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  • 1. Why should I consider setting up a trust? Views: 35
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    Terms of Use People often associate trust funds only with the wealthy. But a trust fund ( trust ) actually can be an effective financial tool for many people in many circumstances. A trust is a separate legal entity that holds property or assets of some kind for the benefit of a specific person, group of people or organization known as the beneficiary ( beneficiaries ). The person creating a trust is called the grantor , donor or settlor . When a trust is established, an individual or corporate   More...
  • 2. What is the difference between a Conversion Roth IRA and a Regular Roth IRA? Views: 24
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    Terms of Use: A Conversion Roth IRA is defined as a Roth IRA that receives money from Traditional IRAs through a conversion, rollover or direct transfer. If an account is designated as a Conversion Roth IRA, then that account can only accept IRA conversion contributions made in a single year. A separate Conversion Roth IRA must be established each year in which an individual desires to convert assets into a Roth IRA. Contributions are permitted until April 15th for the prior tax year.
  • 3. Can I convert my Traditional IRA to a Roth IRA? Views: 22
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    Terms of Use Yes, you can convert a Traditional IRA to a Roth IRA. Taxpayers at any income level can convert a Traditional IRA to a Roth IRA. There are some tax consequences, so be sure to consult with your tax advisor. Previously deductible contributions to the converted IRA will need to be reported as taxable income, but the Roth IRA income is tax-free.
  • 4. Can I be penalized with excise taxes for saving too much in an IRA? Views: 22
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    Terms of Use: No, not any more! The 15% excise tax on excess distributions from IRAs (over $160,000 in any year) and the 15% estate tax on excess retirement accumulations have been repealed. This repeal applies retroactively to January 1, 1997 (that is, excess distributions made after December 31, 1996 and excess accumulations for decedents dying after December 31, 1996 are no longer subject to these tax penalties).
  • 5. What is AGI and MAGI as it relates to IRAs? Views: 21
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    Terms of Use Adjusted Gross Income (AGI) Your adjusted gross income (AGI) is the number at the bottom of page 1 on your income tax return, IRS Form 1040 or 1040A. On Form 1040EZ, adjusted gross income appears on line 4. Specifically, it's your gross income minus so-called above-the-line deductions. These include: deductible IRA contributions (as well as deductible SEP, SIMPLE and Keogh contributions) student-loan-interest deduction deductible contributions to medical savings accounts an  More...
  • 6. What's the maximum contribution to a Roth IRA? Views: 21
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    Terms of Use: The maximum allowable contribution to a Roth IRA depends on whether contributions are made only to Roth IRAs or to both traditional IRAs and Roth IRAs. Please see the IRS web site for more information.
  • 7. Why should I open an IRA? Views: 21
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    Terms of Use: You should strongly consider opening an IRA because of the power of tax-deferred growth and compound interest. The sooner you save the more wealth you will build for your retirement. An IRA is one of the simplest, most effective ways to save for your retirement.
  • 8. When am I required to begin taking distributions from a Traditional IRA? Views: 21
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    Terms of Use: You are required to begin taking distributions from a Traditional IRA by April 1st of the year after you turn 70 1/2.
  • 9. How much can I contribute to a 403(b)? Views: 20
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    Terms of Use What is a 403(b)? A 403(b) is an employer sponsored retirement savings plan that allows you to save pre-tax dollars for your retirement. A Roth 403(b) permits only after-tax contributions but allows you to diversify your tax risk by letting eligible participants make tax-free withdrawals after retirement. The IRS limits the amount you can contribute each year Participants can contribute up to $17,500 for 2014. This limit is applicable if you're under age 50 as of December 31st  More...
  • 10. What is the difference between a Traditional IRA and a Roth IRA? Views: 20
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    Terms of Use IRAs are a great way for you to save for the future. Your IRA can consist of a range of investments from savings accounts, stocks, bonds, and certificates of deposit or share certificates. You can contribute up to a certain limit each year into your IRA and if you're over 50, you are allowed an additional catch up contribution. The tax advantages of a Traditional or Roth IRA depend on your annual income and whether you are covered by your company's retirement plan. B  More...
All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.

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