IRAs

The majority of rollovers are from an employer plan such as a 401(k) or 403(b) to an Individual Retirement Account. When you leave a job and are no longer eligible to participate in the company plan, you may be eligible for a rollover. Instead of leaving the money in the previous account, you can transfer […]

It’s now easier than ever to convert to a Roth IRA. Regardless of your income, you can transfer some or all of your existing conventional IRA or employer-sponsored retirement account balance to a Roth IRA. Congratulate yourself once the conversion is complete. You’ve just committed to a period of tax-free growth. It could mean the

If you have a Roth 401(k) and want to convert it to a Roth IRA, the process is simple. The transferred money are all made up of after-tax dollars and have the same tax basis. This is not a taxable event, as defined by the IRS. If your 401(k) is a Roth 401(k), you can

If one spouse earns enough money to contribute to an IRA for the nonworking spouse, that spouse can do so. The contribution limits for traditional and Roth IRAs are the same, but the eligibility restrictions are different. Can I contribute to my spouse’s IRA? Instead of having a separate IRA for spouses, the regulation permits

You can transfer money from a 401(k) to an IRA without paying a penalty, but you must deposit the monies from your 401(k) within 60 days. If you transfer money from a standard 401(k) to a Roth IRA, however, there will be tax implications. What are the advantages of rolling over a 401(k) to an

It depends on the type of IRA you have. If you (or your spouse) earn taxable income and are under the age of 70 1/2, you can contribute to a traditional IRA. However, your contributions are only tax deductible if you meet certain criteria. Who can contribute to a traditional IRA? has further information on

You can transfer money from a 401(k) to an IRA without paying a penalty, but you must deposit the monies from your 401(k) within 60 days. If you transfer money from a standard 401(k) to a Roth IRA, however, there will be tax implications. What are the advantages of rolling over a 401(k) to an

According to the SECURE Act of 2019, any retirees who earn money can contribute to regular IRAs. Unearned income, such as capital gains, dividends, or investment interest, cannot be used to make contributions. You can’t contribute more than your wages, and you can only contribute up to the annual contribution restrictions set by the IRS.

You can transfer money from a 401(k) to an IRA without paying a penalty, but you must deposit the monies from your 401(k) within 60 days. If you transfer money from a standard 401(k) to a Roth IRA, however, there will be tax implications. What are the advantages of rolling over a 401(k) to an

You can contribute to both a traditional and a Roth IRA as long as your total contribution does not exceed the IRS limits for any given year and you meet certain other eligibility criteria. For both 2021 and 2022, the IRS limit is $6,000 for both regular and Roth IRAs combined. A catch-up provision allows