Comments on: IRA Changes for 2008 http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 22:51:28 -0500 http://wordpress.org/?v=abc hourly 1 By: EC http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/comment-page-1/#comment-116342 EC Tue, 08 Apr 2008 12:56:53 +0000 http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/#comment-116342 If my husband passes before retirement, how do I get the $$$ out of his 401k? Are they taxable income? May I "roll" his $$$ into my Roth account? If my husband passes before retirement, how do I get the $$$ out of his 401k? Are they taxable income? May I “roll” his $$$ into my Roth account?

]]> By: nickel http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/comment-page-1/#comment-114950 nickel Thu, 31 Jan 2008 23:19:06 +0000 http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/#comment-114950 Correct. If you don't already have a regular IRA then it's much simpler. We're in a similar boat in that we can't contribute to a Roth any more, and so I wanted to do a non-deductible Trad IRA and then convert it in 2010. But... I also have substantial savings in a SEP, so it's not so straightforward. Correct. If you don’t already have a regular IRA then it’s much simpler. We’re in a similar boat in that we can’t contribute to a Roth any more, and so I wanted to do a non-deductible Trad IRA and then convert it in 2010. But… I also have substantial savings in a SEP, so it’s not so straightforward.

]]> By: kitty http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/comment-page-1/#comment-114949 kitty Thu, 31 Jan 2008 23:15:17 +0000 http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/#comment-114949 BTW - I read the link about "gotcha". But if someone doesn't have regular IRA as of today, only Roth and 401K, it appears that one may be able to do it. Am I missing something? This is the first year I cannot contribute to Roth, and I was thinking of using traditional IRA->conversion past 2010 scheme. BTW – I read the link about “gotcha”. But if someone doesn’t have regular IRA as of today, only Roth and 401K, it appears that one may be able to do it.

Am I missing something? This is the first year I cannot contribute to Roth, and I was thinking of using traditional IRA->conversion past 2010 scheme.

]]> By: nickel http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/comment-page-1/#comment-114948 nickel Thu, 31 Jan 2008 23:14:19 +0000 http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/#comment-114948 Kitty: See <a href="http://www.fivecentnickel.com/2007/10/18/look-before-you-leap-roth-ira-conversions-in-2010/" rel="nofollow">this link</a>. It's not as simple as it appears. Kitty: See this link. It’s not as simple as it appears.

]]> By: kitty http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/comment-page-1/#comment-114946 kitty Thu, 31 Jan 2008 23:09:06 +0000 http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/#comment-114946 If income limits on conversions are going away in 2010, why do they keep limit on contributions? Everyone can contribute after-tax money to IRA in 2008 and 2009, then convert in 2010. Since the contributions are after taxes only the interest/gains would be taxable which isn't likely to be that much in just one year? What happens after 2010? Will everyone be able to open IRA one year, than convert to Roth the next? If income limits on conversions are going away in 2010, why do they keep limit on contributions? Everyone can contribute after-tax money to IRA in 2008 and 2009, then convert in 2010. Since the contributions are after taxes only the interest/gains would be taxable which isn’t likely to be that much in just one year?

What happens after 2010? Will everyone be able to open IRA one year, than convert to Roth the next?

]]> By: Ron@TheWisdomJournal http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/comment-page-1/#comment-114945 Ron@TheWisdomJournal Thu, 31 Jan 2008 20:47:12 +0000 http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/#comment-114945 Hey Nickel, Any idea how if you can roll from an ESOP to an IRA if I change jobs? An ESOP is an employee stock ownership plan. Thanks Hey Nickel,

Any idea how if you can roll from an ESOP to an IRA if I change jobs?

An ESOP is an employee stock ownership plan.

Thanks

]]> By: ChristianPF http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/comment-page-1/#comment-114938 ChristianPF Thu, 31 Jan 2008 18:10:21 +0000 http://www.fivecentnickel.com/2008/01/31/ira-changes-for-2008/#comment-114938 "You can now roll assets directly from a 401(k) to a Roth IRA." I didn't know that they were making this change... That is a good idea and it is long overdue. With the ROTH being as popular as it has been, it was kinda crazy that people had to jump through so many hoops to do a 401k rollover... “You can now roll assets directly from a 401(k) to a Roth IRA.”

I didn’t know that they were making this change… That is a good idea and it is long overdue. With the ROTH being as popular as it has been, it was kinda crazy that people had to jump through so many hoops to do a 401k rollover…

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