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Can I add my higher income spouse's name to my Roth IRA in order to raise our contribution limits?

A: IRS rules prevent you from maintaining joint Roth IRA accounts. However, you may accomplish your goal of contributing larger amounts if your spouse establishes his or her own IRA.Please note, however, that if your tax filing status in 2017 is married filing separately, you are eligible to contribute to a Roth only if your modified adjusted gross income (MAGI) is less than $133,000; however, con...

Can I contribute to my company-sponsored 401(k) after the company's year-end but before its tax-filing date?

A: Unlike IRAs, where contributions can be made for the previous year up to April 15 of the current year, salary deferral contributions generally apply to they year in which they are actually withheld from the participant's wages/salary. For instance, assume that an employee makes an election to defer part of the bonus he will receive for the year 2006. The bonus is based on his 2006 compensat...

How can I get a 'pensionado' visa to retire in Costa Rica?

A: The first and primary criteria necessary to obtain a pensionado visa in Costa Rica is that you must have a pension or pension-like instrument income to lean on during your retirement. According to 2017 law, your pension income must amount to at least $1,000 per month and be exchanged from U.S. dollars into Costa Rican colones. You must also work through the Department of Immigration and provide...

How rapidly can expanding sales reduce a firm's earnings?

A: In order to operate and make money, a company must spend money. Revenue - the dollar amount of sales - can be seen on a company's income statement. From there, various expenses are deducted such as cost of goods sold and marketing. But it is the earnings figure, or net income, that reveals what the company retains from all its sales. The incongruity arises from the steps a company takes to ...

I am 61 years old and would like to contribute to my employer's 401(k) plan. Is there an age limit?

A: There is no age limit. As long as you are still employed by the company that sponsors the 401(k) plan, you may participate in the plan and make contributions.Be sure to check with your employer about financial planning services. Many companies offer professional financial planning services to their employees at no cost. A financial planner will assist you in making appropriate investments for y...

I am a teacher in a public school system and I don't presently have a 403(b) plan, but I do have some money in a Roth IRA and also a self-directed IRA. Can I roll my IRA funds into a newly opened 403(b) plan, since I am presently employed by the school sy

A: If you establish a 403(b) account under the school's 403(b) plan, you may roll the Traditional IRA assets to the 403(b) account. As you may know, the rollover from the Traditional IRA to the 403(b) cannot include after-tax amounts or amounts representing required minimum distributions. You should check with the 403(b) provider and the IRA custodian/trustee to determine whether they require ...

I didn't record my Traditional IRA contributions. Is there a website that lists IRA contribution limits for past years?

A: Visit the Congressional Budget Office's Online Tax Guide, which summarizes IRA contribution limits and phase-out ranges for every year from 1974 onwards. You may also want to ensure that you file Form 8606 for any year in which you made non-deductible contributions to your Traditional IRA. For further reading, check out Correcting Ineligible (Excess) IRA Contributions - Part 1 and Part 2.Th...

I make over $100,000/yr and my adjusted gross income precludes standard IRA contributions. My contributions to my 401(k) plan at work are limited to about $7,000/yr. It seems I'm being penalized for my income. Are there other retirement savings options av

A: With an adjusted gross income (AGI) of more than $100,000, only your eligibility to deduct contributions to a Traditional IRA will be affected.Even if you are unable to deduct your Traditional IRA contribution, you may still contribute up to the limit for the year ($4,000 for 2005, plus an additional $500 if you reach age 50 by Dec 31, 2005) to your Traditional IRA and treat the contribution as...

I'm 70.5 and still working for my own company. Can I defer starting my required minimum distributions?

A: The option to defer starting your required minimum distribution (RMD) beyond age 70.5 is available only if the individual is not a 5% owner of the business. Five percent owners must begin RMDs by April 1 of the year following the year they reach age 70.5. A 5% owner is defined as follows:If the employer is a corporation, any person who owns more than 5% of the outstanding stock of the corporati...

