Browse J.K.'s Answers by Category

Retirement

1. Can stock be contributed to a Roth IRA?Free
2. I paid a 10% early distribution penalty on withdrawals from my IRA when I filed my 2009 return in March 2010. Can I deduct the penalty payment on my 2010 return?Free
3. If I convert my traditional IRA to a Roth IRA this year, am I deferring the income or the tax to 2011 and 2012?Free
4. If I convert my traditional IRA to a Roth IRA, is the taxable amount based on the present value of the account or the difference between the present value minus the original contributions?Free
5. I am self-employed and age 72 this year. Can I use a SEP-IRA for retirement savings?Free
6. I received a distribution from my IRA that was reported on Form 1099-R. I immediately rolled it over to another IRA. How do I enter this information on my tax return?Free
7. If I cashed in my 401(k) account to help save my home, am I subject to a tax penalty? I'm 48 years old.Free
8. The stock market may have been up for 2009, but my annual statement for my 401(k) account shows it went down. Can I deduct a loss?Free
9. Now that there’s no income limit on converting a traditional IRA to a Roth IRA, I want to know whether the conversion counts as part or all of the required minimum distribution from my IRA for 2010?Free
10. I turned age 70½ in 2009. Do I have to take a required minimum distribution by April 1, 2010?Free
11. I'm 72 years old. Is the tax break for transferring IRAs to charity available this year?Free
12. I was laid off from my company last year. I was under 55 years old on my last day of work, but was 56 when I took a total distribution from the company's qualified retirement plan. Am I subject to the 10% early distribution penalty?Free
13. I am 50 years old and have been unemployed for some time. Can I take money from my IRA without a penalty?Free
14. I will be 70½ this year and am still working and contributing to a 403(b) plan. Can I wait until I retire to start taking minimum distributions?Free
15. I have a loss in my Roth IRA. Can I deduct it?Free
16. I'm 72 and still working. I forgot to take a required minimum distribution from my IRA for 2008. Am I subject to penalty?Free
17. I'm 72 and need to take my required minimum distribution from my IRA by the end of this year. The value of my account is down dramatically. Is there anything I can do to reduce what I might otherwise have been required to withdraw?Free
18. I had converted my regular IRA to a Roth IRA and paid tax on $25,000. The account is now worth $80,000 and I want to withdraw $20,000 to pay off my credit card debt. Is the withdrawal taxable to me?Free
19. I am 65 years old. Can I use the money in my IRA to make my monthly mortgage payments?Free
20. May a self-employed person with an SEP also establish another plan?Free
21. What are the consequences for not taking the mandatory distribution from an IRA?Free
22. I transferred stock from my IRA to my personal account. What are the characteristics of that stock — basis and time (short term, long term)?Free
23. Is there is a limit on how much money I can put into an IRA. Is there a penalty if I "overinvest" in one year?Free
24. If I am 73, can I withdraw all the funds in my traditional IRA without penalty?Free
25. I've taken a real pounding in a small IRA that I have. Can I take a loss against regular income?Free