All Questions
Tagged with retirement-plan income-tax
14
questions
-1
votes
1
answer
65
views
What double-entry bookkeeping and account structure lets me report taxable distributions from retirement savings plan (e.g. RRSP)?
I have tax-preferred retirement savings plans, and I track their activity using a double-entry bookkeeping app. I am at the age where I am starting to make withdrawals from the savings plans. The ...
- 439
3
votes
1
answer
297
views
I contributed to my and my spouse's Roth IRA when she was unemployed. Now she has a job and we will exceed the income limit. What to do?
Back in January 2021, my spouse was unemployed and our joint income for 2021 was (expected to be) less than $198,000. Thanks to that, I contributed $6,000 to my own Roth IRA and
$6,000 to the Spousal ...
- 133
-1
votes
1
answer
98
views
Do you pay taxes on "phantom" transactions related to precious metal ETFs held inside a retirement account?
Precious metal ETFs (e.g. GLD) collect expenses from you by selling fractional shares on a month-by-month basis
You have to pay taxes on these sales
You have to account for fractional shares sold from ...
- 506
30
votes
6
answers
5k
views
Is a Roth IRA good for a high schooler?
I am a high-school Senior who will not earn enough income working this summer to have to pay income taxes. I have a full ride to college, so I was thinking of using my earnings/savings for retirement. ...
- 403
0
votes
1
answer
79
views
401 K Plan and form 5500
I have a solo 401 K plan with about 225K in it through E*Trade. If/when the account reaches 250K then
I will have to file form 5500 every year with the IRA. I do not want to have to file form 5500 ...
- 1,531
2
votes
1
answer
52
views
CARES-related withdrawal: eligible plan vs. opt-in
It seems a qualified individual with an eligible retirement plan can apply CARES act provisions with regard to withdrawals/distributions received during calendar year 2020, whether or not the plan ...
- 135
0
votes
1
answer
225
views
How much should you put in a 401k plan?
I am making ~$145,000 per year and was wondering if it is wise to contribute 12% pre-tax to my 401k? Is this too much? Is there any disadvantage in contributing nothing? I am already well off (come ...
- 11
4
votes
2
answers
436
views
Options for non-US person outside US with 401(k)
This question is somewhat related to this one.
I'm a non-US person (mid 30s) currently living and working in Europe. Previously, I lived and worked in the US (Massachusetts) for >3 years. In order to ...
- 43
2
votes
3
answers
276
views
Effective Tax Rate in Retirement
Suppose that I'd like to net $5k of monthly income ($60k per year after taxes) from my 401k when I retire in 20 years. For 2017, I would need $69.5k gross distributions from my 401k because my ...
- 218
0
votes
0
answers
59
views
Roth 401(k) Loan
I am thinking about taking out a loan from the Roth 401(k) plan. The idea behind the loan is to put more money into the Roth 401(k). I would like to charge myself a very high rate of interest, say 20%,...
- 1,531
0
votes
2
answers
106
views
401k plan vs company size [closed]
I am looking for financial information about a private company. All I could find that is publicly disclosed is the 401k plan details (form 5500)
The form mentions a plan net asset of $1.5M, 19 ...
- 101
3
votes
2
answers
410
views
Does it make sense to retire in a state with no state income tax?
TL/DR: Is it worth retiring (fully residing or snowbirding for a substantial part of the year for tax reasons) in a state with no income tax? What are some factors to consider? Is there a net ...
- 497
1
vote
1
answer
73
views
distribution from retirement plan in one state being taxed in another
In 2012, I took a "non-qualified" premature distribution from a retirement plan. I realize that this is taxable on the federal level, and I have paid the federal taxes on it.
I received the funds ...
- 111
1
vote
1
answer
469
views
Transfer a Public Provident Fund account from minor to major in India
I am aware that citizens of India can contribute money into a public provident fund (PPF) which will get locked in for 15 years. I am also aware that one can open a PPF account on behalf of a minor if ...
- 273