I need more information or advice about IRA tax deductible.?

I need more information or advice about IRA tax deductible.?
by

1 Answer

Answer :

There is no deduction for a Roth IRA. The advantage is given when you take money out of he roth after retirement. No tax is paid on the interest earned on the roth IRA.
by

Related questions

What can you tell me about a Roth IRA tax deductible?

Description : What can you tell me about a Roth IRA tax deductible?

Last Answer : The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.

I need to know if metal roofing is tax deductible, and what the general prices are for metal roofing.?

Description : I need to know if metal roofing is tax deductible, and what the general prices are for metal roofing.?

Last Answer : The average values nationwide associated with a typical roof renovation of 30 squares of standing seam metal are about $16,500 for the cost of the job. Since December 2010, the government can give tax deductibles to qualifying metal roofs up to 30% of the cost.

Is health insurance tax deductible?

Description : Is health insurance tax deductible?

Last Answer : Here’s the whole megillah: http://www.irs.gov/publications/p502/index.html

Is a NEW car tax deductible if you own a business?

Description : Is a NEW car tax deductible if you own a business?

Last Answer : You will probably want to depreciate it over a period of time. Say 3 years.

Which services are subject to income tax deductible at source ? What is the tax rate ?

Last Answer : Fees for professional services Fees for technical services No fees or fees or commissions in whatever name they are paid to a director , which is not in the nature of salary Income Royalty Any aggregate income referred to in clause ( VA) of Chapter 28 Related to incomplete payments

Are election expenses tax deductible in US?

Description : Are election expenses tax deductible in US?

Last Answer : According to the IRS, any type of elections donation or contribution is not tax deductible. This includes contributing to a Political candidate, a campaign fund or even a newsletter. In your case, this ... If you decide to attend a political dinner, you can't deduct this from your taxes either.

Is installing a new air conditioning tax deductible?

Description : Is installing a new air conditioning tax deductible?

Last Answer : Is an energy efficient air conditioner installed in your hometax deductible

Are eye glasses tax deductible?

Description : Are eye glasses tax deductible?

Last Answer : Need answer

What are some charitable organizations I can donate to that are tax deductible?

Description : What are some charitable organizations I can donate to that are tax deductible?

Last Answer : The charitable organizations which provide tax deductions for donations include Green Planet, City International, For Humanity, Christian Mission, Parents and Children Together etc,

what is the rule for receiving tax deductible for medicare paid in for retirees filing jointly, under $13,000?

Description : what is the rule for receiving tax deductible for medicare paid in for retirees filing jointly, under $13,000?

Last Answer : what is the rule for receiving tax deductible for medicare paid in for retirees filing jointly, under $13.000?

Is a car repair tax deductible?

Description : Is a car repair tax deductible?

Last Answer : a car repair can be tax deductible. but typically the stipulation is that the repair would have to be done on a vehicle used for work. typically something self employed people may have the privilage of doing.

Are your expenses tax deductible when you work at home?

Description : Are your expenses tax deductible when you work at home?

Last Answer : If you are an employee and itemize your deductions, you can deduct unreimbursed employee expenses subject to a number of limits. If you are a contractor or sole proprietor, you can take them off of ... that expenses for your home office are complicated and can be an audit trigger, so contact a CPA.

Are HELOC loans tax deductible?

Description : Are HELOC loans tax deductible?

Last Answer : If HELOC was used to improve your home, the interest paid on the loan is tax deductible up to 1 million dollars. If HELOC was used for other purposes, you can deduct the interest up to $100,000.

Is my car donation tax deductible?

Description : Is my car donation tax deductible?

Last Answer : Yes, car donations are deductible. Check with the group you donate the car to. If the organization you donate to is a registered charity, yes.

Where can I make a tax deductible car donation?

Description : Where can I make a tax deductible car donation?

Last Answer : You can make a tax deductible car donation at donateacar.com

Financing availability and is it tax deductible?

Description : Financing availability and is it tax deductible?

Last Answer : The 529 college savings plan does not offer a tax deductible on federal income tax returns, however the contributions are considered gifts and come out tax free.

Any advice on setting up your first IRA account?

Description : Any advice on setting up your first IRA account?

Last Answer : answer:I don't know a lot about IRAs, but I Will Teach You To Be Rich is a great resource for learning about finances and investments. Just go there and search for Roth IRA and you'll come up with ... 're a good place to check into. They've also got some good basic FAQ on IRAs on their website.

Does a 401K or Roth IRA provide greater tax efficiency?

Description : Does a 401K or Roth IRA provide greater tax efficiency?

Last Answer : A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not. A Roth grows tax free, while a 401k is taxed when you withdrawl the funds.

Is there a penalty or tax penalty for withdrawing from a ROTH IRA ?

Description : Is there a penalty or tax penalty for withdrawing from a ROTH IRA ?

