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Posted by malibu.ron@verizon.net on October 11, 2007, 12:41 am
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I am 63 and took early social security retirement benefits.
1. I work part time and want to know if I can continue
contributing to my Roth account ?
2. Can I withdraw money from my Roth account tax free ?
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Posted by Herb Smith on October 11, 2007, 10:20 pm
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> I am 63 and took early social security retirement benefits.
>
> 1. I work part time and want to know if I can continue
> contributing to my Roth account ?
Yes, $5,000 or the amount of your gross wages, whichever is
less.
> 2. Can I withdraw money from my Roth account tax free ?
Yes, if you have had the account for at least 5 years,
Contributions can be withdrawn at any time, without tax or
penalty.
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Phil Marti on October 11, 2007, 10:20 pm
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> I am 63 and took early social security retirement benefits.
>
> 1. I work part time and want to know if I can continue
> contributing to my Roth account ?
Yes. There is no age limit for Roth contributions, so as
long as you have earned income (your part-time job) you can
contribute. See IRS Publication 590.
> 2. Can I withdraw money from my Roth account tax free ?
Assuming your first Roth contribution was more than 5 years
ago, all Roth distributions for the rest of your life will
be tax-free.
--
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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Bill on October 11, 2007, 10:20 pm
Please log in for more thread options malibu.ron@verizon.net posted:
> I am 63 and took early social security retirement benefits.
> 1. I work part time and want to know if I can continue
> contributing to my Roth account ?
> 2. Can I withdraw money from my Roth account tax free ?
Answer 1: Yes, up to the limit of $5,000 at present time,
since you are over 50 -- and subject the the limitation that
it cannot exceed your earned income. Also, please note the
contributions to your Roth account may entitle you to a
credit for retirement savings, assuming your total income
does not exceed the stated limitations.
Answer 2: Yes, once you're past 59 1/2 years of age, all
Roth withdrawals are free of reporting or taxation
requirements.
Bill
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Harlan Lunsford on October 12, 2007, 11:25 pm
Please log in for more thread options Bill wrote:
(snipped...
> Answer 2: Yes, once you're past 59 1/2 years of age, all
> Roth withdrawals are free of reporting or taxation
> requirements.
OOPS! Bill. free of reporting requirements? Since
distributions are always reported on a 1099R, recipients had
better account for same on line... 16 (17?) a.
ChEAr$,
Harlan Lunsford, EA n LA
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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