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 ...
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
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
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
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
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
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
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
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
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
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
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 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
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
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