Instant Access Registration Takes Less Than 15 Seconds! You May Not Post Until Registered.
To start viewing messages, select the forum that you want to visit from the selection below.
If you are having trouble staying logged in when navigating between forums/topics/etc., you need to reset your session cookie. Go into your browser and delete any cookie for the site them log back in. This should fix the login issue.
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.
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
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.
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
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.
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.
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.
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...
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.
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
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.
We process personal data about users of our site, through the use of cookies and other technologies, to deliver our services, personalize advertising, and to analyze site activity. We may share certain information about our users with our advertising and analytics partners. For additional details, refer to our Privacy Policy.
By clicking "I AGREE" below, you agree to our Privacy Policy and our personal data processing and cookie practices as described therein. You also acknowledge that this forum may be hosted outside your country and you consent to the collection, storage, and processing of your data in the country where this forum is hosted.
Tweet
Comment