1. I open a Roth IRA in January 2008 with 00.
2. The account steadily loses money until in October 2008 it has fallen to 00.
3. In October 2008 I close the account (not moving to any other IRA but instead cashing out) at 00, with a loss of 00.
Since I made no gains, but closed with a loss, then there should be no taxes due, correct? (Although the broker may impose a penalty for early withdrawal–but that’s a different question).
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I’ve been investing for about a decade now, and the number of accounts I have is getting out of control.
I have a Rollover IRA, a 401(k), a Roth 401(k), a Roth IRA, a spousal Roth IRA, and an Indiana 529 plan. These accounts are held in three different places:
The 401(k)s are held by my Employer’s choice.
The 529 is held by the State of Indiana’s choice.
The IRAs are held by E*Trade (my choice)
I try to keep everything in order in Quicken and a spreadsheet with a reasonable asset allocation strategy, but it’s hard. For example, I keep about 10% in commodities in the Rollover IRA. Commodities overperform, while the S&P 500 underperforms. The S&P 500 part of my portfolio is in the 401(k)s, so I can’t rebalance by selling commodities and buying the index fund without investing in a new fund, with new minimums/fees, that duplicates a fund similar to what I already have.
I just want to make this stuff easier to track.
Any ideas?
Oh almost forgot. I don’t trust investment advisers. I won’t give ANYONE the power to manage my accounts but me, and even if I was willing to, I’m too cheap to pay them or their fees.
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I recently quit a job I worked at for about 9 months. I was investing in a 401k plan @ 10% and I saved up about 0. I just wanna know what should I do with it now. I bank with Bank of America. Should I roll over the 401k to my bank in a Rollover IRA or open a Roth IRA. Should I just forget it and cash it since its not much…what should I do? 23 yrs. old would like to really start investing somewhere.
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I am 30 years old, and wanna withdraw some money from www.scottrade.com
I contributed some money in my Roth IRA before, but I need to withdraw some money out because of bad economy.
Is there any penalty to withdraw money from Roth IRA? Does the withdraw make some difference on the tax return form? Do I need to put the amount of deposit/withdrawal on my tax return form? I did not put the deposit information on tax return form before.
Thank you very much!
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I have several IRA’s that are all funded with after tax contributions and have not been deducted from any tax return. Can I convert then in 2010 to a Roth without any penalty or tax payments?
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