IRA Rules

Archive for July, 2007

Question: Question about old IRA accounts and taxes?

I have an IRA that I started in 1978, under old rules. I did not have any other retirement account at that time. I have never added more money to the IRA since opening the initial account, although I have rolled it over several times, most recently (maybe 15 years ago) into a self-directed brokerage account (still an IRA). I simply don’t remember – given that I set this up in 1978, would this have been after- or before-tax dollars? Will I owe tax when I withdraw the funds? Thanks for your advice!

Answer: IF you don’t know, it’s pretax. You will owe when the money is distributed.

Only a few people did after-tax contributions and it was paramount that they save the records showing the non-deductible contributions. (tax return and form 8606.)

Investing & Personal Finance Tips : How to Cash a Certificate of Deposit

Question: Can I withdraw this amount from my Roth IRA?

I have 137 in “unsettled trades”. I just sold off a few shares of Nokia and those, I believe, are the proceeds.

I would like to move that extra amount to my bank account but I don’t want to receive a fee for doing so. I know about all the rules of taxes with an early withdraw, but remember this is withing my CONTRIBUTIONS so it wouldnt be. I just dont know if I am allowed to do it while it is unsettled?

Thanks for the help

Answer: You CAN withdraw the entire balance of ANY IRA as long as you pay whatever taxes and penalties apply. You DO NOT know all the tax rules. If you did, you would know the answer to whatever you THINK you asked

For the record, stock trade WILL settled in less time than it takes to SUBMIT the paperwork to withdraw funds from an IRA, You can’t just go online and transfer money out of an IRA.

What Are the Differences Between a “Traditional” SD Custodian and a TRUE SD Custodian

Question: Are the vast maj. or Brits so comfy and brainwashed the law is religion?

with the end of the IRA, have you all turned into little neutered bunny rabbits like the ones Adams wrote about in “Watership Down?” You know the tame ones the famers fed and —- ate! I have listened to your whiney, complacent comments and there is a pathetic pattern. Only a tiny minority haven’t been neutered, it seems. Ooooh, the law, the rules, and all the sheeple who wander around to and fro to the public schools and, of course, the work sites. pity. once the heart of a great empire now what are you? not even a whimper. a little growl? stand up and show what you are made out of. this immigration thing is not right.

Answer: There is a growing backlash; you can feel it in the undercurrent ripplings of ordinary people being fed politically correct jargon to suit the governmental agenda.. And everyone who speaks out has long gone past the fear of being labelled racist..

dear prudence