401ks & IRAs

Do I Report a Roth IRA Contribution on a 1040?
Do I Report a Roth IRA Contribution on a 1040?

Although the IRS generally wants you to report nearly all of your financial dealings on your Form 1040, contributions to a Roth IRA do not have to be reported when you file taxes. Understanding your reporting responsibilities will help ensure that you don't incur any penalties ...

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Can I Use a 403(b) Retirement for a Mortgage Down Payment?
Can I Use a 403(b) Retirement for a Mortgage Down Payment?

Scraping together enough money for a home down payment can be challenging, especially if you're moving to a larger home or haven't built up much equity in your prior home. However, you might be able ...Read More

How to Document Traditional IRA Contributions for Taxes
How to Document Traditional IRA Contributions for Taxes

One of the chief attractions of the traditional IRA is that you can usually deduct the amount of your contributions when you file your tax return for the year, reducing your adjusted gross income. ...Read More

How to Withdraw From a SEP IRA
How to Withdraw From a SEP IRA

Contributions to a SEP-IRA come directly from the employer. In fact, the company can put up to 25 percent of your salary into a SEP. When it comes to withdrawals, however, the rules are identical to ...Read More

Who Is an IRA Transfer Custodian?
Who Is an IRA Transfer Custodian?

An IRA custodian is a bank or qualifying financial institution responsible for managing retirement accounts for individuals. In a situation where funds are being transferred between eligible ...Read More

Tax Implications for Transferring an IRA CD to a Regular CD
Tax Implications for Transferring an IRA CD to a Regular CD

If you have retirement money invested in a tax-deferred individual retirement account (IRA), you may have some or all or some of those funds in certificates of deposit (CDs). Any shift of funds from ...Read More

Tax Breaks on IRA Deposits
Tax Breaks on IRA Deposits

Individual retirement accounts qualify for several tax benefits. Unlike employer plans, the contributions aren't taken out of your paycheck, so you must proactively claim the tax breaks on your tax ...Read More

Can I Draw From a 401(k) for a Home Purchase Without Being Penalized With Taxes?
Can I Draw From a 401(k) for a Home Purchase Without Being Penalized With Taxes?

Getting money out of your 401(k) retirement plan to buy a house without a large tax consequence is a bit tricky, but it can be done. The IRS permits early distributions from certain plans ...Read More

How to Roll Over a 401(k) After You've Left Your Job
How to Roll Over a 401(k) After You've Left Your Job

Usually, you can't touch your 401(k) money until you turn 59 1/2 years old. However, if you leave your employer, you're allowed to take distributions. You can continue the money's tax-sheltered ...Read More

Is a Bond Fund Suitable for an IRA?
Is a Bond Fund Suitable for an IRA?

One of the major benefits of stashing some of your retirement money in an individual retirement account is the ability to grow your investments on a tax-deferred basis. You get this tax-deferred ...Read More

Roth IRA vs. SEP if Self-Employed
Roth IRA vs. SEP if Self-Employed

If you're self-employed, you have a few options for funding retirement. A SEP-IRA allows you to contribute up to 25 percent of your earnings, up to $55,000, while the limits on a Roth IRA are $5,500 ...Read More

I Closed an IRA Account: When Do I Pay Taxes on That Money?
I Closed an IRA Account: When Do I Pay Taxes on That Money?

Traditional individual retirement accounts are pre-tax vehicles, meaning the money you put into them has never been taxed. If you close your IRA, you're generally liable for income tax on the entire ...Read More

When Calculating Value for Stocks, Should You Use the Date of Death or 6 Months After?
When Calculating Value for Stocks, Should You Use the Date of Death or 6 Months After?

When you inherit stock, your basis for the stock changes to the value as of the valuation date. The valuation makes a big difference in the amount of taxes you'll pay when you sell the stock. The ...Read More

Can You Invest a 401(k) in Day Trading?
Can You Invest a 401(k) in Day Trading?

When you have a 401(k) retirement plan, you are in charge of managing your investments. It is up to you to decide the best places for your money. Because of this control, you can use your 401(k) to ...Read More

Can You Change the Beneficiaries of an IRA Account?
Can You Change the Beneficiaries of an IRA Account?

An individual retirement account is one of many options for retirement savings. An inherited IRA is a special account in which you can designate beneficiaries to receive distributions and ...Read More