IRA Rules

Posts Tagged ‘roth ira rules income’

Question: How long must the money be in an IRA to be used as downpayment?

I just moved my money from my previous employer’s pension plan to an Scottrade IRA account. I want to take out 10K for the down payment of my house. Are there any rules how long the money must have been in the IRA account before it can be taken out?

Thank you!

Answer: For a Roth, it must be in there for 5 years. Beware though that even if you can take out there money, it will not be tax/penality free.

NOYNOY AQUINO – IRA SHARING *CLOSING STATEMENT*

Finance & Investment Tips : Roth IRA vs. 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