IRA Rules

Posts Tagged ‘ira withdrawal rules hardship’

Question: Withdrawal of excess contributions to IRA – which form?

I contributed too much to my Roth IRA for 2007.. I withdrew the excess last week. What form do I use to report the capital gain, Sch D or something else?

Answer: It isn’t a capital gain. The earnings go on line 21 as “other income”–you also need form 5329 to figure the penalty.

Jean Goblet Testimonial For John Park and PGI SelfDirected

Question: How do I determine taxable and non taxible IRA deposits, without proper records??

Like many people I didn’t keep good records. Some years I made non taxable deposits. Other years I had an employer plan and made only taxable deposits. The Gov changed the rules many times, are there records available? Does the Gov track deposits? I’m close to retirement and want to withdraw (taxed deposits) non-taxable amounts first.

Answer: Your IRA provider should have been keeping track. When you made the deposits you should have specified if they were pre or post tax. If you did not specify then you have the burden of proof that they were post tax. If you cannot prove this there is a good likelihood that you will have to pay tax. If you can prove it you should talk to your IRA provider about putting it into a Roth IRA.

Question: IRA Withdrawal rules?

is there rule that your IRA must be completly drawn down with in so many years.after you start drawing Like 10 year??

Answer: There are “Required Minimum Distribution Rules” that state the percentage of your Traditional IRA, SEP, 403(b), 457,or 401(k) that you must withdraw. The age starts at 70.5 and the percentage gradually increases as you age. The purpose is to use the IRA prior to death.

Can I Transfer Old IRA/401K Funds Into MY SD IRA/401K?