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12/11/2018 1:58:31 AM
11/9/2018 9:21:38 PM
Posted: 3/12/2005 12:28:34 PM EST
SON OF A BITCH...

...and that pretty much sums it up.
We were going to owe this year anyway, I knew that walking in.
Had not given much thought to my wifes roth IRA. When she left her last job, they automatically disbursed the funds, and then rolled them over into a roth. One small problem....we are taxed on that as earned income...end result...I owe a LOT OF FUCKING MONEY

I have one month to come up with several thousand bucks.
This sucks.
That is all.
Link Posted: 3/12/2005 12:30:31 PM EST
Sucks don't it


I have to pay in $2,500.00
Link Posted: 3/12/2005 12:30:55 PM EST
Regular IRA would have avoided that. That sucks
Link Posted: 3/12/2005 12:31:41 PM EST

Originally Posted By alaman:
Regular IRA would have avoided that. That sucks



Sure would have....live and learn as they say
Link Posted: 3/12/2005 12:32:25 PM EST
yeah, what are you gonna do about it?



bitch on the intraweb ... woo hoo

you'd be better off to keep your mind off of it ... do what you can to make your 1/2 of every year as a slave to massa sam tolerable

Link Posted: 3/12/2005 12:37:01 PM EST
Screw Uncle sam, I pay him when I dam well feel like it...

<­BR>

It's just strange I always feel like paying him the same time of the year
Link Posted: 3/12/2005 12:45:20 PM EST
I'm pretty sure the ROTH IRA is paid with "after tax" dollars. That's why they hit you. But when you take it out, guess what; no taxes! and since taxes never go down, it will be a better investment in the long run when you retire.

Also, you can take the money out at any time (like right now!) and not pay taxes or penalties. My accountant told me that the ROTH IRA is the best one have. But taxes still suck.
Link Posted: 3/12/2005 12:46:38 PM EST
Well, Gentlemen...Welcome to the club!

Try this on for size....Started my own business in 1990.

My money, My effort, My risk. Everyone did well, employees and myself.

Paid my taxes, paid every government fee that came down the pike.

Got an offer on the business in 1998 and accepted it.

Paid a Capital Gains Tax of $58,000.00!

Try writing that check and not thinking of emasculating the lot of them!
Link Posted: 3/12/2005 12:48:27 PM EST
Link Posted: 3/12/2005 12:50:48 PM EST

Originally Posted By radioman12:
Also, you can take the money out at any time (like right now!) and not pay taxes or penalties.




This is actually not true; Early Roth IRA withdrawls incur penalties.
Link Posted: 3/12/2005 12:57:39 PM EST

Originally Posted By jblachly:

Originally Posted By radioman12:
Also, you can take the money out at any time (like right now!) and not pay taxes or penalties.




This is actually not true; Early Roth IRA withdrawls incur penalties.



Not exactly true either. You can withdraw your principle w/o penalty for certain purposes such as buying a home. There are others as well I am too lazy to look up right now.
Link Posted: 3/12/2005 1:00:20 PM EST

Originally Posted By Aggie1:

Originally Posted By jblachly:

Originally Posted By radioman12:
Also, you can take the money out at any time (like right now!) and not pay taxes or penalties.




This is actually not true; Early Roth IRA withdrawls incur penalties.



Not exactly true either. You can withdraw your principle w/o penalty for certain purposes such as buying a home. There are others as well I am too lazy to look up right now.



True. The only early withdrawl (I am not counting disability or death as 'early') is for the building/rebuilding/purchase of first house of IRA holder or qualified relative, and there is a lifetime maximum of $10,000.
Link Posted: 3/12/2005 1:05:30 PM EST

Originally Posted By jblachly:

Originally Posted By Aggie1:

Originally Posted By jblachly:

Originally Posted By radioman12:
Also, you can take the money out at any time (like right now!) and not pay taxes or penalties.




This is actually not true; Early Roth IRA withdrawls incur penalties.



Not exactly true either. You can withdraw your principle w/o penalty for certain purposes such as buying a home. There are others as well I am too lazy to look up right now.



True. The only early withdrawl (I am not counting disability or death as 'early') is for the building/rebuilding/purchase of first house of IRA holder or qualified relative, and there is a lifetime maximum of $10,000.



No that's not true either. See what you did. You made me get up off my lazy ass an look it up.

1. Occur because of the IRA owner's disability. (This can be a very narrow definition, so if you get a severe paper cut, don't consider a Roth IRA distribution for a disability until you review IRS Code Section 72(m)(7) and IRS Publication 590.)

2. Occur because of the IRA owner's death.

3. Are a series of "substantially equal periodic payments" made over the life expectancy of the IRA owner.

4. Are used to pay for unreimbursed medical expenses that exceed 7 1/2% of adjusted gross income (AGI).

5. Are used to pay medical insurance premiums after the IRA owner has received unemployment compensation for more than 12 weeks.

6. Are used to pay the costs of a first-time home purchase (subject to a lifetime limit of $10,000).

7. Are used to pay for the qualified expenses of higher education for the IRA owner and/or eligible family members.

8. Are used to pay back taxes because of an Internal Revenue Service levy placed against the IRA.


That is all folks. You may return to you slam the IRS fest already in progress.
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