IRA Rules

Posts Tagged ‘ira’

Question: Can I roll-over a Traditional IRA into a Roth IRA prior to April 15, 2009 and claim the income for 2008?

I want to claim the income for 2008 (without increasing my taxable income bracket) and also claim for next year – 2009– in 2010. Does the rule for opening a IRA before April 15 also apply to roll-overs prior to April 15?

Answer: no it must be done by 12/31 to claim for 2008

i suggest you do it now so you can get benefit of the recent market down turn if you eait until april the market could be higher

if you are concerned about income roll over part in 2008 and the the rest in jan 2009 and split up the tax liability

remember this ADDS to your income and can impact other areas of your return

Introduction: Ten Rules for Financing Life

IRA rules

Question: Question for CPAs or Financial Advisors please:?

I am 46 yrs old and due to financial hardship am forced to make an early withdrawal from my IRA this year. My question is: If I need more money later this year from the IRA can I make a 2nd withdrawal in the same year? Or is there a limit of only 1 early withdrawal per year on an IRA account ?

Answer: No penalty.

If you are very resposible, and can handle only the debt you need to survive while you get a job, you may consider getting debt, if you can get low rates.