I converted a Traditional IRA to a Roth IRA. The federal taxes were withheld – all is well with that (I think). The state taxes were not withheld. Now I owe the state a bunch of money. Can I take the owed amount (or less) from the Roth IRA to pay the taxes due without incurring penalties, etc? Would this be considered a "premature withdrawal"?
I am in my 40′s and my traditional IRA is invested in 7 different stocks and 2 American mutual funds. The total value is around ,000., actually less than my original investment.
Can I have an IRA and also a 401K plan at the sametime?
I am planning on getting a Traditional IRA plan so I can put away 00 tax free for this year. However, my company may possibly introduce a 401K plan soon.
If I invest 00 in an IRA account this year, and if my company introduces a 401K plan a little later this year, am I allowed to contribute to both IRA & 401K plans in the same year?
FYI, my filing status is married filing jointly and my wife has a 401K plan at her work place.
Would appreciate any guidance here. Thanks.
I invested in real estate in 2005, but need to sell in 2009 or 2010. I believe the net loss will be aproximately 20k. I am worried that reporting that large of a loss will trigger an IRS audit, and I am wondering if anyone else has had a similar experience. I could hold on to the property for a few more years but it is steady losing money, and I sort of want to be done with it.
Yes I agree this is a rare occurrence. It is a self-directed IRA, not a traditional IRA.
