IRA
401k Loan Must Be Paid Back Or Face Tax Consequences
A 401k loan must be paid back in 60 days or the IRS will look at is as a 401k distribution and you will have to pay taxes and penalties. You have to find a way to pay back a 401k loan within 60 days. To avoid paying penalties on a 401k loan, you should avoid taking 401k loans and consider rolling over the rest of your 401k into an IRA. Don’t get stuck paying penalties on a 401k loan.
Contributing to a Roth IRA If Your Company Makes An ESOP Contribution To Your Retirement Account
Can you still contribute to a Roth IRA if your company makes an ESOP contribution to your retirement account? A reader wants to know if there are any limitations on contributing to a Roth IRA even though she gets stock from an ESOP account and has a 401(k).
Buy A Home Using IRA Funds And IRA Penalties for Early Withdrawal Can Be Avoided
IRA penalties for early withdrawals can be avoided. You can withdraw up to $10,000 from an IRA without paying a penalty. But the withdrawal can’t be for more than $10,000, there can be IRA penalties for withdrawal. First time home buyers can withdraw money for their down payments without penalty if they are over the age of 59 1/2. However, IRA penalties for withdrawals will be triggered if you withdraw more than $10,000 or you are under the age of 59 1/2. First-time home buyers may want to take advantage of the IRA withdrawal rules, even if they have to pay taxes.
Ilyce Glink Show on WSB Radio — August 30, 2009
Today on the Ilyce Glink Show, Ilyce discussed the latest news about Taylor Bean and Whitaker. What’s happening with this bank? Where can customers go to get information about their loans? Why is their so much confusion with the Taylor Bean and Whitaker situation? Visit our updates for more information about Taylor Bean and Whitaker. What are other banks that are in trouble doing to improve their balance sheets and how does it affect the customers? Ilyce also took questions from callers about self-directed IRAs and their Roth IRAs and gift limits to invest in a Roth IRA. For more show notes and helpful links, visit Ilyce’s blog
Tax Treatment of Inherited IRA: Subject To Taxes
If you inherit an IRA account, you have some choices with what to do with the money and the tax treatment you receive from teh IRS. In some cases, if you do nothing, your money will be subject to federal income taxes. If you roll the money over into a new IRA account you can avoid paying taxes right away. If you take all the money out right away, you will have to pay taxes on the full amount as income.
Ilyce Glink on WSB Radio – May 24, 2009
Today on the Ilyce Glink Show, Ilyce took questions from callers, like one about the IRA conversion change. She also talked about the new credit card legislation and what it might mean for consumers. For more show notes, and details on special discounts, check out Ilyce’s blog.
New Changes For Roth IRAs
A law signed in 2006 brings changes to Roth IRA law. While the amount you earn to open up a Roth IRA will not change, anyone can open a non-deductible IRA account, contribute to it and convert it to a Roth IRA in 2010. Whether you’re looking at a Roth or traditional IRA, you should never cap the amount you save for retirement.
Move IRA To Avoid Maintenance Fee?
Most investment companies charge something for holding IRA accounts. If you’re considering moving your IRA accounts, look for a company with a low holding fee. But if you like the way your accounts are performing at a company with a higher fee, it might not be necessary to move them.
What To Do With Old 401(k)
If you start a new job, you’re new employer may not accept a 401(k) rollover from your previous employer. One option is to roll your 401(k) into a self-directed IRA. If your 401(k) has done well, you may be able to leave it with your old employer.
