Personal finance Archives - 2009 Tax to 2024 Tax

Rules For Roth IRA Withdrawals

May 14, 2021June 27, 2012 by Steve

If I make a partial Roth IRA withdrawal from a converted Roth IRA, will I have to pay taxes on it? That is a question that is often asked by tax payers.

My spouse and I converted most of our Roth IRA a couple years ago, and taxes were paid on it. If we have to, is it possible to withdraw that portion without paying any taxes or penalties? Just a slight technical issue here-any IRAs cannot be owned by two people, even married couples. It belongs to one of you two, and the person with their name on the … Read more at 2009 Tax.

What is a Roth IRA and how can it Benefit You?

May 14, 2021January 16, 2011 by Steve

If you plan to retire, you need to have money to support yourself during retirement. There are several ways to support yourself during retirement. Most individuals will be able to support themselves somewhat with Social Security benefits. Others will also have a pension. Tensions have become less common among the workplace. Finally, you can supplement either type of retirement account with a tax advantage retirement account such as Roth Ira.

What is a Roth Ira? There are two types of individual retirement accounts to begin with. There is the traditional IRA and the Roth IRA. A traditional IRA allows … Read more at 2009 Tax.

Retirement Savings There When You Need It

May 14, 2021January 9, 2011 by Steve

There are times when we find ourselves in financial pinches perhaps an unexpected medical bill or car repair or we could just be going through a rough patch and need some help. These are the times when we should consider a 401k loan because they are different than traditional bank loans in that they come with very low interest rates, there is no credit check and you have longer to pay them back which is done through payroll deductions. Though there are tax implications involved, it still may be your best bet.

All companies are different and have different … Read more at 2009 Tax.

Can You Get A Roth IRA

May 14, 2021December 14, 2010 by Steve

If you’ve been saving for retirement in your companies 401k or retirement program you may have had the thought of starting your own personal retirement account to have more control over. As a result you may have considered a Roth IRA as a suitable way to save that money however their are some Roth qualifications and requirements you will have to follow in order open an account.

First, you will have to meed income limits. In order to open a Roth you will have to earn less than $176,000 adjusted gross income on your taxes or you won’t be able … Read more at 2009 Tax.