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 I got my Stimulus Payment Today, but not all of it? Will it come later today??? |
I am married and have to Qualifying children. And my accountant said we were getting back 1800, (600 for Me, 600 for my husband , and 300 for each kid.)
Today is the day the IRS Website said it ... |
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| Tax question? |
If I were to claim excempt for a month can that mess me up when I do my taxes? I worked all year long?
Additional Details
What about if you claim excempt the 7 months?... |
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Hi
My boyfriend and I have been together for 4 years now. Last year, I couldn't find a babysitter for my daughter so he stayed home watching her and now our new baby. He's child ... |
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Jay B | Roth IRA question? |
I want to open a roth IRA, but have no idea where to start, should I open up an IRA in a bank or online somewhere. Also do you have to pay income tax on the interest received every year? What are the benefits of a Roth IRA over a Certificate of Deposit (CD)? |
 |
 
SG
|
Some of you apparently misunderstood v.b. He certainly wasn't saying that Roth earnings are taxed after the age of 59.5.
"Any interest earned is *not* taxed if you leave the money in your ROTH ira untouched, until you reach 59.5 years of age. "
Maybe it is more clear if it is re-worded:
"if you leave the money in your ROTH ira untouched until you reach 59.5 years of age, any interest earned is *not* taxed." |
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src50
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www.ira.com |
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ninasgramma
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The statement in a previous that interest on an IRA is taxable each year is wrong. Earnings on both Roth IRAs and traditional IRA are not taxed on a yearly basis. However, interest on a CD that is not an IRA will be taxed yearly.
If I were you, I would go to my regular bank and open a Roth IRA savings account. You can put money in each each payday. When you get enough to open a CD, you can do that. In the meantime, you can read up on mutual funds, and perhaps you will want to rollover your Roth IRA bank account into a mutual fund at some point. |
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Badger Boise
 |
The answer from src50 provides a good source about the types and differences of an IRA. To be specific though, use the ira.com page below to provide your information: |
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dragongirl88
 |
Fina a friend who is a financial advisor to advise you. I recommend a traditional IRA. Take the tax shelter now. You'll find more in the future. |
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Sharon T
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If you have earned income, you can contribute to a Roth. Some of the best are at places like Vanguard and Fidelity. You can open it online though you may also want to call their toll-free number for assistance. It is not a difficult process.
You can have amounts contributed automatically from your bank account each month or just send or transfer money when you want to.
When you are retirement age you can use the entire account including earnings without paying any tax. |
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v b
 |
You go to a bank or brokerage house and say, "I want to open a Roth IRA." They will be happy to help you set it up.
In order to put money into the Roth, you have to have earned income. If you have already earned $5000 or more this year, you can certainly go ahead and put the $5000 in now. It will presumably earn interest from the time you open the account. If you go to a bank, you generally have the IRA buy a CD. Any interest earned is *not* taxed if you leave the money in your ROTH ira untouched, until you reach 59.5 years of age. (If you take out all your money before you reach 59.5, you include all earnings in your income and pay a 10% penalty...but you do get your original investment back without penalty.)
If you go to a bank and simply get an CD (oops typed IRA the first time) in your name and not the IRA's name, the interest it earns each year will be taxable income to you on that year's tax return. |
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olorin77
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Good answer V.B.!
In addition, keep in mind that there only certain conditions (i.e. at retirement, for first home purchase after five years form opening account, etc) under which you can take out that money once you have put it there. If taken out prematurely, a tax penalty applies. |
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