IRAs

The rollover would be considered a Roth conversion, which is allowed after the two-year SIMPLE IRA distribution waiting period, which begins on the date of the initial SIMPLE contribution to the plan. Then, if you break the two-year rule, you’ll be hit with taxes and a 25% penalty. The assets from the SIMPLE IRA can […]

Over 90,000 Ford employees must make a critical decision on their pension. When you retire and have a 401k, the decision is usually straightforward: convert the 401k to an IRA. There are few exceptions to the norm, such as if they are under the age of 59 1/2 or if they own employer stock, but

If a survivor inherits an IRA from their deceased spouse, they have numerous options for how to spend it: Roll the IRA over into another account, such as another IRA or a qualified employment plan, such as a 403(b) plan, as if it were your own. Depending on your age, you may be compelled to

Even so, there are situations when converting your Roth IRA to a regular IRA makes financial sense. Here are five convincing arguments for doing so. Can Roth funds be rolled into a traditional IRA? If you previously invested in a traditional 401(k) or 403(b) at work, you can roll over into a traditional IRA (tax-free).

To put money into a 401(k), first check to see if your plan enables rollover contributions. Because every company is different, you might not be able to utilize this strategy. If your company allows it, inquire about the rules for rolling an IRA into a 401(k) (k). You usually fill out a form claiming that

For tax purposes, the SEP IRA and the regular IRA are the same sort of account. The sole distinction is that a SEP IRA can accept contributions from employers, whereas a standard IRA can only accept contributions from individuals. So, with the exception of who is allowed to contribute, you can combine the SEP IRA

A regular IRA can be converted into a Roth IRA in whole or in part. You can conduct a Roth conversion, sometimes known as a “backdoor Roth IRA,” even if your income exceeds the contribution restrictions for a Roth IRA. You’ll have to pay taxes on the money you convert, but you’ll be able to

A regular IRA can be converted into a Roth IRA in whole or in part. You can conduct a Roth conversion, sometimes known as a “backdoor Roth IRA,” even if your income exceeds the contribution restrictions for a Roth IRA. You’ll have to pay taxes on the money you convert, but you’ll be able to

Although you can’t convert a non-qualified annuity to a Roth IRA directly, you can transfer your annuity to a Roth IRA by withdrawing your funds, paying taxes on the growth, and depositing the remaining in your Roth account up to your annual contribution limit. Your annuity provider may offer a withdrawal option that allows you

Employees do not pay tax on stock held in their ESOP accounts until they receive distributions, at which point they are taxed. If they are under the age of 591/2 (or 55 if they have terminated employment), they, like all employees in qualified plans, are subject to not only applicable taxes but also a 10%