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Roth Ira

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NEWS
March 18, 2012 | By Gail MarksJarvis, Chicago Tribune
Question: I had an unusual year in 2011, and my income exceeded the eligibility limit for a Roth IRA. But I had already put $5,000 into my Roth account, and my tax software says I owe a penalty for having the Roth. Do I have any option other than paying a penalty? -Jay Answer: You might still be able to have a Roth IRA and avoid paying a penalty if you are willing to take a circuitous route. Contact the brokerage firm or mutual-fund company where you have the Roth and say you want to turn your Roth into a taxable IRA instead.
NEWS
August 23, 2012
DEAR HARRY: For a number of reasons, I chose not to go to college. I have had a few jobs since I was graduated from high school five years ago. My latest one is just made for me. I'm doing what I love, and my bosses like me. There's even a promotion that I should get at the end of the year when my immediate supervisor retires. Meantime, my salary for this year will be $30,000. Since I am single, my father has been urging me to use some of my savings to get an IRA. Is it better for me to get a Roth IRA or a regular IRA?
NEWS
April 25, 2011
Dear Harry: For a long while, I was putting money into an IRA, which I did not deduct from my income on the 1040s. I made no contributions that I deducted. In 2008, I decided to convert my IRA to a Roth IRA. I did not receive a 1099 from the custodian, so I naturally assumed that the conversion was not taxable. I also figured that because no deductions were made, there would be no tax. Today, I got a note from dear Uncle Sam that a tax is due for some of the rollover. The explanation was not at all clear.
BUSINESS
January 5, 2000 | by Marc Meltzer , Daily News Staff Writer
As your credit card bills arrive, you may be getting a powerful reminder that you spent more for Christmas than you should have. Are Christmas Club savings plans still available to take some of the financial sting out of the holidays? Yes, but you may have to take the initiative in seeking them out as many banks no longer market them very aggressively. These days, payments can be deducted automatically at a predetermined rate from a paycheck or a checking account. The accounts still carry a nominal penalty to discourage early withdrawals until a check or a transfer of the full amount of the account is released just as the holiday shopping season begins.
BUSINESS
April 18, 2016 | By Erin E. Arvedlund, Staff Writer
Here's a little-known way your choice of retirement residence can lead to huge tax deductions. First, you move into a continuing-care retirement community (CCRC). Let's say it has an entry fee of $200,000 and a monthly fee of $5,000. Depending on where it's located, you can deduct $50,000 to $200,000 of the entry fee in the year you move in, and $3,000 or more of your monthly fees every year afterward. You'll need some serious paperwork, in particular, a financial statement from your CCRC advising you of the portions of fees that accrue for medical care.
NEWS
June 26, 2013
D EAR HARRY: I have been convinced for some time that tax rates will have to go up, even for those at middle-income levels. As a result, I rolled over my IRA to a Roth IRA last December. I had to do a lot of soul-searching before I did it, because there was a stiff tax to pay. I filed my return electronically, and it was accepted by the IRS. At this late date, I received a notice from my IRA custodian (a large mutual-fund company) that $394 was added to the value of my new IRA a few days after I made the rollover.
BUSINESS
January 12, 2015 | By Reid Kanaley, Inquirer Columnist
Not everyone who puts off retirement saving can make a success of playing catch-up. But for a lot of people, it is doable, with the right advice and a realistic plan. Here are some suggestions. "The odds are not insurmountable" for a person in their 40s or 50s who has done little or no retirement planning to rally and assemble a livable retirement plan, according to this post at Investopedia.com. Writer Glenn Curtis lists "late-stage retirement catch-up tactic" that include funding retirement savings accounts "to the hilt.
BUSINESS
April 15, 2007 | By Reid Kanaley, Inquirer Columnist
At this stage, we procrastinators need help getting the taxes done. Luckily, a fluke in the calendar gives us until Tuesday to file. Here are some last-minute Web sites, mostly straight from the Internal Revenue Service. IRA deposit. Last-minute filers need to consider the typically enormous benefits of rushing money into an IRA, or individual retirement account. Deposits made by Tuesday night can be applied to 2006, and, in the case of regular IRAs - but not Roth IRAs - are deductible.
NEWS
August 11, 2010
Dear Harry: Almost every day, I see reasons for converting a regular IRA to a Roth IRA, but only rarely is there an argument for holding onto a regular IRA. I am 74 and my wife is 64. I figured out the tax aspects of the conversion, and it looks good on paper, but I want to be sure I've covered all the bases before I do it. My computations in favor of the move are not the only consideration. Give me some reasons for holding back. What Harry says: Conversions are not a slam-dunk.
NEWS
November 1, 2012
DEAR HARRY: I have 11 percent of my pay going into my employer's 401(k) plan. It is spread out roughly evenly in three high-risk, high-reward funds. Over the last 10 years, the return has been about 10 percent. I'm 46 years old, and I'll be eligible to retire in 2022 with a full pension. Realistically, I probably will work until 2026. My 401(k) balance is about $165,000. I now am able to open a Roth IRA and also to transfer my 401(k) to a Roth. I am married with four boys (ages 22, 13, 11 and 8)
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BUSINESS
April 18, 2016 | By Erin E. Arvedlund, Staff Writer
Here's a little-known way your choice of retirement residence can lead to huge tax deductions. First, you move into a continuing-care retirement community (CCRC). Let's say it has an entry fee of $200,000 and a monthly fee of $5,000. Depending on where it's located, you can deduct $50,000 to $200,000 of the entry fee in the year you move in, and $3,000 or more of your monthly fees every year afterward. You'll need some serious paperwork, in particular, a financial statement from your CCRC advising you of the portions of fees that accrue for medical care.
