Questions tagged [roth-ira]
To be used for questions related to Retirement Tax saving scheme Roth IRA as applicable in the United States
738
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Late IRA contribution
My wife and I filed jointly for the first time and were planning to contribute that maximum for our Roth IRA’s for tax year 2023. However, the deadline has passed. Is there any possible way to still ...
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0
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1
answer
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Did Congress ever ban Peter Thiel's IRA maneuver?
Back in 2021 there was a big kerfuffle when it became known that Peter Thiel had put a bunch of his PayPal stock in a Roth IRA, essentially avoiding needing to pay capital gains tax on about $5 ...
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votes
1
answer
401
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Late IRA contribution with changing filing status and income limits
My wife and I got married in February. She has a Roth IRA, but she did not hit the contribution limits for 2023. I am considering making a late contribution to make sure we are taking full advantage ...
- 135
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1
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How *exactly* do I complete an indirect Roth transfer?
There are tons of results when you Google "how to do a Roth indirect transfer". But each article is 95% the same and doesn't provide enough details on tax reporting. Or they only provide tax ...
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1
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Roth IRA Investing
I’m new to investing and I currently have my IRA contributions put into 3 equities and 1 ETF. Beginner question, how do future investments work? How do I keep adding to my ETF over the years? Do I ...
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2
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What is the Roth IRA limit for someone with a low income?
Say, someone over 18, a college student, earn a total of $5000 (W2 Wages, tips, other compensation) from a summer job. And pay:
$500 social security / medicare tax
$800 federal income tax
$200 state ...
- 165
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votes
1
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127
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Can I withdraw money from my Roth IRA to pay last year's tuition?
I just learned I can withdraw money from my Roth IRA to pay tuition fees for a graduate degree without the 10% penalty. Can this be done retroactively at all? Specifically, can I sell enough right now ...
- 103
1
vote
0
answers
65
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Roth IRA vs Individual Brokerage Approach
How does investment approach change between a Roth IRA vs. an individual brokerage account? If your individual account is focused on long term investments over several years, would it be reasonable to ...
- 111
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1
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479
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Rollover former employe's 401k after backdoor Roth IRA conversion?
I am no longer at my former employer but I have an existing 401k plan with Vanguard through them.
30% of the contributions were pre-tax. (traditional 401k)
70% of the contributions were post-tax. (...
- 693
4
votes
2
answers
3k
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Move money from former employer's 401k to Roth IRA and Rollover IRA
I am no longer at my former employer but I have an existing 401k plan with Vanguard through them.
30% of the contributions were pre-tax. (traditional 401k)
70% of the contributions were post-tax. (...
- 693
0
votes
1
answer
183
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Backdoor Roth IRA and "total basis in traditional IRA for 2022 and earlier years"
Like many of you, I am currently preparing my taxes for 2023. I have a question about Backdoor IRA and a particular line in my 2022 Tax Return.
Each year, I have contributed to a Traditional IRA and ...
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1
vote
1
answer
385
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Why do people like Mega Backdoor Roth IRAs?
So, according to me:
Traditional IRA:
Money goes in tax-free
Grows tax-free
Taxed as ordinary income in retirement
Roth IRA:
Money goes in after-tax
Grows tax-free
Tax-free in retirement
(These ...
- 693
4
votes
3
answers
4k
views
If I roll over one Roth IRA into another, can I withdraw the full rollover amount after five years?
Say I have $100,000 in a Roth IRA, composed of $60,000 in contributions and $40,000 in interest/earnings. If I roll over that full amount into a second Roth IRA, then wait five years, would I be ...
1
vote
1
answer
329
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Rolling over Traditional 401(k) affected by Pro Rata
I currently have three retirement accounts:
Account A: Traditional IRA with Pre-tax money
Account B: Traditional IRA with Post-tax money (used for backdoor Roth IRA)
Account C: Roth IRA
Account D: ...
- 33
0
votes
1
answer
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The Roth IRA clock and taxes
Please consider the following hypothetical situation:
A 30 year old investor puts $500 into a Roth IRA. When he turns 36, he takes all the money out and pays taxes on his profits and maybe a penalty ...
- 1,521