Newman Asset Management, LLC

Question by immattj1: More free tax advice re penalty for “early withdrawal on savings”?
I really don’t think my taxes are complex enough to take them to a professional; I’ve already pretty much established that I cannot beat the standard deduction. However, I also feel I am in a bit of a grey zone when I read some of the rules in the book. For “penalty on early withdrawal on savings” can I claim the 10% I paid last year for raping & pillaging my IRA? I’m pretty sure that I cannot, but it never hurts to find out from people who know about this kind of stuff. Thank you.

Best answer:

Answer by Wayne Z
No.

Penalties for early withdrawals on savings are charged by banks.

The 10% penalty for early withdrawal of a IRA or 401k is in no way deductible.

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Question by David G: what is the best financial planning software?
what is the best financial planning software i can use to guide me through a project for my financial planning course? something intermediate.

Best answer:

Answer by Vampire Knight
Right now, “How to survive the Great Depression”

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Question by rx78788: Question about the 5 year rule on a Roth IRA account.?
I’m 22 years old and have got into investing. I have about 10,000 that i have been playing around with and would really like to start an Roth IRA. All though I plan on buying a house and going back to school and would like access to the money in the next 5-10 years.

I have been told that if you have money in a Roth IRA that you can take the money out without tax penalties if it has been in the account for 5 years or more.

Can someone explain this to me in better detail. I always thought that you have to wait till you get 59.5 years old to take it out. Please help me thanks

Best answer:

Answer by Robert M
You do.

You pay no taxes when you make qualified withdrawals after age 59½ and your account has been open at least five years.

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Question by : what are the main factors that influence the financial planning of a business?
what are the main factors that would have a positive and negative influence over the decision making process of financial planning in a business?

Best answer:

Answer by omgsunnywintd
sx

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Question by Terry E: Retirement: Social Security and IRAs?
1. PRESUMPTION: My Social Security. Once I start receiving SS, what taxes will I owe out of each month’s check?

2. CURIOSITY: Using today’s US tax rules/laws. When I truly retire at 63, may I continue to contribute to my Traditional IRA using my military retirement pay as my source of income? The US Government classifies military retirement pay as “reduced compensation for reduced services”; it is not a pension”.

Thanks.
Thanks NewJersey! That helps me plan my IRA.
Thanks Custiz20 for the useful info!

Best answer:

Answer by newjerseyguy
IRA contributions required earned income. Unfortunatelty, you cannot use military retired pay to fund an IRA as it is not earned income -it is a pension for IRS purposes.

(USAF Ret)

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