IRA Rules

Posts Tagged ‘ira-transfer’

What Retirement Accounts Can I Self-Direct?

Question: Why do people think the IRA and Al Qaeda are working together?

Why do some people try and compare the IRA with Al Qaeda. It is absolutley ridiculous. Yes the IRA have some of the same tactics, but you will never see an IRA man blow himself to kill thousands. The IRA want free rule from Britain. Al-Qaeda want to kill the infidels…you can’t negotiate with that.
IRA Were mostly Catholics, but i don’t believe their fight was for their religion. I believe the fight was for the right to govern their own sovereign land. even Tony Blair said there is NO comparison to Al Qaeda. As mentioned by another answer, they now have a seat in parliament.

Answer: The IRA people certainly aren’t as dumb, like you said.

And they had only a single target, not the whole world. They used the wrong tactics, but no, you can’t compare the two.

Question: How do calculate 10% excise tax on IRA withdrawl?

I think i have failed to pay the early withdrawl 10% tax on my 72T for some past years.

Answer: From my understanding and experience of this issue the IRS may attempt to assess 10% on all of the entire withdrawal since the additional withdrawal has violated the 72(t) exception. There is some question if they (the IRS) have the ability to catch the problem absent any other reason for them to have looked at the return. Therefore the best approach to this question may come from an understanding of how the problem came to your attention.

For the returns to have been filed correctly in the first place the preparer would have included a IRS Form 5329 and excluded the 72(t) portion on line 2 of that form and assess a 10% penalty on the remainder. If you wish to be correct you should file an amendment (1040X) to include the corrected IRS form 5329. But again the means by which you became aware of this oversight may dictate another answer.

Roth IRA: The New Rules (Part 2 of 2)