ROTH questions

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Subject Author Date ROTH questions Jane 02-09-2007  Re: ROTH questions Phil Marti 02-10-2007  Re: ROTH questions bono9763@yahoo.com 02-10-2007  Re: ROTH questions Harlan Lunsford 02-12-2007  Re: ROTH questions Phil Marti 02-12-2007  Re: ROTH questions John D. Goulden 02-10-2007  Re: ROTH questions San Diego CPA 02-10-2007  Re: ROTH questions Shyster1040 02-10-2007  Re: ROTH questions Phil Marti 02-12-2007  Re: ROTH questions taxxcpa 02-10-2007  Re: ROTH questions Phil Marti 02-12-2007  Re: ROTH questions Ernie Klein 02-13-2007  Re: ROTH questions Phil Marti 02-13-2007  Re: ROTH questions Ernie Klein 02-13-2007  Re: ROTH questions Jane 02-12-2007  Re: ROTH questions joetaxpayer 02-13-2007  Re: ROTH questions Phil Marti 02-13-2007  Re: ROTH questions doshan@scicable.com 02-12-2007
Posted by Jane on February 9, 2007, 12:30 am Please log in for more thread options Sorry to ask such obvious questions. I tried reading the IRS publications but they are too much for me to understand. Can I still open a ROTH IRA for year 2006? If I contribute $4000 when can I withdraw any or all of that original $4000? Is there a penalty if I am not 59 1/2? Thanks << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Posted by Phil Marti on February 10, 2007, 6:44 am Please log in for more thread options > Can I still open a ROTH IRA for year 2006? Yes, through April 17. > If I contribute $4000 when can I withdraw any or all of that > original $4000? Any time you like. > Is there a penalty if I am not 59 1/2? Not on withdrawn contributions. -- Phil Marti Clarksburg, MD << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Posted by bono9763@yahoo.com on February 10, 2007, 6:44 am Please log in for more thread options > Sorry to ask such obvious questions. I tried reading the IRS > publications but they are too much for me to understand. > > Can I still open a ROTH IRA for year 2006? > > If I contribute $4000 when can I withdraw any or all of that > original $4000? Is there a penalty if I am not 59 1/2? You have until the deadline (including extensions) for filing to open and fund an IRA, either Roth or traditional. For 2006 tax year, you have until April 17, 2007 or October 15, 2007 if you file for an extension. So yes, you can still open a Roth for 2006. When you contribute to a Roth IRA, you can take out your contributions without tax or penalty up to the amount you contributed. There is no age restriction for this. If you converted a traditional IRA to a Roth IRA, you have to wait 5 years before being able to draw out money tax or penalty-free. If you have a Roth IRA that has both contributions and conversion money in it, your withdrawals are considered to be first from your contributions, then from your conversions. Dennis << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Posted by Harlan Lunsford on February 12, 2007, 12:42 am Please log in for more thread options bono9763@yahoo.com wrote: >> Sorry to ask such obvious questions. I tried reading the IRS >> publications but they are too much for me to understand. >> >> Can I still open a ROTH IRA for year 2006? >> >> If I contribute $4000 when can I withdraw any or all of that >> original $4000? Is there a penalty if I am not 59 1/2? > You have until the deadline (including extensions) for > filing to open and fund an IRA, either Roth or traditional. > For 2006 tax year, you have until April 17, 2007 or October > 15, 2007 if you file for an extension. So yes, you can still > open a Roth for 2006. (snipped) You say until the extended time for an IRA? When did this change? ChEAr$, Harlan Lunsford, EA n LA (are we having fun,yet?) << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Posted by Phil Marti on February 12, 2007, 12:42 am Please log in for more thread options > You have until the deadline (including extensions) for > filing to open and fund an IRA, either Roth or traditional. > For 2006 tax year, you have until April 17, 2007 or October > 15, 2007 if you file for an extension. Not true. Extensions don't extend the last date for vanilla IRA contributions. See IRS Publication 590. -- Phil Marti Clarksburg, MD << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Similar Threads Posted IRA/ROTH Questions June 1, 2008, 8:39 pm Roth conversion questions November 17, 2006, 11:30 pm Re: IRA / Roth IRA and Long Term Capital Gain Questions April 12, 2006, 7:55 am Roth IRA? Please explain the taxes in reference to Roth IRA vs. Traditional April 3, 2008, 4:03 pm Rollover of Roth 401k into Roth IRA February 11, 2008, 2:17 pm A few questions April 11, 2007, 11:28 pm Questions? What to do? 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