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FAQs urs document sample
I need help filling out this IRA form to withdraw money. How do I fill this out?I am confused on the highlighted part.
I recently opened a Fidelity Roth IRA and it says my account is closed and I need to submit a W-9 form. Can anyone explain how this form relates to an IRA and why I need to fill it out?Financial institutions are required to obtain tax ID numbers when opening an account, and the fact that it's an IRA doesn't exempt them from that requirement. They shouldn't have opened it without the W-9 in the first place, but apparently they did. So now they had to close it until they get the required documentation.
How else can I save for retirement if I have already maxed out my Roth IRA and I do not have access to a 401K?Three alternatives, depending on your situation:If you are self-employed, or a Contractor receiving 1099 income, you can do a SEP IRA, Simple 401k or Solo 401k. SEPs are very easy to do---they amount to an IRA account with far more liberal contribution limits (up to 25% of your income, pre-tax)If you are an Employee, you are eligible for a Pre-Tax IRA too. In some tax years, you may be better off than with a Roth if reducing your taxable income drops you into a lower tax bracket. You can contribute to either or both, so long as your combined contribution does not exceed $5500 ($6500 if you're older than 50)If neither of these works, you can save for retirement pretty well in a taxable account. But you need to be strategic about it. Create a separate account for Retirement money, so you won't be tempted to touch it. In this account you should use only tax-efficient investments:Buy and hold individual stocksInvest in tax-efficient stock funds (e.g. Index funds)As an alternative to setting up a separate brokerage account, you can set up an auto-investment plan with a Mutual Fund company to pull a fixed amount out of your checking account every month. This enables you to make disciplined, consistent investments in a tax-efficient mutual fund. Relegate your tax-ineffient investments to your Roth (e.g. actively managed funds, trading accounts, Bond/CDs, bond funds, etc.)
Upon retirement, when you direct rollover a lump sum from a teacher retirement system to a Roth IRA in another investment company, will any part of the deposit be available to withdraw within a 5 yr period, or must you wait 5 years for seasoning?First of all, is it after-tax money you’re rolling over? If not, it will become taxable, because Roths are after-tax retirememt accounts.You may withdraw your contributions at any time. Assuming you are over 59 1/2, you can withdraw interest at any time. However, the interest will not be tax exempt until the Roth has been in existence for 5 years.
For every dollar taken out in Roth IRAs, how much is tax-free, how much is taxable, and how much is subjected to a 10% penalty? How are contributions and earnings separated out upon early withdrawal of cash from Roth IRAs?My recommendation, and hope is, you NEVER touch your retirement savings. If you must for some reason, while under the age of 59 1/2, you can withdraw the contributions you personally made anytime without tax or penalty.If you take a distribution of earnings before 59 1/2 AND have had the account for less than five years, the earnings (only) will be subject to tax and penalty unless it is used for purchase a first home, to pay for education, you are disabled, or the money will be used for medical expenses.Your broker can assist you in determining how much of the money was a contribution versus earnings, (or look at your statement) and your broker can take money out of the side you want.
If you can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free at age 71, does that include a rollover contribution from a tax deferred pension-teacher retirement plan? If not, how does that work?When you make a rollover into a Roth IRA from a different type of retirement account (even a Roth account inside a 403(b) or other workplace plan), then even if you're older than 59 1/2, you'll have to wait till the fifth calendar year after the year of the rollover before the earnings on that rollover can be withdrawn tax-free. For example, if you make the rollover in 2019, you'll have to wait till 1/1/24. The rollover won't trigger a penalty tax (even if you're younger than 59 1/2), but unless the source of the rollover is another Roth account, any portion of the rollover that was tax-deferred up to that point will count as taxable income that year.Now, without knowing the specifics of your pension, I can't comment on the feasibility of rolling some of that money over to a Roth IRA. Check the pension’s summary plan description, which you should be able to find on your online benefits portal or get a copy of from your HR contact.