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Author: ushats Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121114  
Subject: accountant or tax advisor Date: 9/2/2012 2:45 PM
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Please help. I need to get my house in order. I have questions about mortgage, IRA account, custodial account.
who do i go to - an accountant or tax adviser or financial planner?
it is so confusing. any help is greatly appreciated
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116564 of 121114
Subject: Re: accountant or tax advisor Date: 9/2/2012 3:40 PM
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I have questions about mortgage, IRA account, custodial account.
who do i go to - an accountant or tax adviser or financial planner?


Can you elaborate a little about what your goals are (maybe that's one thing you lack) or what's confusing you, e.g., tax law (we can help) or an overall approach to your finances?

Phil
Rule Your Retirement Home Fool

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Author: ushats Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116565 of 121114
Subject: Re: accountant or tax advisor Date: 9/2/2012 7:58 PM
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I am being offered a lower interest rate on my mortgage. I have my current mortgage is with citi and they are offering to lower it and tell me it is no cost.( i am reading the fine print). I have been researching this online and wanted to talk to someone and explain my situations and help make a decision.
2 nd is I have a custodial account that i started 13 yrs ago for my now 17 yr old and it has not done well ( lost money). i want to close it and want to understand the tax implications if any.
3 rd I saw on Suzy orman that i can contribute to a regular IRA ( I won't take tax credit ) and can then convert it to a Roth IRA. i want to know if this is true

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Author: ferjen Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116566 of 121114
Subject: Re: accountant or tax advisor Date: 9/2/2012 8:19 PM
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1 Sounds like the HARP Program. If you purchased your home before a certain date, it's probably true.

2 Can't help you with this one

3 This is true. I never had a Traditional IRA and was prohibited from plowing money directly into my Roth IRA. But, I was able to fund the Traditional and convert it to a Roth. Since I had no other Traditional IRA assets, it converts tax free. Actually, while I was waiting for the conversion, 2 cents accrued, so I'll have to pay taxes on the 2 cents. :-)

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116567 of 121114
Subject: Re: accountant or tax advisor Date: 9/2/2012 10:02 PM
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I am being offered a lower interest rate on my mortgage. I have my current mortgage is with citi and they are offering to lower it and tell me it is no cost.( i am reading the fine print). I have been researching this online and wanted to talk to someone and explain my situations and help make a decision.

I'd go to a lawyer for this.

2 nd is I have a custodial account that i started 13 yrs ago for my now 17 yr old and it has not done well ( lost money). i want to close it and want to understand the tax implications if any.

Your son will have to file his own return since (I assume) there will be Scheule D transactions. While you're at the lawyer discussing the mortgage you can also talk about the legal restrictions on the money in this account, including sale proceeds.

3 rd I saw on Suzy orman that i can contribute to a regular IRA ( I won't take tax credit ) and can then convert it to a Roth IRA. i want to know if this is true

Maybe yes, maybe no. I suggest you first do some self-study in IRS Publication 590, chapters 1 and 2. We can clear up any remaining issues or do a sanity check of your situation here for free.

If you don't have the time or inclination to educate yourself, this one goes to a tax pro, either an accountant who does tax (not all do) or an enrolled agent ( www.naea.org ).

Phil
Rule Your Retirement Home Fool

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Author: ferjen Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116569 of 121114
Subject: Re: accountant or tax advisor Date: 9/3/2012 3:21 PM
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http://www.foxbusiness.com/personal-finance/2012/07/19/high-...

The article above has more in IRA conversion...

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116570 of 121114
Subject: Re: accountant or tax advisor Date: 9/3/2012 4:36 PM
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The article above has more in IRA conversion...

Including three whole paragraphs of twaddle at the end. When a financial writer refers to raising "red flags" at the IRS, even when valid, which this isn't, it raises my red flags about the writer.

The rest of the article is fine, and we discussed this strategy here when the law changed in 2010 (not recently, as the article says.) It has the usual, inevitable shortcuts and omissions that are necessary in such a piece, so I still recommend a thorough digestion of Pub 590 before acting.

Phil
Rule Your Retirement Home Fool

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Author: BruceCM Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116574 of 121114
Subject: Re: accountant or tax advisor Date: 9/4/2012 10:22 PM
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You likely will need multiple services.

I am being offered a lower interest rate on my mortgage. I have my current mortgage is with citi and they are offering to lower it and tell me it is no cost.( i am reading the fine print). I have been researching this online and wanted to talk to someone and explain my situations and help make a decision.

For this you'll need objective, quantitative analysis to determine if you have the assets to pay for the refi and what your future break-even point would be if you do a refi. An accountant who does this kind of work or a fee-only CFP should be able to help you.


I have a custodial account that i started 13 yrs ago for my now 17 yr old and it has not done well ( lost money). i want to close it and want to understand the tax implications if any.

This will require legal assistance for the UTMA or custodial accounts for your state. An attorney can provide this. But generally, the dollars in the custodial account belong to the child, not you. You, as the account custodian, are charged with managing these for your child's best interest, as they cannot. But at your state's age of majority, it will be the child's account to do with it as they see fit.

I saw on Suzy orman that i can contribute to a regular IRA ( I won't take tax credit ) and can then convert it to a Roth IRA. i want to know if this is true.

Yes, you can. But there are some rules for doing this. If you do it yourself, as mentioned, you need to read and understand the rules as described in Pub 590. These rules are not particularly onerous, but you do need to understand them. If you don't wish to, then you'd likely need to seek the services of a CFP financial planner to determine if this is in your best interest.

BruceM

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