I am self-employed and do not need most of my IRA RMD for expenses. Can I reinvest it in Roth IRAs?

June 30, 2024 No Comments

A: You can use your required minimum distributions (RMDs) to fund your Roth IRA as a Roth IRA contribution. This is because the source from which you take the cash to fund your IRA can be from any pool of cash that you have. The

I am self-employed and do not need most of my IRA RMD for expenses. Can I reinvest it in Roth IRAs?

July 7, 2024 No Comments

I do not want to totally get out of my retirement 401(k), but I want to take 72(t) distributions. What should I consider?

June 30, 2024 No Comments

A: The exact amount of the 72(t) distributions that you are eligible to take will be determined by your age and the IRS published interest rate for the month the calculation is done. Generally, a plan participant who is separated from service (no longer employed

I do not want to totally get out of my retirement 401(k), but I want to take 72(t) distributions. What should I consider?

July 7, 2024 No Comments

I have a profit-sharing plan with my former employer. I am now trying to buy a home. Can I use my profit-sharing money to put a down payment on a house?

June 30, 2024 No Comments

A: Profit-sharing plans are retirement plans with companies that give employees a percentage of the company’s earnings. A profit-sharing plan is similar to a 401(k) because it is considered a defined-contribution plan. The sole difference is that the only entity contributing to the plan is

I have a profit-sharing plan with my former employer. I am now trying to buy a home. Can I use my profit-sharing money to put a down payment on a house?

July 7, 2024 No Comments

I have a small business (LLC), which I operate part-time. I also work full time for a company and am enrolled in a 401(k) plan. Am I still eligible to make contributions to an individual 401(k) from earnings of my part-time LLC?

June 30, 2024 No Comments

A: As long as you have no ownership in the company for which you work full-time and the only relationship you have with the company is as an employee, you can establish an independent 401(k) for your limited liability company (LLC) and fund the plan

I have a small business (LLC), which I operate part-time. I also work full time for a company and am enrolled in a 401(k) plan. Am I still eligible to make contributions to an individual 401(k) from earnings of my part-time LLC?

July 7, 2024 No Comments

I have two jobs. Can I contribute to two SIMPLE IRA plans?

June 30, 2024 No Comments

A: If there is no relationship between the two companies – the only link is that the employee works for both of them – then the employee can make salary deferral contributions up to an aggregate amount of $20,500, with no more than $13,000 to

I have two jobs. Can I contribute to two SIMPLE IRA plans?

July 7, 2024 No Comments

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