Money can be withdrawn at any time. However, earnings included in distributions taken prior to age 59 ? may be subject to both income tax and a 10% federal penalty tax, as shown below in the next question. Conversion amounts may also be subject to the 10% penalty.

A Roth IRA conversion can be done at any time before the end of the year. Do not confuse the Roth IRA April 15 of the following year contribution deadline with the December 31 Roth IRA conversion deadline. No. Because SEP and SIMPLE IRAs are already IRAs, you can convert them directly to a Roth IRA. However, for a Simple IRA, you must hold your Simple IRA account for at least 2 years before converting it to a Roth IRA. See similar questions...

A ROTH IRA is an individual retirement account established by individuals that provides tax-free income after 5 years and age 59-1/2. See similar questions...

You can't contribute to a Roth IRA for a year with income above $110,000 if single or $160,000 on a joint return. You must have earnings from personal services-$4,000 or more to make the (maximum) contribution - though an additional contribution of $1,000 is allowed persons age 50 and over. The $4,000 amount for earnings and contributions rises higher after 2007. See similar questions...

Yes, you can make contributions to both a designated Roth account and a traditional, pre-tax account in the same year in any proportion you choose. However, the combined amount contributed in any one year is limited by the 402(g) limit - $15,000 for 2006 ($15,500 in 2007 plus an additional $5,000 in catch-up contributions if age 50 or older). See similar questions...

Yes, as long as you follow IRS guidelines and your total contribution to both IRA types does not exceed 100% of earned income up to contribution limit. Learn more. North Shore Bank does not guarantee the information listed on our 3rd party links. The material on these pages may change over time and North Shore Bank is not responsible for the content that appears on these pages. See similar questions...

Roth IRA earnings may be withdrawn tax-free if your Roth IRA has been established for at least five years and one of the following apply: See similar questions...

That money is used for cat management within your municipality ? or should be. An amount of $1 from each cat registration goes to the State Government with the intent of promoting responsible ownership. We now call for some of this money to be used to assist with desexing. There are already places, such as shelters, that carry out low cost desexing. There are also subsidised desexing programs run by Councils. 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...

If your income falls below a certain limit, you can convert any amount in your Rollover or regular IRA to a Roth IRA. Caution: You must pay taxes on any amounts converted from your Rollover or regular IRA to a ROTH IRA. Maybe. Your converted retirement funds in your Roth IRA will grow tax free as opposed to growing on a tax-deferred basis. In essence, you stop the tax clock by paying your taxes today on your retirement funds for the benefit of withdrawing your money tax-free tomorrow. See similar questions...

No. You can convert several IRAs – SEP, Simple IRA, regular IRA or Rollover IRA– to a Roth IRA as long as your modified adjusted gross income is below $100,000 See similar questions...

You can contribute up to $4,000 ($4,500 if you are age 50 or older in 2005 and $5,000 if you are age 50 or older in 2006) or up to 100% of your compensation whichever is less. If you are eligible to do so, you may contribute to both a Traditional IRA and a Roth IRA in the same year, but the total amount you contribute cannot exceed the annual limits. Roth IRA contributions are not tax deductible. See similar questions...

There are three different tax treatments for distributions of earnings from Roth IRAs. The distribution is either: The income tax applies to all withdrawals of earnings made before the "Five-Year Holding Period" is satisfied even if the Roth IRA owner is over 59 1/2, disabled, dies or uses the distribution for a first home purchase. See similar questions...

Yes, generally under the same terms as traditional IRAs. Also, ordinary income tax is somewhat less likely, or may be smaller in amount, than with traditional IRAs. See similar questions...

Yes, subject to the income conditions above. This allows contributions of $4,000 each if the couple's earnings are at least $8,000 after 2004; higher amounts after 2007. See similar questions...