IRA Rules

Archive for September, 2007

Alex Jones & WeAreChange Ireland – IRA – EU Treaty (part 1)

Question: SIMPLE IRA from a Former Employer?

I quit my job in October and was wondering if my former boss is still required to make his end of the contribution for 2009. He typically makes his contribution for the previous year in April, but I wanted to transfer the money into a Roth IRA. Does anyone know the rules or have any suggestions?

Answer: That would be spelled out in the plan documents, which govern your simple IRA. Call your boss, your plan administrator, or your HR dept.

Peter Hitchens debunks IRA comparison with ANC

A Roth IRA Calculator is useful when you have a Roth IRA or are thinking of opening a Roth IRA account to save for your retirement. A Roth IRA calculator is tailored for calculating investments within the Roth IRA account which is different from a traditional IRA or other types of IRA accounts.

Important information about the Roth IRA Calculator

What’s most important about using the Roth IRA calculator is to know that when withdrawing funds from the Roth IRA in the regular way (at the age of 59½, you will not be taxed. Because of this tax free distribution, people are more interested in opening a Roth IRA than a Traditional IRA. However, not everyone can open a Roth IRA.

It is also important to note that contributions to a Roth IRA are not tax free as they are for Traditional IRA. You pay taxes on the contributions made to a Roth IRA for the benefit that eventually, when you withdraw from a Roth IRA, any earnings are tax free.

Using the Roth IRA Calculator

The Roth IRA Calculator will calculate how much money you will accumulate tax free inside your Roth IRA over time if you invest periodically. The contribution limit of an IRA account is relatively low so most people contribute the maximum amount possible but you can contribute as much or as little as you like providing that you stay below the contribution limit set by the IRS.

With a Roth IRA, you pay taxes on your contributions so you will not see any reduced in tax payments while you are contributing. However, you will see significant benefits when you make qualified withdrawals.

Note that, because the Roth IRA is so special, not everyone is qualified to set up a Roth IRA. Check with the IRS to see if you make too much money to open a Roth IRA or not.