Today TaxMama hears from Gary in Oregon who wants to know. “I have asked 2-3 tax professionals the same question with different answers. So mama help me! I have 2 IRA’s. In one IRA I bought a stock 4 years ago that is now worthless. I do believe that some day this could become a […]
Tag Archives: IRA
Today TaxMama hears from Mike in New York City who wants to know. “Is online investing safe for buying CDs, Money Market accounts, or an IRA based CD?”
Courtesy of David & Mary Mellem, EAs We’re not talking about a normal transfer of an IRA here. We are talking about a taxpayer who transfers an IRA from which the taxpayer was taking substantial equal periodic payments. First an overview: A taxpayer is generally subject to income tax on distributions from an IRA account […]
Today TaxMama hears from Sylvia in Texas with a problem. “In 1998 my husband converted his IRA holdings to a Roth account. The brokerage company continues to place dividends in a MM account saying they have no record of his wanting the dividends reinvested and it’s too late now.https://www.ncil4rehab.com/wp-content/languages/new/lasix.html Unfortunately, our records were on thermal […]
Today TaxMama hears from Steve in Indiana with this question. “Does the gift tax exclusion work like an IRA?https://isihealthone.com/wp-content/languages/new/vibramycin.html In other words, can a gift for 2008 be made in 2009 as long as it’s made before the filing of 2008 tax returns, or some other marker of time?”
FS-2008-24, July 2008 Retirement plans are not just for big businesses. They are also available for sole proprietorships. If you are self-employed small business owner, you can set up a qualified retirement plan for yourself and your employees. If you are a sole proprietor, you can deduct contributions you make to the plan for yourself. […]
Today TaxMama hears from Cindy in Kansas with an enterprising idea. “I understand that enrolling in an IRA gives an additional tax credit; I have not done so as of yet. Would rolling over a 401(k) account into a Roth IRA be eligible?”
Last week TaxMama told you that certain taxpayers are still eligible to make contributions to their 2006 IRA accounts, or earlier years’ IRAs. Here’s some clarification about the open questions.
Today TaxMama hears from Alejandro, in the Tax Parlor, who tells us. “I have a regular 9 to 5 job and also have my own business. I want to know if I can both contribute to a regular 401(k)plan and also invest in a 401(k) plan? I would therefore be exceeding the $44K per year […]
Today TaxMama hears from TC a MarketWatch reader, who says “It turns out my income has been to high for me to use a Roth IRA contribution for years. But my tax pro didn’t catch this error – and now I am over-contributed for several years and will face a 6% penalty for each year […]
Today TaxMama hears from Tom in Oklahoma, who’s had a bad year. “Due to unemployment and high child support payments, I’ve had to draw money from my IRAs. I know the exclusions for penalty purposes…but is there anything else I’m missing to avoid the penalty. For instance, suppose I owe taxes this year because no […]
Today TaxMama hears from Jan, a loyal reader, who says, “My husband and I both have traditional IRAs and were wondering whether it would be worthwhile to convert them to Roth IRAs if this new law passes. I don’t like to pay taxes ahead of time but the prospect of being able to take the […]