Articles Categorized in: Blog

What Can a Roth IRA Be Rolled Over Into?

As soon as you change jobs, it is imperative to abide by all regulations when rolling over your IRA funds. A Roth IRA should either go directly into an appropriate Roth account or it can be moved directly into another Roth IRA as long as its contents don’t mix with pre-tax contributions. An indirect rollover refers to any transfer between accounts where there are no taxes withheld from it, so as to eliminate any potential complications with withholding taxes from...
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Is a Gold IRA Taxable?

Gold IRAs come with unique investment requirements. IRS regulations only permit certain precious metals to be invested into these accounts, and you cannot physically possess them yourself; an intermediary will need to store them. Gold IRAs can provide an excellent protection from inflation, but can be tricky to liquidate, creating problems if your RMDs need to be taken early. Taxes on gold If you’re seeking to diversify your retirement portfolio, gold IRAs could be the right investment vehicle for you....
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Can I Use My IRA to Invest in Stocks?

An Individual Retirement Account, or IRA, can be used to invest in various assets including stocks, mutual funds, ETFs and bonds. When using an IRA as an investment tool it’s essential that investors understand the associated regulations from the IRS. Taxes aside, one of the main constraints to an IRA account is that owners cannot sell any investments until reaching retirement age or risk incurring income tax penalties. Tax-deferred growth Tax-deferred growth is one of the key advantages offered by...
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When Can You Withdraw Money From Your IRA Without Paying a 10% Penalty?

Traditional IRAs are intended to be used beyond retirement age, so early withdrawal can incur penalties and taxes. A financial advisor can assist with withdrawing money as well as find out whether any exceptions apply in your case. There are certain instances when withdrawing money from an IRA without incurring the 10% penalty, including: 1. Unreimbursed medical expenses 2. Higher education costs 3. Military service. 1. You’re a first-time homebuyer Your contributions to your 401(k) may be withdrawn without incurring...
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Is SSDI Income Tax Exempt?

Dependent upon household income, up to 85% of SSDI benefits may be subject to income taxes. This percentage is determined using total household annual income, including half of an SSDI benefit received as income. Most states, including Virginia, do not tax SSDI payments; however, recipients may need to file an income tax return or have federal taxes withheld from their monthly payment. Benefits are taxable if your household income exceeds a certain amount Social Security Disability Insurance (SSDI) payments typically...
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