UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: rjm1 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76422  
Subject: Re: Can I have an IRA that includs dif contrib t Date: 3/18/2001 11:50 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi-
I am very confused. I currently have a regular IRA account. This account has had the following contributions made to it
over the years:
tax deductible
non-deduuctible (only 1k)
rolled over a 401k account into it

Is this going to cause major problems with calculating the taxes owed when I start to pull money out many years from
now? I am about to contribute non-deductible contributions for 2000 and 2001. Should I not deposit these contributions into
this account but instead open another traditional IRA and keep non-deductible contributions separate from deductible
ones?

If I have another 401k to roll over in the future should I not roll it into my current IRA?

Will this merging of contributions cause headaches if I decide to convert to a Rooth IRA down the line?

Thanks for your help!


No problem. All the money is taxed the same when you take it out except for that $1000 non deductibel. You shoud now be filing form 8606 with your 1040 tax return.

I would file this year and forget the past years. If you want to forget the whole thing you would pay say 28% tax on 1,000 over the life of your retirement.

If you fill out the forms each year the 1000 will not be taxed because it was taxed before.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement