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Can you put a roth IRA or regular IRA into a' irrevocable trust'?
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Can you convert a simple IRA to a roth IRA?
Yes, you can roll a regular IRA into a Roth IRA. You pay income tax on the amount you withdraw from the regular IRA, but do not have to pay a penalty for early withdrawal if you roll the money directly into the Roth IRA.
Can IRA be put into a irrevocable trust?
No. A trust cannot have an Individual Retirement Account.
How do I convert a regular IRA into a Roth IRA?
To convert a regular IRA into a Roth IRA you have to pay federal income taxes on any pre-tax contributions, as well as any growth in the investment's value. http://www.money-zine.com/Financial-Planning/Retirement/2010-Roth-IRA-Conversions/
Can you rollover a Traditional IRA to a Roth IRA?
Roth IRA Conversion Taxes. When you convert from a Traditional IRA to a Roth IRA you pay income tax on the contributions. The taxable amount that is converted is added to your income taxes and your regular income rate is applied to your total income.
What is the difference between a Roth Ira and just an IRA?
Roth IRAs are similar to regular IRAs except for the fact that they allow you to forgoe a tax deduction. In order to qualify for a Roth IRA you must have documented form of compensation.
Can you have both a regular IRA and a roth IRA?
Provided you meet the compensation requirements and the income limitations for each type of IRA, you may contribute to both a Roth and a regular IRA. However, the combined amount may never exceed $5,000 (or $6,000 if you are 50 or older). Therefore, should a 45-year old be eligible and choose to contribute $3,500 to his Roth IRA, the most he could contribute to a regular IRA for the same tax year is $1,500.
How do you figure the costs of converting traditional IRA to a Roth IRA?
IRA is Roth
Can you get a tax deduction for Roth IRA contributions?
No, you do not get a tax deduction for Roth IRA contributions. You pay regular income tax on the amount your contribute to your Roth IRA. The tax benefit is that any income you generate with the account (interest, dividends, etc.) is not taxed when you withdraw the money.
Will a roth IRA calculator be useful?
A Roth IRA calculator will enable you to calculate whether you would benefit from this type of retirement plan rather than a regular IRA. This calculator alone is not sufficient to basis investment decisions on.
What are some FAQ about Roth IRA?
People have many questions regarding Roth IRA's. Some typical frequently asked questions about Roth IRA's are "Are there any penalties for cashing out my IRA early?" and "can i convert my traditional IRA into a Roth IRA?"
Where can one use Roth IRA calculators for free?
A Roth IRA calculator is used to calculate the total value of one's Roth IRA. Free Roth IRA calculators are offered by the websites Bankrate, Roth IRA, Money Chimp and Calculator Pro.
Should I convert my IRA to a Roth IRA?
Opinions on changing your standard IRA investment to a Roth IRA vary on who you ask. www.smartmoney.com/.../should-i-convert-my-ira-to-a-roth-ira is an excellent website for information.
