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  • ROTH IRA ???

    I've got a question regarding transfer of a Roth IRA. I had a Roth IRA closed yesterday so I can transfer the assest to another financial institution. I understand that I will not be assessed any penalties as long as I re-establish a Roth IRA within 60 days. Once I do this, for what year to I place the Roth IRA assest too? 2006? 2005? I'm a little confused about that... any help is greatly appreciated in advance.

    IG

  • #2
    Re: ROTH IRA ???

    check with Trip... he knows his investing..
    I'm Just an old chunk of Coal, But I'm gonna be a DIAMOND some day.





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    • #3
      Re: ROTH IRA ???

      My credentials are that I'm a VP of a bank. Just so you don't think I'm a whacko or I'm going to get you arrested or penalized for misplacing funds.
      You do have 60 days to reinvest your funds. You can place your roth in for 2006 since there's no tax advantage for prior year deposit. A roth IRA, you pay the interest going in, and collect your money tax free at a minimul age of 59 1/2. Cool?
      “I don't look ahead... I keep focused on my next opponent. I am looking forward to my next opponent, I don't think past that point.”
      --Manny Pacquiao



      Big Mike's speach to Congress telling them to phuque off on the steroid ban:

      http://www.moviewavs.com/0049230534/...y/statemnt.mp3





      Fitnessgeared's resident Smart ass

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      • #4
        Re: ROTH IRA ???

        Why can't he put it in for 2005? I thought you had until April 17th to put in money for 2005. There is a $4k limit on how much you can contribute each year, so if you already contributed $4k for 2005 then put it in for 2006.
        NO PAIN, NO GAIN
        KNOW PAIN, KNOW GAIN





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        • #5
          Re: ROTH IRA ???

          Originally posted by supasaiyan99
          Why can't he put it in for 2005? I thought you had until April 17th to put in money for 2005. There is a $4k limit on how much you can contribute each year, so if you already contributed $4k for 2005 then put it in for 2006.
          There's no tax advantage for him to put it in for 2005. If it was a traditional IRA, then he could put in $4000, then use the $4k for a tax deduction. But since it's a Roth, there's no prior year advantage. And since it's a rollover, it doesn't matter.
          “I don't look ahead... I keep focused on my next opponent. I am looking forward to my next opponent, I don't think past that point.”
          --Manny Pacquiao



          Big Mike's speach to Congress telling them to phuque off on the steroid ban:

          http://www.moviewavs.com/0049230534/...y/statemnt.mp3





          Fitnessgeared's resident Smart ass

          Comment


          • #6
            Re: ROTH IRA ???

            ditto angry

            just get it rolled, the govt be real picky about them dates, and penalties

            just to be 100% safe, which is the best way with money, ask your new institution this question

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            • #7
              Re: ROTH IRA ???

              Originally posted by angryoldman
              There's no tax advantage for him to put it in for 2005. If it was a traditional IRA, then he could put in $4000, then use the $4k for a tax deduction. But since it's a Roth, there's no prior year advantage. And since it's a rollover, it doesn't matter.
              I see what you mean. I just look at it as an opportunity to max out more money for 2006 if he put's it in fr 2005.
              NO PAIN, NO GAIN
              KNOW PAIN, KNOW GAIN





              Comment


              • #8
                Re: ROTH IRA ???

                Okay so I put the 20K that I've got from my Roth into a Roth at my new institution. Does that count against the 4K that I can contribute for this year? I already contributed 1K for 2006.

                IG

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                • #9
                  Re: ROTH IRA ???

                  When is the next time that the yearly amount one can put into a Traditional or Roth IRA will be increased.? Isn't the normal increase btwn. $500 and 1000.?



                  Disclaimer: Any information that TestRip7 shares is strictly for entertainment and role playing purposes only. TestRip7 is a fictional character and in no way condones the use of any illegal substances or activities otherwise.

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                  • #10
                    Re: ROTH IRA ???

                    Originally posted by TestRip7
                    When is the next time that the yearly amount one can put into a Traditional or Roth IRA will be increased.? Isn't the normal increase btwn. $500 and 1000.?
                    I believe it's 2008 the amount will go up to 5K annually... there are provisions to increase that amount if your over a certain age...

                    IG

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                    • #11
                      Re: ROTH IRA ???

                      Sweet Deal... I just started a Roth IRA last year.



                      Disclaimer: Any information that TestRip7 shares is strictly for entertainment and role playing purposes only. TestRip7 is a fictional character and in no way condones the use of any illegal substances or activities otherwise.

                      Comment


                      • #12
                        Re: ROTH IRA ???

                        Originally posted by Iron_Gook
                        I believe it's 2008 the amount will go up to 5K annually... there are provisions to increase that amount if your over a certain age...

                        IG
                        Yep...that's what I heard too!!!
                        NO PAIN, NO GAIN
                        KNOW PAIN, KNOW GAIN





                        Comment


                        • #13
                          Re: ROTH IRA ???

                          Originally posted by Iron_Gook
                          Okay so I put the 20K that I've got from my Roth into a Roth at my new institution. Does that count against the 4K that I can contribute for this year? I already contributed 1K for 2006.

                          IG
                          No, it's a rollover. You get a once a year transfer. So you can still put in your full amount of $4k this year.
                          As for contribution amounts, if you're under the age of 49, you can contribute $4000 per year, per spouse, untill 2008. It then becomes $5000. If you are over the age of 50, it's $5000 for 2006 and 2007, then up to $6000 in 2008.
                          “I don't look ahead... I keep focused on my next opponent. I am looking forward to my next opponent, I don't think past that point.”
                          --Manny Pacquiao



                          Big Mike's speach to Congress telling them to phuque off on the steroid ban:

                          http://www.moviewavs.com/0049230534/...y/statemnt.mp3





                          Fitnessgeared's resident Smart ass

                          Comment


                          • #14
                            Re: ROTH IRA ???

                            Originally posted by angryoldman
                            No, it's a rollover. You get a once a year transfer. So you can still put in your full amount of $4k this year.
                            As for contribution amounts, if you're under the age of 49, you can contribute $4000 per year, per spouse, untill 2008. It then becomes $5000. If you are over the age of 50, it's $5000 for 2006 and 2007, then up to $6000 in 2008.
                            Thanks AOM. I appreciate the clarification.

                            IG

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                            • #15
                              Re: ROTH IRA ???

                              Originally posted by Iron_Gook
                              Thanks AOM. I appreciate the clarification.

                              IG
                              Anytime I can help a fellow Asian American brother out, I'm happy to. Anymore questions, just PM me.
                              “I don't look ahead... I keep focused on my next opponent. I am looking forward to my next opponent, I don't think past that point.”
                              --Manny Pacquiao



                              Big Mike's speach to Congress telling them to phuque off on the steroid ban:

                              http://www.moviewavs.com/0049230534/...y/statemnt.mp3





                              Fitnessgeared's resident Smart ass

                              Comment

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