The annual maintenance fee for both a traditional IRA and a Roth IRA is $10. This fee is per type of account. So, for example, if you have a traditional IRA account with money invested in each of five funds, your annual maintenance fee would be $10. If you have a traditional IRA account and a Roth IRA account, each with investments in one or more funds, your maintenance fee would be $20. The fee for termination, rollover, or transfer of account to a successor custodian is $10. 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...

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...

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...

The contribution limits for both the Traditional and Roth IRA for 2006 and 2007 is $4,000 with a "catch up" contribution of $1,000 for those age 50 and over. There are several factors to determine the deductibility of Traditional IRA contributions and the eligibility of Roth IRA contributions based upon adjusted gross income and participation in other retirement plans. See similar questions...

While the Traditional and Roth IRA have different eligibility requirements, the main difference between the Roth IRA and the Traditional IRA is when taxation occurs. A traditional IRA is considered "Pre" tax thus reducing your taxable income in the year contributed. A Roth IRA is "Post" tax thus not reducing your current year taxable income. When distributions are taken after 59 ? from a Traditional IRA both the contributions and the earnings will be part of your taxable income. See similar questions...

A Roth IRA offers significant advantages over a traditional IRA. Chief among them is that the income earned by your Roth IRA, in most cases, is not taxable when you receive it after your retirement (age 59½). Also, Roth IRAs are generally not subject to the required minimum distribution rules that apply to traditional IRAs for persons age 70½. 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...

Anyone under age 70½ with earned income can contribute up to $4,000 per year to a Traditional IRA. However, whether or not you qualify to deduct your contributions is determined by whether you or your spouse participate in an employer-sponsored retirement plan and the amount of your adjusted gross income (AGI). of 2005, any person at any age can contribute up to $4,000 per year to a Roth IRA as long as you or your spouse have earned income and your AGI is within established income limits. See similar questions...

A conversion is a taxable movement of assets from a Traditional IRA to a Roth IRA. The amount converted will be subject to full taxation in the year of the conversion. The funds, however, will not be subject to the 10% premature distribution penalty. See similar questions...

Yes. Tax law provisions allow you to convert (roll over) your Traditional IRA to a Roth IRA. Certain eligibility requirements (income and tax filing status) apply, such as: your AGI cannot exceed $100,000, and married individuals filing separately may not convert Traditional IRAs to Roth IRAs. Conversion is considered a taxable distribution from your current Traditional IRA for prior earnings and deductible contributions, but not subject to the 10% penalty tax. See similar questions...

The biggest difference in the two types of IRA accounts is that the Traditional IRA includes tax differed earnings, income replacement for retirement, and, in some cases, an income tax deduction. Members defer paying the taxes until they are retired and in a lower tax bracket A Roth IRA allows only nondeductible contributions but features tax-free withdrawals for certain distribution reasons after a five-year holding period and reaching 59 ½ years old. See similar questions...

Maybe. If your modified adjusted gross income is $100,000 or less (in the year you switch) you qualify to transfer an existing (Traditional) IRA into a Roth IRA. However, married taxpayers filing separately cannot make such a transfer. Keep in mind taxes will have to be paid on the amount transferred from an existing (Traditional) IRA at the time the switch is made. Therefore, if you should transfer or not depends on your specific situation. See similar questions...

You will have to pay income taxes on all tax-deductible Traditional IRA contributions and earnings converted to a Roth IRA, in the same year as the conversion (except in the year 1998, when you were allowed to spread the payments over a four year period). If you do not expect to have enough money (from a non-IRA source) to pay the income taxes, you are probably better off not converting. See similar questions...

You must complete the conversion within 60 days. Because Tax penalties can be assessed if not handled properly, we recommend that you check with a North Shore Bank Investment Advisor or your tax advisor before initiating this type of transaction. No. Unlike with traditional IRAs, which require distributions to begin at age 70, your earnings can continue to grow in a Roth IRA until you need them. See similar questions...