I’m retired and over the age 60, and want to schedule a monthly withdrawal
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I will be quitting my job in a couple of weeks to stay at home with my child. As far as what I have read up on I should put it into an IRA I think. I only started my job 5 years ago so I do not have much at all in it. Should I rollover into a traditional IRA or a Roth IRA or do I even have an option? Also since I will not have an income and we will only have my husband’s we do not plan on contributing anything to the IRA until I go back to work in several years. Do I HAVE to contribute anything to an IRA? Online articles talk about maximums you can contribute but nothing about minimums.
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and minus state and fed taxes) from my old job? 1. don’t want to rollover to an ira as i rather take the bullet now from penalties and taxes. 2. thinkintg about doing the maximum on the roth ira for 2007. 3. and have long term investment in mind (3-5 years).
as far as the roth ira part, i would leave it there until retirement; but it’s the rest of the money that’s left over that i am concerned about….
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A traditional IRA or 401k seems easy to understand. If you take out money early, you pay a hefty tax.
But what about a Roth IRA? If I pay taxes at the time of contribution for a Roth IRA, then decide to take out money early, do I get hit wit the same big tax?
In other words, is it worse to withdrawal early from a Traditional or Roth IRA?
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Here is my situation: I have already filed my 2009 taxes. I would like to open a new Roth IRA and make a large contribution under the 2009 tax year. If I do this, would I need to file an amendment to my 2009 taxes?
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