kathzh
401k vs. IRA
2525
9
2007-03-17 04:01:00
You have made nondeductible IRA contributions. I DON'T see a way you can withdraw that portion now.
要提醒你的是, 你们要填Form 8606, 如果不填, you will have to pay a $50 penalty.
详细的看Publication 580, Page 18.
如果有人问, 可不可以把这笔钱转成Roth IRA… I honestly don’t think it would have any benefit…
Overall, you have made the contribution. Now you need to fill out 8606 and pay the tax…
但是你可以从好的方面想: 这笔钱是accumulate tax-free benefit, 到了你们可以拿distribution的时候, 这$8000是cost basis, 在这之上赚的钱才是taxable…
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Disclaimer ---
Please note that my respond is for fun… Any specific questions should be directed to your tax professional.
以上意见纯属个人观点, 纯属贪玩. 话一出口, 概不负责.
如果你对我的回答有质疑, 请到下列网站找正确答案---
税 --->IRS , 一切以publication为准,
投资常识 ---> SEC , NASD,
投资数据 --> Morningstar,
保险 ---> 各州insurance department,
Financial planning ---> CFP
我不推荐投资公司的出版物. 此外, 每家公司有不同的compliance标准, 过往的经验不代表现在的经历. 在patriot act实行以后, 有些表格和条款是必须的…
首先, 你现在还有没有participate这个401k? 如果你的401K是current, 每个月还继续从你的paycheck里defer 钱进去, 你是不能够Rollover the current 401k into traditional IRA...
第二, 当你eligible for rollover, 例如termination of employment, retirement etc, 你不能够把401里转到traditional IRA的钱claim IRA deduction,
第三, 你现在401K里的钱是"non-taxable elective salary deferrals", 这$400-$500是没有算在taxable wages里的, 你不能treat it as same as traditional IRA contribution. 这$400-$500是不能claim IRA deduction 在1040 line 32.
I am not sure if TurboTax would generate Form 8606... I don't use the program... If it doesn't come out, you can just go to IRS website and download it...
=============================
Disclaimer ---
Any specific questions should be directed to your tax professional.
以上意见纯属个人观点, 贪玩而已. 话一出口, 概不负责.
如果你对我的回答有质疑, 请到下列网站找正确答案---
税 --->IRS , 一切以publication为准,
投资常识 ---> SEC , NASD,
投资数据 --> Morningstar,
保险 ---> 各州insurance department,
Financial planning ---> CFP
我不推荐投资公司的出版物. 此外, 每家公司有不同的compliance标准, 过往的经验不代表现在的经历. 在patriot act实行以后, 有些表格和条款是必须的…
contribution” and “contribution limit”.
请看我回的一个贴 ---
http://www.huaren.us/dispbbs.asp?boardID=336&ID=293975&page=2
COOCO要填8606 是因为他们的IRA contribution 虽然在contribution limit 里, 但不是"deductible contribution" , 而是"nonductible contribtution",所以IRS要Form 8606.
象你的case,如果你的AGI 在我回你的贴提到的那个表以下, 你的IRA contribution 是"deductible", 就不用填8606了...
=============================
Disclaimer ---
Any specific questions should be directed to your tax professional.
以上意见纯属个人观点, 贪玩而已. 话一出口, 概不负责.
如果你对我的回答有质疑, 请到下列网站找正确答案---
税 --->IRS , 一切以publication为准,
投资常识 ---> SEC , NASD,
投资数据 --> Morningstar,
保险 ---> 各州insurance department,
Financial planning ---> CFP
我不推荐投资公司的出版物. 此外, 每家公司有不同的compliance标准, 过往的经验不代表现在的经历. 在patriot act实行以后, 有些表格和条款是必须的…
到底了
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