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Ask the Tax Pro: IRA Basics

QUESTION:I got to thinking about IRAs. I take annual minimum distributions from
think this is how it works-Traditional your traditional IRA once you reach age
IRA contributions are from dollars not 70 1/2. Once you turn age 70 1/2 you can
taxed. Distributions from this type IRA no longer make contributions to a
are then taxed upon withdrawal.ROTH IRA traditional IRA, even if you continue to
contributions are from dollars taxed work and have earned income. Upon your
during the year you make the death your beneficiaries will be taxed on
contribution. Distributions from this distributions from an inherited
type of IRA are not taxed upon traditional IRA.Part II - ROTH IRAYou can
withdrawal.Am I correct?ANSWER:Part I - contribute to a ROTH IRA if your MAGI is
Traditional IRAContributions to a less than $110,000.00 if Single or Head
"traditional" IRA are either deductible of Household or $160,000.00 if Married
or non-deductible. If you are an active Filing Joint.Contributions to a ROTH IRA
participant in an employer-sponsored are made with "after-tax" dollars. ROTH
pension plan, such as a 401(k), a 403(b) IRA contributions are never deductible.
or a SEP, the amount of your traditional Qualified distributions from a ROTH IRA
IRA contribution that is deductible is are totally tax-free.A qualified
phased-out once your "modified" Adjusted distribution is one that is made after a
Gross Income (MAGI) for tax year 2005 5-year holding period, beginning on the
reaches $50,000.00 if filing as Single or first day of the first year you make a
Head of Household, or $70,000.00 if contribution, and is made after you reach
married and filing a joint age 59 1/2, or due to death or disability
return.Deductible contributions are made or for a qualified "first-time" home
with "pre-tax" dollars. If all of your purchase. The earnings portion of a
contributions to all of your IRA accounts non-qualified distribution is fully
over the years were fully deductible, taxable and may also be subject to a 10%
then all IRA distributions are fully penalty.You do not have to begin taking
taxable. Amounts that were "rolled-over" annual minimum distributions from a ROTH
to an IRA from a pre-tax employer plan IRA when you reach age 70 1/2. You never
like a 401(k) are treated as deductible have to touch the money in a ROTH IRA
contributions.Non-deductible during your lifetime. You can continue
contributions are made with "after-tax" to contribute to a ROTH IRA after you
dollars. You have already paid income turn age 70 1/2 as long as you have
tax on these contributions. Accumulated earned income. If you are still working
non-deductible contributions make up your at age 80 you can contribute to a ROTH
"basis" in the IRA. If some of your IRA IRA. Beneficiaries do not have to pay
contributions over the years were income tax on distributions from an
non-deductible, then a portion of any IRA inherited ROTH IRA.Copyright (c) 2005 by
distribution is a tax-free return of your Robert D Flach LLCRobert D Flach is a tax
after-tax contributions. The tax-free professional with 34 tax seasons of
portion is determined by a special experience preparing 1040s for
formula and is calculated on IRS Form individuals in all walks of life. He
8606.Many taxpayers have more than one writes THE WANDERING TAX PRO weblog ( the
IRA account, and each account may have a free online monthly newsletter STUFF AND
different mix of deductible and SUCH ( and the website which has a
non-deductible contributions. However, wealth of tax planning and preparation
when you calculate the tax-free portion advice and information. He also writes
of a traditional IRA distribution all and publishes THE FLACH REPORT, a
monies in all traditional IRA accounts quarterly print tax newsletter.
are lumped together.You must begin to




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