401ks & IRAs

More in 401ks & IRAs

How Are Capital Gains and Losses in a 401(k) or Rollover IRA Treated?

Qualified retirement accounts, such as individual retirement arrangements and 401(k)s, offer tax-sheltered savings, which means the Internal Revenue Service has to keep its paws off the capital gains in your accounts until you take distributions. Whether the money sits in a ...

Can an Individual Make Both IRA & Simple IRA Contributions?

Savings Incentive Match Plan for Employees (SIMPLE) individual retirement accounts are employer-sponsored plans offered through small businesses. You can participate in a SIMPLE IRA and make contributions to a traditional IRA. However, your income level and your involvement in ...

Can I Make a SEP IRA Contribution & a Traditional IRA Contribution in Same Year?

SEP IRAs are often utilized by the self-employed, but anyone with a business can use this tax-advantaged retirement vehicle. You can contribute to both a SEP IRA and a traditional IRA in the same year, but there are some factors to consider. Contribution limits can vary based on ...

Can I Contribute to Someone Else's IRA?

The sooner you make contributions to an individual retirement arrangement, the longer the money can take advantage of tax-deferred growth within the account before you take it out at retirement. If you have extra money and want to contribute to another person's IRA, it is ...

How to Report a Roth IRA Conversion

How you report your Roth IRA conversion depends on whether you converted the money from a pretax IRA such as a traditional IRA or an employer plan such as a 401(k) or 403(b). At the end of the year, you'll receive an IRS Form 1099-R that shows you how much you took out of your ...

Can a Roth IRA Be Opened If You Are on Social Security?

Individual retirement accounts were first authorized by Congress in 1974 to provide self-employed individuals, and others who were not covered by a qualified retirement plan at work, with a means of setting aside a portion of their earnings in a tax-advantaged account. Congress ...

Are 401(k) Contributions Above-the-Line Deductions?

Using a 401(k) plan for retirement savings allows you to postpone paying taxes on your income, up to the annual limits, until you take distributions from the plan. In most cases, your 401(k) contributions won't be an above-the-line deduction, or even reported on your taxes at ...

Should an IRA Received From an Estate Be Entered in Form 1041?

Leaving an individual retirement account to an estate is not a great idea. For one thing, it subjects the IRA to costly and time-consuming probate proceedings that could have been avoided by the naming of a non-estate beneficiary. In probate court, the assets in the IRA are ...

Can I Max Both a 401(k) & an IRA?

Taking advantage of multiple types of qualified retirement plans, such as 401(k)s and individual retirement accounts, allows you to save more tax-sheltered money for the future. If you work for a company that offers a 401(k) plan, contributing to the 401(k) won't affect your ...

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