I'm about to retire. If I pay off my mortgage with after-tax money I have saved, I can save 6.5%. Should I do this?

A: Only you and your financial advisor, family, accountant, etc. can answer the "should I?" question, because there are many more factors that aren't in the assumptions you included, and a lot of them relate to your own gut feel.It would be easy if paying off a mortgage were ONLY just another investment. Then you could decide whether investing in that house is better or worse than pu...

I'm worried about the economy and want to move my IRA funds from stocks and bonds to cash. Will I taxed for this?

A: If you move you funds from stocks and bonds to cash, the movement will not be taxable. The money is taxable only if you take (distribute/withdraw) it from your IRA, and the amount is not rolled over back into another retirement account.You should check with your advisor about any advisor fees for such a transaction, as these may apply and are likely to differ from one advisor to another.You may...

Is it easier to save for retirement if you start earlier in life? Can I make up for what I don't save now by contributing more later on?

A: In general, the earlier you start saving for retirement, the easier it will be to afford, given the number of financial obligations that tend to be incurred at that later period in your life. A closer look at the interesting aspects of compounding will illustrate how, in the retirement game, the early bird really does get the worm.Consider two hypothetical twins, Earl and Lance. They are both 2...

My husband has a 401(k) account which is 100% vested with an $8,000 balance. We are in foreclosure and need a hardship withdrawal. The investment management company which handles my husband's account says we can't withdraw anything because we have not con

A: Unfortunately, the conditions under which hardship withdrawals can be made from a qualified plan, including a 401(k) plan, are determined by the provisions in the plan document (as elected by the employer). Some plans will allow hardship withdrawals of all plan assets, while others will limit hardship withdrawals to assets attributed to salary deferral contributions.You may want to ask the plan...

My spouse has little/no income. Can I contribute to my spouse's IRA?

A: Yes. You may make a Traditional IRA contribution to your spouse's Traditional IRA because you have eligible compensation.There is no income limit for contributing to a Traditional IRA. However, although your income does not prevent you from making a Traditional IRA contribution, it may make you ineligible to take a deduction for Traditional IRA contribution, or from making a Roth IRA contri...

What does 'full retirement age' mean in regards to Social Security?

A: In the United States, the term "full retirement age" generally refers to the age you must reach to be eligible to receive full benefits from Social Security. Depending on when you were born, this age can vary. The Social Security Administration has been slowly increasing this age as life expectancies lengthen. Early retirees receive a reduced benefit. There are several factors that de...

What happens during the consolidation phase of an investor's life cycle?

A: Unlike the accumulation phase – where emphasis is placed on growing wealth – the consolidation phase is a balance between growing and protecting one's investments. The consolidation phase usually begins during the middle of an investor's life, when children are nearing college age and the distance between the beginning of one's career and retirement are roughly equal (although t...

What is the 'three-legged stool'?

A: The "three-legged stool" is an old phrase that many financial planners used to describe the three most common sources of retirement income: Social Security, employee pensions, and personal savings.Times have changed. though, and so has the three-legged stool. For younger workers, one could say that it still exists, but the legs have changed. In place of pensions, costly defined-benefi...

What to Do After You've Over-Contributed to Your 401(k)

A: If you overcontributed to your 401(k) plan – that is, you invested more than the annual maximum set by the IRS – you should notify your employer or the plan administrator immediately. Ideally, this notification should be provided by March 1 of the year after the excess deferral contribution, as it's technically known, occurred. This means that if you invested too much in the current tax...

A. راهنمای بخش ها B. راهنمای سامانه ها C. راهنمای ابزارها + ویژگی ها D. راهنمای پروفایل ها E. راهنمای حساب + پنل کاربری F. مفاهیم و آموزش های پایه G. آموزش مفاهیم و روش های تحلیلی H. آموزش روش ها و مفاهیم معاملاتی I. روش ها و مفاهیم پرداخت ارزی