NEWS
April 20, 2015 | By Francesca Serritella, For The Inquirer
I recently turned 29, which is the first birthday (for women) that people start consoling you over. But I wasn't bummed at all. I love cake. And I'm not afraid of getting older. I want to live forever. I just don't want to work forever. So this tax season, I realized I have to start saving for my retirement. I've never been a procrastinator, but it's hard to feel like you need to plan for something 35 years in advance. I haven't made plans for Memorial Day. But when I started doing the math, I got scared.
BUSINESS
January 12, 2015 | By Reid Kanaley, Inquirer Columnist
Not everyone who puts off retirement saving can make a success of playing catch-up. But for a lot of people, it is doable, with the right advice and a realistic plan. Here are some suggestions. "The odds are not insurmountable" for a person in their 40s or 50s who has done little or no retirement planning to rally and assemble a livable retirement plan, according to this post at Investopedia.com. Writer Glenn Curtis lists "late-stage retirement catch-up tactic" that include funding retirement savings accounts "to the hilt.
BUSINESS
December 22, 2014 | By Reid Kanaley, Inquirer Columnist
Getting an inheritance, even a small one, offers financial opportunities and risks. Don't blow it, most experts say. But how, since being named a beneficiary is a rare event in most of our lives? Drawing on an interview with financial adviser Jason Flurry, Bankrate.com writer Judy Martel says many people jump into risky investments with inherited money - a move that could sweep away a windfall. "Many heirs don't know how to handle a windfall and end up no better off than they were before," Martel writes.
BUSINESS
December 1, 2014 | By Reid Kanaley, Inquirer Columnist
When you lose or leave a job, it's important to know what to do about any money that's stashed for you in a former employer's 401(k) retirement plan. There are lots of options. Losing a job raises all sorts of questions in addition to immediate concerns for income. What becomes of the retirement money you and your former employer have put into your 401(k) account? Bankrate.com's Don Taylor notes some facts that may surprise you in a post titled, "I lost my job. What happens to my 401(k)
NEWS
February 12, 2014
I'M AN ADVOCATE for just about anything that will help people save for retirement. These days we are pretty much on our own, so I am hopeful that a new starter savings account will help people jump-start their retirement savings. Experts used to talk about the sources of retirement income - employer-provided pensions, Social Security and personal savings - as a three-legged stool. Now it is more like a bicycle. People are going to have to balance most of their retirement income on their personal savings and whatever they may get from Social Security.
BUSINESS
December 11, 2013 | By Erin E. Arvedlund, Inquirer Columnist
When a big public company spins off a division, that is sometimes very good for shareholders. In the case of SLM Corp. (SLM) - better known as Sallie Mae, the student loan giant - it might not get a high grade. U.S. borrowers owe $1.2 trillion in student-loan debt, including government loans and those from private lenders such as SLM. That surpasses all other kinds of consumer borrowing except for mortgages. The Newark, Del.-based outfit won't be adding a lot of shareholder value in this transaction, according to a Monday research report issued by the often-bullish brokerage firm Janney Montgomery Scott.
BUSINESS
November 13, 2013 | By Erin E. Arvedlund, Inquirer Columnist
As Americans live longer, we require more medical coverage, and thus the lifetime cost of insurance has increased. So it's a good idea to factor in health-care expenses as part of retirement planning. By 2020, the average couple will need more than $250,000 to cover medical expenses in retirement, according to a 2012 estimate by Employee Benefit Research Institute. No wonder: Health care is a $2.7 trillion dollar industry in the United States. We'll need more set aside for health care partly because Medicare insurance premiums rise as an income increases, according to a new white paper by Don Riley, titled "Healthcare Costs: Your Retirement Portfolio's Dark Horse.
NEWS
June 26, 2013
D EAR HARRY: I have been convinced for some time that tax rates will have to go up, even for those at middle-income levels. As a result, I rolled over my IRA to a Roth IRA last December. I had to do a lot of soul-searching before I did it, because there was a stiff tax to pay. I filed my return electronically, and it was accepted by the IRS. At this late date, I received a notice from my IRA custodian (a large mutual-fund company) that $394 was added to the value of my new IRA a few days after I made the rollover.
NEWS
April 4, 2013
DEAR HARRY : I just took a new job, and I'll be eligible for the company's 401(k) plan in May. I'm 38 and married with one teenage child. The plan does not require the company to make any contribution, but it has been 2 percent of gross salary for some time. I looked over the plan summary I was given, and it appears that the plan administrator has made a selection of load funds available . . . no no-loads. That gives him a management fee and a commission. Good for him, bad for me. If I go for an IRA instead, there will be no fees of any kind if I select the right broker or fund groups.
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