child support received from her ex in 1985-6, which he would have reported as income and … read more
MequonCPA
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Master's Degree
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My wife and I took an early distribution from our ROTH ...
My wife and I took an early distribution from our ROTH IRA in 2005 totalling $15,500. This is less than our contibution (basis) over 5 years. Do we have to pay a penalty or taxes on it when filing our… read more
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