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I want to maximize my tax saving I recently started to
I want to maximize my tax saving I recently started to invest in my retirement account and I dont know what would be the best scenario to have the best tax saving … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
ROTH 401k questions 1. Is the $18,000 amount the after tax
ROTH 401k questions1. Is the $18,000 amount the after tax amount you can put it or it is whatever's left of the $18,000 after taxes?2. When you put in your contribution amount is the % based off your … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,394 satisfied customers
2016 retirement contributions Husband gross W-2 $190k,
2016 retirement contributions Husband gross W-2 $190k, covered by 403b Wife $10k net from schedule C; no W-2 What are our options for contributions? IRA SEP Can we choose Roth or not for each/either? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
I am 67 my wife is 68. I am still working and continuing to
I am 67 my wife is 68. I am still working and continuing to contribute to my 401K...my wife is retired and has never had a 401K. We are both drawing the maximum amount of social security possible...wi… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
I am retired, age 72 and I work PRN. I'm considering
I am retired, age 72 and I work PRN. I'm considering contributing to an IRA at work since I work most of the year. I have IRAs that I do take my RMDs. Can I still sign up for 401(k)? I assume I will n… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
I am 100% disabled veteran. I also collect SS disability and
I am 100% disabled veteran. I also collect SS disability and retirement. Can I contribute to my IRA or Roth account? I have been advised that I can but can not find information in the tax guides avail… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
Im 64, recently paid off my mortgage and want to put the
Customer: ***** *****, im 64, recently paid off my mortgage and want to put the same amount as my monthly payments in an IRA, i already have one at work. I intend to retire at 73. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I was 70 1/2 years old in August 2015. I am still working.
I was 70 1/2 years old in August 2015. I am still working. Every year I make the maximum contribution to an IRA. I hear that I need to start taking distributions soon. When do I need to do that? What … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
NON-DEDUCTIBLE IRA: HUSBAND AND WIFE, BOTH AGE 40, FILE A
NON-DEDUCTIBLE IRA: HUSBAND AND WIFE, BOTH AGE 40, FILE A JOINT RETURN. HUSBAND PARTICIPATES IN HIS EMPLOYER ROTH 401K AND WIFE PARTICIPATES IN HER EMPLOYER 401K. YEAR 2015 AGI = $250,000. PLENTY OF E… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am over 70 1/2 and still working and contributing to a
I am over 70 1/2 and still working and contributing to a 401K. Can I transfer up to $6500 from my savings account to a regular IRA that was previously created with rollover funds from another 401K wit… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
I have just recently retired this summer, and have not yet
I have just recently retired this summer, and have not yet started taking Social Security. My questions mainly involve what the rules are regarding IRA contributions. My "working " income for the year… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
In 2014 I contributed the max $5500 to a Roth IRA thinking
In 2014 I contributed the max $5500 to a Roth IRA thinking I would make less than $100k year. It turns out I made $130k which disqualifies me IRA. Turbotax is advising me to take a distribution of the… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
hi if a person has a 401K at work can you still fund your
hi if a person has a 401K at work can you still fund your own roth with an online brokerage acct. can you do a tax deductible and an after tax the same year… read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,178 satisfied customers
I retired from federal government employment this year. I had
I retired from federal government employment this year. I had been using the Federal Thrift Savings Plan to defer income, which allowed me to defer up to $22,500 per year. Now that I am retired I can … read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
Hello, I do not have a qualified 401K plan at work, and exceed
Hello, I do not have a qualified 401K plan at work, and exceed the maximum household income to contribute to a Roth IRA. Can I contribute $5000 after tax funds to a traditional IRA, file the 8606 for … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
I am 67 senior citizen and am collecting Social Security Benefit
I am 67 senior citizen and am collecting Social Security Benefit aboout 2,500.00/month. I am still working full time and contribute 22,000.00/yearly into my 401K. At this time, my 401K worth about 125… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
Hi, I have a full time job with a 401k plan, and also run
Hi, I have a full time job with a 401k plan, and also run a personal business unrelated to my job. I'm currently contributing full amount to my employer 401k plan. The personal business money typicall… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
I have made 401K contribution for 2009 so far of the year of
I have made 401K contribution for 2009 so far of the year of about 15,000$ and now I have opened another SEP IRA account with 4800$ and Roth IRA with 4500$. 1. Am I crossing the contribution limits fo… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
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