UnThreaded | Threaded | Whole Thread (13) | Ignore Thread Prev | Next
Author: RainyDayWoman Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76882  
Subject: Re: Dad Passed Away - How To Help Mom? Date: 8/7/2007 3:33 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
On your IRAs, you have to determine what kind of IRAs they are.

ROTH IRAs, for example: You put the money in an IRA after you've already paid taxes on it as income. It grows for years (hopefully). Eventually you take it out, as you see fit, and it doesn't count as income, and you don't pay taxes on any of it! Or you leave it to someone else and they can do the same. Wonderful!

Other IRAs have different rules. The ones where money was put in before taxes become taxable income whenever you take them out. The ones where money was put in after taxes are partially taxable income and partially not-taxable income when you take them out. More paperwork. All of these non-ROTH IRAs have more complex rules about how much can be taken out and when.

That's a gross over-simplification. Here's a much more detailed discussion: http://www.fool.com/money/allaboutiras/allaboutiras01.htm
...and more, in the pages following those two :-)

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (13) | Ignore Thread Prev | Next


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:
Berkshire Hathaway

Buffett's Biggest Mistake
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 Glassdoor #1 Company to Work For 2015! 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.