Last Answer : If you are over 59 1/2,certain medical expenses,first time home buyer.,college expenses or certain other uses it may be penalty free, but thier maybe a 10% penalty depeding on your circumstances.

Are there tax implications with a 401(k) IRA rollover Roth?

Description : Are there tax implications with a 401(k) IRA rollover Roth?

Last Answer : You can roll your 401(k) to a Roth IRA. A Roth IRA is pre-taxed dollars, so when you withdraw the money upon retirement, there will be no taxes on it as the taxes are already paid. You'll ... helpful: http://www.kiplinger.com/columns/kiptips/archives/yes-you-can-roll-over-a-401k-into-a-roth-ira.html

Do you get Roth IRA tax deductions?

Description : Do you get Roth IRA tax deductions?

Last Answer : Everything that is in a Roth IRA is non tax deductible. You can get a tax credit of 50% on the first $2000 that you contribute to the IRA if you meet qualifications. The qualifications a listed on this site: http://www.your-roth-ira.com/roth-IRA-tax-credit.html

Can I get a tax deduction for my roth IRA?

Description : Can I get a tax deduction for my roth IRA?

Last Answer : There is no Roth IRA tax deduction, but this does not mean that the Roth IRA does not have tax implications. More information can be found by asking an accountant.

What is a health insurance deductible?

Description : What is a health insurance deductible?

Last Answer : it means that for example, if a procedure costs 10000, you have to pay 7150 out of pocket, and insurance only pays the remaining 2850. a ludicrous concept to anyone outside of the colonies.

Insurance question: Should a mortgagor (bank) be liable for some or all of the deductible?

Description : Insurance question: Should a mortgagor (bank) be liable for some or all of the deductible?

Last Answer : answer:Nice try, but no. In every house I have purchased, there have been clauses in that 30-page contract that put insurance and such all on you. It’s a nice dream, but that’s all.

How can you make a high deductible health insurance plan work for you?

Description : How can you make a high deductible health insurance plan work for you?

Last Answer : answer:Check your policy; our high deductible plan ($2700) includes 100% coverage for maintenance' health care. Our exams, mammograms, and other preventative programs are covered. Also, see what HSA plans ... the beginning of your year to meet the deductible, then the rest of the year is covered.

What's a better deal? the $50 phone from Best Buy with $10 a month warranty or $150 phone from Verizon with $6 a month warranty and $50 deductible?

Description : What's a better deal? the $50 phone from Best Buy with $10 a month warranty or $150 phone from Verizon with $6 a month warranty and $50 deductible?

Last Answer : answer:Well, strictly from a financial perspective, she's going to basically break even on the cost of the phone + warranty over a two year period, whether she gets the phone at Best Buy or ... phone. If your friend was happy with the phone before, she shouldn't stress over the warranty issue.

What policies should be implemented now that you know that Mrs Gonzales’s secondary insurance will not cover her copayments until her high yearly deductible is met?

Description : What policies should be implemented now that you know that Mrs Gonzales’s secondary insurance will not cover her copayments until her high yearly deductible is met?

Last Answer : home equity loans, auto loans, and student loans

What is the average deductible for antiques insurance?

Description : What is the average deductible for antiques insurance?

Last Answer : The average deductible varies depending on your company. However, on average, the deductible is about $1000.

What is medicare deductible How much is allowed for mileage to and from medical doctors and hospitals?

Description : What is medicare deductible How much is allowed for mileage to and from medical doctors and hospitals?

Last Answer : medicare deductible is the amount you must pay each year before Medicare starts paying your claims. $800 With standard deductions allowed by the government to the doctors and hospitals.

Can you get collision insurance with a $ 1000 deductible?

Description : Can you get collision insurance with a $ 1000 deductible?

Last Answer : Insurance deductibles vary depending on your car type, age and driving record. You should talk to your insurance company or shop around to meet your target prices.

What is the normal deductible for bodily injury liability car insurance?

Description : What is the normal deductible for bodily injury liability car insurance?

Last Answer : The deductible for bodily injury liability car insurance depends upon what you select. The deductible portion is not covered by the insurance policy and thus high deductible policies have a lower premium. Car insurance requirements also vary from state to state.

Where can I find more information about traditional IRA accounts?

Description : Where can I find more information about traditional IRA accounts?

Last Answer : A traditional IRA account is a great idea. Any banking website would have information on how to start one such as scotiabank, Royal Bank, or the Bank on Montreal.

Where can I find information on a sep ira rollover?

Description : Where can I find information on a sep ira rollover?

Last Answer : A SEP IRA is a Simplified Employee Pension Individual Retirement Account for the self-employed with advantages and and challenges for you, and its something you should look into.

Where online can one find the most reliable information about variable annuity ira?

Description : Where online can one find the most reliable information about variable annuity ira?

