IRA Rules

Archive for June, 2006

Question: what do you think of the I.R.A ?

The IRA (Irish republican army) fight to free Ireland of British rule.
I understand some people think that they have done wrong in the past but the English have put the Irish people through extreme hardship in the past 800 years

1 – They were the main cause of “the great Irish famine” – over 5 million deaths

2 – The english first landed in Ireland in the 1100’s at this time Ireland was known as “the land of saints and scholars” when they arrived they banned all schools and put a death penalty on anyone who tried to teach any children to read or write

There is many more reasons that im not going to go into but what im asking for here is your opinion on IRA have they not the right to return the favor to england ???

Answer: I fail to see what this question has to do with words and wordplay, but yes I think the IRA has done good stuff, but they have also murdered people.

The Life and Death of an IRA Quartermaster (Part 3)

Question: Are there any time constraints on doing a direct rollover from a 401(k) to an IRA, after a job loss?

I want to rollover funds from my old 401(k) plan to a traditional IRA. Does it matter when I do this, as far as tax implications and things of that nature? For example, can I do it 6 months after I lost my job, just the same as if I had done it 6 days after I lost it?

I had previously asked a question about the IRS’s “60 day rule”. If I understand correctly, that rule is only for an “indirect rollover” in which I would take a distribution from the 401(k) directly to myself and put it into an IRA later. But I realize I may not be understanding that correctly, and also I’m not sure if there are any other rules I’m unaware of.

Thanks!

Answer: Your understanding is 100% correct. As long as you rollover from one institution DIRECTLY into another, there is no time constraint or tax implication….unless you rollover into a Roth IRA.

Has your 401k become a 201k?

Question: What are the rules about withdrawing contributions (not interest) from a Roth IRA?

Please cite a source, thank you!

Answer: You can always withdraw Roth contributions–any time for any reason–penalty and tax free. The reason is that you deposited that money after-tax, so you don’t owe the govn anything on it (now or ever).

Sources: www.fool.com; www.cnnmoney.com; Yahoo! Finance; MSN Money; et al.

If you want “proof” of a source, just Google “Roth IRA withdrawals.” You should get dozens of official sites ready to confirm this information.

Retirement Plans & Investments : How to Set up an IRA Account