Can you deduct a loss in your IRA or Roth IRA? The answer is yes, if you meet the criteria. It is much easier to deduct a loss in a Roth IRA than in a traditional IRA because Roth IRAs generally hold more basis than a traditional IRA. Basis in a traditional IRA comes only from nondeductible contributions and/or rollovers of after-tax funds previously held in an employer plan. Basis in a Roth IRA comes from Roth IRA contributions, Roth IRA conversions and most rollovers from designated Roth accounts (i.e. Roth 401(k) funds). Here are the six steps.
This week's Slott Report Mailbag looks at possible miscues and how to handle them. What constitutes an excess Roth IRA contribution? One individual below has to deal with the 6% penalty while another doesn't. We explain why.
Roth IRAs can be powerful retirement planning tools. They allow you to put money aside today that can grow tax free for the remainder of your lifetime, and there are no required minimum distributions, like there are for traditional IRAs. Of course, nothing worth having in life comes without a cost, and the Roth IRA is no exception. Here's how to grow your Roth IRA account without growing your bill at tax time.
There are two types of tax reporting for IRA accounts: the reporting that is mandatory for IRA custodians and the subsequent reporting that must be done by the IRA owner or beneficiary. Here's what you need to know about each.
With tax season well underway, you may be considering contributing to an IRA. For many people, the IRA options are confusing. There are traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs. Which IRA is right for you? Well, if you are not an employer and are not self-employed, you may not decide on your own to contribute to a SIMPLE or SEP IRA. That leaves traditional and Roth IRAs. Which is best for your retirement savings needs? We examine your options.
Tax season is here. This is the time when many IRA owners consider making contributions for the prior year. Are you planning on making a 2015 contribution to your IRA? Here are 10 IRA contribution rules you need to know.
The Roth IRA is one of the most useful tools in the retirement planning bag of tricks. But just as the quality of any tools at your local hardware store might vary from shelf to shelf, so too do the qualities of Roth IRA conversions you might execute. There’s nothing wrong, per se, with a “plain vanilla” conversion, but this article delves into a conversion strategy you might want to look into during stock market volatility: Roth-conversion-cost averaging.
Are you retired? If so, you may think that a Roth IRA is not for you. Before deciding if a Roth IRA will benefit you as a retiree, here are 10 facts that you will want to know.
If you are just starting to save for your retirement or have a family member who is wondering what steps to take for a secure retirement, the recent announcement from the Treasury Department expanding the myRA program is important news. Here's how you can utilize them.
Roth IRAs are powerful retirement savings tools... if you used correctly. Here are 3 Roth IRA myths you simply can't afford to believe.
