IRAs

With tax season just around the bend, you’ll probably be wondering how long you should retain certain documents. So, here’s a little primer. When you no longer require any of the documents listed below, make sure to properly dispose of them by shredding to protect personal information—contact local credit union to inquire about their next […]

In various ways, a Roth IRA varies from a standard IRA. Contributions to a Roth IRA aren’t tax deductible (and aren’t reported on your tax return), but qualifying distributions or distributions that are a return of contributions aren’t. The account or annuity must be labeled as a Roth IRA when it is set up to

Because IRAs, whether regular or Roth, are tax-deferred, you don’t have to report any profits on your IRA investments on your income taxes as long as the money stays in the account. For instance, if you buy a stock that doubles in value and then sell it, you must generally report the gain on your

If you inherited an IRA from your spouse, you can choose to put the funds in your own IRA or into an inherited IRA. Each alternative has its own set of RMD regulations, so think about them carefully. Option 1: Move the money into your own IRA Although you have not yet reached the age

Traditional and Roth IRAs have the advantage of not requiring you to pay any taxes on capital gains produced from investments. However, you should be aware that traditional IRA distributions will be taxed as ordinary income. Do I need to report Roth IRA gains on taxes? No, any gains or losses in your Roth IRA

In various ways, a Roth IRA varies from a standard IRA. Contributions to a Roth IRA aren’t tax deductible (and aren’t reported on your tax return), but qualifying distributions or distributions that are a return of contributions aren’t. The account or annuity must be labeled as a Roth IRA when it is set up to

You must compute the RMD for each IRA separately each year if you have more than one. You can, however, combine your RMD amounts from all of your IRAs and withdraw the total from one IRA or a portion from each of them. You don’t have to take an RMD from each IRA separately. Do

Traditional IRAs compel you to take minimum withdrawals starting at age 70 1/2, whereas Roth IRAs have no such requirements. So, if you retire and have other assets to live off of, you can keep the money in your Roth and let it grow for as long as you like. Do you have to take

Some properties of Roth IRAs may make them an appealing method to save for college. However, putting money into a Roth IRA to save for college could backfire, reducing your eligibility for need-based financial aid. A Roth IRA is a type of retirement account created by the Taxpayer Relief Act of 1997, which went into

This is week four of You Ask, I Answer. If you listen to my podcast, you’ll notice that I frequently advocate a Roth IRA. It’s a fantastic method to save for retirement. This is a question I’ve been getting from several of my listeners: Suze, I understand you adore the Roth IRA, but my salary