If there is no conflict with any other law, you can name a beneficiary to continue receiving the payments in the event of your death. If no beneficiary has been named, the balance in your account will be part of your estate. If your IRA account is canceled because of death, there will be no cancellation penalties coming from the Department of the Treasury.

If you have income from wages or self-employment income, you can contribute up to $4,000 in 2005-7, higher in later years. Thus, they are available even to children who meet these conditions. See similar questions...

A Traditional IRA (Individual Retirement Account) is a self-sponsored retirement savings plan. Contributions to an IRA may or may not be tax-deductible depending on your adjusted gross income. Consult your tax advisor to answer questions about your eligibility for tax deductions. See similar questions...

In most cases the gift will simply fail. If you have doubts then talk to your adviser, he or she may be able to advise you how to avoid such a problem - if indeed it is a problem Probably not a good idea. Guardians can access up to half the inheritance of the child they have accepted guardianship for, and can ask the trustees to advance money as and when needed. It may also be a good idea to make one of the guardians a trustee also. See similar questions...

Even if you are working and/or are not disabled now, if your claim was denied for any period since January 1, 1997 during which you believe you were disabled, you may be eligible to have your claim reassessed. See similar questions...

Rollover - A distribution from a traditional IRA can be contributed to a Roth IRA within 60 days after distribution. Trustee-to-trustee transfer - The financial institution holding the traditional IRA assets will provide directions on how to transfer those assets to a Roth IRA with another financial institution. See similar questions...

A Traditional IRA is money that goes into a registration of an IRA as pre-tax dollars. These dollars grow tax-deferred and eventually will come out as a taxable withdrawal. See similar questions...

Just in case there are any misconceptions about this, most serious atheists don't believe in reincarnation or spirits any more than we believe in hell. What defines "you" is what you think and feel, and how you interact with the universe. When this stops happening, you're not you anymore. So you simply stop existing. If this idea scares you, think about all the millions of years that passed before you were born. See similar questions...

Before you leave, the specific options available to you will be fully explained. In general, deposits made into your accounts can continue to be claimed. Terminating either for a leave of absence or changing jobs affects the number of payrolls that you will have made, not your ability to claim amounts credited to your account. See similar questions...

No. IRAs may only be transferred to the same type of IRA (i.e. Traditional to Traditional, Roth to Roth, etc.) Also note that IRAs cannot contain any margin loans, short positions, or equity option positions. See similar questions...

You must perform this conversion before you transfer your IRA to IB. Your Modified Adjusted Gross Income can't exceed $100,000 (single or joint filers) in the year of the conversion. See similar questions...

Yes, individuals can contribute to a traditional IRA whether or not they are covered by another retirement plan. However, they may not be able to deduct all of their contributions if they or their spouses are covered by an employer-sponsored retirement plan. [Note that contributions to a Roth IRA are not deductible and income limits apply.] See Publication 590 for further information. See similar questions...

The maximum contribution to a Traditional IRA is $3,000 or 100% of earned income per tax year, whichever is less. You must reduce this contribution by the amount contributed to a Roth IRA in the same year. Yes. IRA holders age 50 and older may contribute an extra $500 to their IRA in addition to their regular contribution. See similar questions...

Yes, you can. But remember that you can only contribute up to $3,000 per year to any combination of Traditional and Roth IRAs that you have. You cannot contribute $3,000 to each. See similar questions...

You can withdraw money from a Traditional IRA at any time. However, you may be subject to ordinary income tax and an IRS imposed penalty tax. See next question for further information. You must begin taking mandatory distributions when you become age 70?. See similar questions...

All earnings and deductible contributions become subject to tax on withdrawal. The tax rate is based on the individual's ordinary income tax rate at the time of withdrawal. If your tax bracket is lower when you receive a distribution than when your IRA earned income, you benefit from tax savings in addition to tax deferral on the earnings. Taxable distributions taken before you reach age 59? are subject to a 10% federal penalty tax. See similar questions...

Yes. The 10% penalty on withdrawal under age 59-1/2 won't apply, but ordinary income tax will apply to at least some of the withdrawal. See similar questions...

The Roth IRA was first introduced in 1998, quickly gaining popularity as the new retirement planning investment vehicle. The main difference between the Roth IRA and the Traditional IRA is that contributions to a Roth IRA are not tax deductible and therefore come from after-tax income. However, the income generated by the Roth IRA is tax-free upon qualified withdrawal. In other words, traditional IRAs offer tax deferral while Roth IRA earnings are See similar questions...