IRA Rules

Posts Tagged ‘irs’

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: How can I put intellectual property I create; a copyright, patent, etc. into my self-directed IRA or 401K?

I have learned that some creative investors are buying Domain Names (URLs) with 401K accounts. This method of turning a bright idea into retirement funds fascinates me-and I wonder if anyone knows the mechanics for doing the same thing with intellectual property like a copyright? Buying an existing copyrighted material with retirement account funds seems straightforward-but what about for a idea you conceive yourself? Does anyone know of a blog, forum or IRS ruling on this?

Answer: I don’t know that you can but I would suggest asking a professional IRA source that could give you the most accurate response, as well as give you some suggestions.

http://www.irafinancialservices.com/

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