Can I convert non-deductible contributions made to my Traditional IRA to a Roth IRA without being taxed?

June 30, 2024 No Comments

A: You can convert the contributions to a Roth IRA; however, a portion of the amount you convert to the Roth will be subject to income tax. When your Traditional IRA balance consists of deductible and non-deductible contributions, any amount distributed or converted from the

Can my IRA be used for college tuition?

June 30, 2024 No Comments

A: You can use your IRA to pay for college tuition even before you reach retirement age. In fact, your retirement savings can be used to pay for a wide range of education expenses for you, your spouse, your children or your grandchildren. Education: An

Can I have a self-directed IRA or Roth IRA using the forex market?

June 30, 2024 No Comments

A: In the U.S., one of the best ways for individuals to protect their income from taxes and save for retirement is by using an individual retirement account (IRA). IRAs come in many forms that can be tailored to specific individual preferences. However, significant rules

Can personal loans be included in bankruptcy?

June 30, 2024 No Comments

A: Personal loans from friends, family and employers fall under common categories of debt that can be discharged in the case of bankruptcy. Types of Dischargeable Debt A discharge releases individual borrowers from the legal obligation to pay previously existing debts. Other types of dischargeable

Can I leave my pension to my spouse when I pass away?

June 30, 2024 No Comments

A: In most cases, an individual with a pension plan should have the option to leave at least a portion of his or her pension to a surviving spouse and/or child. Oftentimes, this can be done by purchasing an option on the pension plan. However,

Can I roll a traditional IRA into a 529 college account for my grandchild?

June 30, 2024 No Comments

A: The short answer: Not without paying taxes. But as with much of the tax code, there are various nuisances and exemptions to expound. The IRS considers moving money from your IRA to a 529 plan as a distribution included in your taxable ordinary income.

Can I roll my 401(k) and/or IRA funds into a more liquid investment fund without penalty?

June 30, 2024 No Comments

A: Choosing your retirement plan investments requires the assistance of an expert who is able to analyze your options and to help you choose the investments that best suit your profile. The investment advisor will take into consideration your risk tolerance and how soon you

Can I roll over a 403b plan?

June 30, 2024 No Comments

A: Part or all of the funds in a 403(b) plan can be rolled into an eligible retirement plan. Rollovers into a traditional IRA or non-Roth retirement plan are generally tax free. Funds can go into a Roth IRA by direct rollover, subject to income

Can I roll over a profit-sharing plan to an SEP IRA account without suffering any tax penalties and liquidation of current positions held in this account?

June 30, 2024 No Comments

A: It depends. If the transaction is processed as a direct rollover to the SEP IRA, then no taxes will be withheld. Through a direct rollover, the assets are made payable to the SEP IRA custodian (or trustee or plan to which the assets are

Can I take money from my 401(k) to pay taxes?

June 30, 2024 No Comments

A: Tax bills may be paid from a 401(k) through the loan provision if the plan allows for such loans, but the rules around 401(k) loans generally make it cost-prohibitive. Advantages 401(k) loans may be advantageous due to the relatively easy access to plan balances.

All Rights Reserved