IRA Rules

Posts Tagged ‘home’

Question: What’s the bes way for a senior citizen to invest?

My mom has $100 to $200 a month that she wants to invest. Her first desire was to buy life insurance, but she is uninsurable due to bad health (really bad). She only gets social security. I know she can’t contribute to IRA because she has to be working, right? So she is looking into money markets or annuities. I want to help her, but I don’t know a lot about this type of thing. She has ruled out CD’s becaus she doesn’t have a lump sum. She wants to put a small sum in each month and get the highest amount of interest. We know that most savings accounts are pathetic as far as interest earned.

Answer: Good for you for helping out mom. The boomerang of karma will definitely come back to you.
Considering the sum she should find out the minimum required to open an account at a Fidelity, Schwab or TDAmeritrade. Once opened she can buy some stocks that pay dividends (Bank of America yields around 9% right now) or buy municipal bonds ($1000 increments) that are yielding 4-6% tax free. These options are fairly safe investment options. Either way have her read up about investing and the options available to her.

PAUL SCHRADER INTERVIEW PART 1 of 3 “TAXI DRIVER”

Question: Aren’t IRA distributions for medical expenses and continuing education deductible?

It seems to me that at some point in the past, the “holy” IRA accounts could not be touched without one of four good reasons. I seem to recall first-time home buying as one, medical expenses and continuing education as two others, and the fourth escapes me. That seems not to be the case, as I prepare my 1040 today. Am I going to get hit with income tax plus 10% penalty? (any suggestions where I can find further info myself are welcome).
Thanks.
IRA tax payer

Answer: You may be able to avoid the penalty if you find an exception in publication 590 but you will still pay the taxes. Medical is an itemized deduction if you itemize and it is over 7.5% of your AGI.

Roth IRA and Silver ETF SLV

Question: Does Northern Ireland have Home Rule?

I am doing a presentation on the IRA for a college level class and I was wondering if anyone knew if the Irish ever obtained Home Rule over Northern Ireland from the U.K.

Answer: Home Rule is an out-dated notion.

We have an Assembly, like a Parliament, where we are represented and where self-governance happens, but we are part of the UK and some parts of government, like taxation, are controlled by the UK Parliament at Westminster.

IRA Perez – Whisper (Original)