Last Answer : Variable annuities are tax deferred investment accounts similar to mutual funds. Variable annuity IRAs use money in your IRA account to fund the principal for the investment, ... annuity IRAs through FINRA. http://www.finra.org/Investors/ProtectYourself/InvestorAlerts/AnnuitiesAndInsurance/p005976

An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert witness in accounting, auditing or tax matters, given certain stipulated facts. b. assurance. c. Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. d. Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed.

Description : An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert ... or prepare a tax return based on financial information the CPA has not audited or reviewed.

Last Answer : Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party

Will you educate me on IRA and CDs and stuff?

Description : Will you educate me on IRA and CDs and stuff?

Last Answer : The main description of a traditional IRA is it is an account you put money in that reduces your income now, so you are taxed less now, and then when you take the money out when you are older it is ... are CD's you can add additional money or allow an increase to the rate, but those are not typical.

Accountants and small business owners can you give me some info on a SEP IRA?

Description : Accountants and small business owners can you give me some info on a SEP IRA?

Last Answer : Here’s the Nerd Wallet take on SEP IRA. Yes you have to contribute with certain rules.

Do you have a Roth IRA?

Description : Do you have a Roth IRA?

Last Answer : answer:If you make the same amount of money and tax rates never change your whole life the IRA and the Roth IRA will result in the same amount being taxed and the same amount being saved. ... being taxed at the lower brackets and at the higher brackets as they age and their careers/salaries mature.

If I were to take a total distribution from a pension plan and roll it into a Roth IRA, will that distribution be taxable?

Description : If I were to take a total distribution from a pension plan and roll it into a Roth IRA, will that distribution be taxable?

Last Answer : answer:Short answer is yes. You will add it to your income for that year, then add a 10% penalty on top of your effective tax rate for that specific portion of money. If you have a lot of years before retirement, it is worth it.

I am receiving a settlement shortly. What is an IRA?

Description : I am receiving a settlement shortly. What is an IRA?

Last Answer : An IRA is an Individual Retirement Account, you would contribute towards your retirement, I don’t know the tax implications of it if you withdraw when you are in Austrailia but I found this site that might be able to help you

401(k) vs. IRA: financial whizzes, please tell me--why would I switch from one to the other?

Description : 401(k) vs. IRA: financial whizzes, please tell me--why would I switch from one to the other?

Last Answer : answer:No problems leaving them where they are normally. All 401ks are individualized to different companies however, check with your HR department and contact the fiduciary firm just to double check. If you ... a 401k. Fees will likely be smaller on the individual mutual funds you hold as well.

Can anyone suggest a socially responsible Roth IRA?

Description : Can anyone suggest a socially responsible Roth IRA?

Last Answer : https://personal.vanguard.com/us/funds/snapshot?FundId=0213&FundIntExt=INT

Suggestions for finding a Roth IRA for S&P500 with lowest possible fees.

Description : Suggestions for finding a Roth IRA for S&P500 with lowest possible fees.

Last Answer : Check out Vanguard.com S&P 500 index fund. Fees are really low; just plug in money every month.

Can you recommend some things I should think about and/or investment opportunities I should consider (e.g. 401k, Roth IRA, etc) and how to decide where to start?

Description : Can you recommend some things I should think about and/or investment opportunities I should consider (e.g. 401k, Roth IRA, etc) and how to decide where to start?

Last Answer : The most important thing is just to start!

How do Garrison Keillor and Ira Glass get along?

Description : How do Garrison Keillor and Ira Glass get along?

Last Answer : Jews don’t talk to Lutherans.

Is the song "The Patriot Game" Anti-IRA?

Description : Is the song "The Patriot Game" Anti-IRA?

Last Answer : I believe the first paragraph implies that the song is indeed anti-IRA. The song appears to depict life from the perspective of someone who develops under the typical IRA ideology which may cause the song to be misinterpreted (assuming that my interpretation is correct).

Where is the best place to open a Roth IRA?

Description : Where is the best place to open a Roth IRA?

Last Answer : Our (my wife and I) roth focus is rather aggressive. We are only 2 years older than you so we think that is appropriate our funds Amcap SMALLCAP World Fund Capital Income Builder AMCAP Fund ... employer offer 401k match? you should contribute to that up to their match before proceeding into the roth

What should I invest my Roth IRA in?

Description : What should I invest my Roth IRA in?

Last Answer : Calvert does several socially responsible mutual funds. You can look them up, and see what they are buying for each fund (both their philosophy, and the companies currently in the fund) and see if that ... !) or are willing to do lots of research on your own, is more like gambling than investing.

How could I find the best Roth IRA rates?

Description : How could I find the best Roth IRA rates?

Last Answer : Roth IRA's can be self directed stock accounts, hold real estate, or many other types of investments. They need to consider what type of investment and what they hope to achieve when they start ... interested in learning more about stocks they can open an account at Scottrade for their ROTH as well.

Why did so many Americans, openly financially support the IRA, when they are now so against other forms of TERRORISM.

Description : Why did so many Americans, openly financially support the IRA, when they are now so against other forms of TERRORISM.

Last Answer : Can you give an example?