Finding The Best Solutions And Ideas For Planning For Your Retirement.
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Details: this was actually an HSA, deducted in 2008, that was diverted by the institution in a Ponzi scheme. While there are IRS provisions for treating these as a casualty loss, my concern is whether the basis is 0 as an IRA would be, or whether there is another way to compute the basis.
I live in Wisconsin. We have a homestead credit where you can get a major refund on your rent paid IF you make under 24,500 a year. I made about 26,000 this last year. I know contributing to an IRA can reduce your taxable income. If I contribute 1500 to an IRA will I then qualify for the homestead credit or can I not reduce my gross income that "literally"?
What is the difference between an IRA and a savings account? Would I be able to tap into the money saved in my IRA before retirement in order to purchase my first home? Would opening an IRA with a credit union give me any additional benefits that my current bank would not be able to provide?
I’m 21 and about to get out of the Marines and start college. Do people usually open an IRA and enroll in there companies 401k plan?
If you check the YMCA retirement website it states that if your YMCA fund is over ,000 you cannot take it with you when you are terminated, but if its less then you can??? That doesn’t make sense. We have experienced a hardship and need this money. I have called them but they are no help. Anyone have answers as to how we can get our money out and roll it into our own personal IRA?
We had K from an inheritance wired to our local bank one week ago, and my wife’s computer showed it had posted. When she went in to withdraw cash, she was told that the actual funds had not arrived, but they were willing to give her 00 from our checking and savings accounts, which she took. Despite the fact that the inheritance funds arrived a few hours later, a one-week freeze was placed on our account and we were unable to use our debit cards. Today (6 days later) we received two letters from our savings and loan Branch Manager, one serving notification that our checking account will be closed effective Sept. 19, the other saying the same about our savings account. We have never bounced a check during our three years at this bank. We have a steady monthly income. The bank loaned us money for our home in 2008 and we have paid off the mortgage. We don’t have ANY DEBT-NONE. Cars paid for; no credit card debt.
The only unusual activity we have demonstrated is this: last November we began transferring money to our bank account from an out-of-state IRA and making large withdrawals to pay cash for gold. We have reported all of this activity to the IRS. The bank has said they cannot give us more than a few thousand dollars at a time, even though we had many times that much in our savings account. We have been patient, but there was one deal where there were several of us going in on one buy and things were going to fall through if I didn’t get my share to contribute. I researched Federal Law and wrote a letter to the Mgr. telling her the bank was not allowed to keep less in the vault than deposits on file and I expected my money on a certain date. She complied. A week later she was gone. (I hope that was a coincidence). Now with this inheritance we once again have some large amounts of money coming in, but have been very understanding of the bank’s slow processes and have only been taking out the amounts they are comfortable giving us (from OUR MONEY). We were only "pushy" that one time because we didn’t want to let other people down. Can anybody IN BANKING tell me why they would close our account? I haven’t provided actual amounts due to the public nature of this forum, but believe me we are not rich "wheeler-dealers". We are only trying to protect our retirement savings from what we see as an impending crash of the dollar and stock market. Thank You for your help.
Can you deduct a loss on a tax-deferred variable annuity (non-IRA) and how do you do it?
For 10 points and a Best Answer vote.
If sold, of course, and the amount received is less than my basis.
Should I have TIPS as a part of my retirement accounts such as IRA that’s tax deterred?
I have two IRA accounts, one with a few hundred $K, and one small one with k. I am thinking about withdrawing the smaller one to pay some things off and I want to know how I will be taxed. Will the 10% penalty and taxes be withheld immediately, or will I get the full amount and then get taxed on a W2 at the end of the year?
And I know it’s not a good idea to do this, but I just want to understand how I would be taxed.–Thanks
I know that if I withdraw from my IRA there is a 10% penalty fee, but I can get around that where there are exceptions (first home, college). I want to avoid paying Federal/State income taxes. Are there exceptions that will allow me to avoid paying income taxes on my withdrawal? HELP?
I’m 53 years old health care professional in a secure job market making around 0,000 plus benefits.
I have about a million dollars saved up in my IRA, SEP-IRA, 401K, and regular savings account.
My house worth about 0,000 is payed off and I have no dependents. I divorced a long time ago.
My mother who is 80 and my brother who is disabled lives with me. They both collect Social Security and have good health benefits, and are in good health.
Am I doing well compared to rest of the households in our country?
I want to pull money out of a IRA and invest that same sum in a Stock account, distributed among a few stocks. What type of penalty will I incur. Thanks.
Hi, I was curious if people who had already saved a lot of money through IRA’s had lost most of it because of the economic crash in 2008.
Because, at 18, I’m planning on opening an IRA immediately but was wondering if it really is a wise decision.
I moved to a new state and have two house in my former state, a primary residence and a duplex. I’ve already purchased a new home via an 80/20 mortgage. I would love to use the proceeds from the sale of my old houses to (a) pay off the 20% portion of the mortage and (b) pay off credit card debt we accrued while my husband was unemployed. Neither house has sold yet, and the duplex isn’t even for sale because it pays for itself and then some. But I can’t manage it from out-of-state forever. Eventually I’ll have to sell the duplex. I’ve heard of 1039 transfers as a way to avoid capital gains taxes, but my kids are older now and I’d rather get a traditional job than spend time managing another rental. Is there any way to use the profit from the sale of the duplex to my advantage without taking a tax bite and without re-investing in real estate? Can "invest" it in the new house I just bought in April? Education funds? IRA? Anything!!?
What I want is this:
I wish to retire early, therefore I am willing to save up AS MUCH AS I CAN. E.g., even €2,000 per month. (whereas I seem to understand an IRA only allows a maximum amount of €4,000 YEARLY.) Without the thief issue, I could easily do this by storing cash in my home, you know? I don’t want that account to be blocked so that I can’t take money out of it for years. I’d simply like to put an average of €20,000 per year into it, and have it grow with interest as much as possible throughout the years. There has to be a solution that suits this basically simple intention. What is the best account for me to get and where? Be specific if possible. Thanks!