At 62 can I turn in my IRA without any penalties?  Will I get all of it?
341439
You can beginning making withdrawals from an IRA without penalty at age 59 1/2 (you still have to pay regular income taxes, unless it's a Roth IRA).  See the following government publication:\n\nwww.irs.gov/pub/irs-pdf/p590.pdf
800115
No you can not. You can roll into your new 401k, an IRA or other qualified retirement plan. You can NOT roll direct into a Roth IRA.\n\nAll the 401k rules can be found at:\n\nhttp://www.advancedwealthsolutions.com\n\nGood luck!
331983
you don't want to find that out. penalties and interest can get costly. if you did this i suggest you amend the return asap.
31570
Yes you can. Check with a financial planner and or an accountant though. Depending on your income you may not qualify for a deductible ira or a roth ira.
92549
You have to contact your 401(k) company and inform them you want to transfer the money into a IRA.  OR you can do it yourself by opting to withdraw all of your 401(k) money and then depositing that into the IRA yourself.  Either way you shouldn't be charged any tax penalties for the transfer.  \n\nIRS 401(k) rollover info:\nhttp://www.irs.gov/taxtopics/tc413.html
599874
Any place that manages IRAs will help you do the rollover -- after all, they want your money!\n\nIf you're young and don't have any other investments, just put it all in stocks, preferably a stock index fund.  You want to look for a fund with the lowest costs.
950228
First of all, since the money in the fund is pre-tax, when it is pulled out, it is always taxable income.  Nothing at all prevents this from happening.  Therefore, you will add it to your regular income to determine your taxes for the year.\n\nIn addition to that, if you pull the money out before the year in which you turn 59 1/2, you have to pay a 10% penalty.  To avoid the penalty, you:\n\n- must be disabled\n\n- must be deceased\n\n- used the money to pay for medical expenses which exceed 7.5% of your adjusted gross income (the bottom number on the front page of your 1040)\n\nAnother thing you could do is rollover the money into an IRA.  Once in the IRA, you could pull the money out and, to avoid the penalty, you could use it to (in addition to the above mentioned items):\n\n- pay for medical insurance after losing your job\n\n- pay for higher education expenses (tuition, fees, books, expenses)\n\n- pay for the purchase, building, or rebuilding of your first home (by definition, a first home is when you or your spouse had no interest in a home in the last 24 months prior to the purchase of the new home)\n\nAny other withdrawal will suffer the 10% penalty.  All withdrawals will be included as taxable income regardless.  The taxable income usually kills you more than the penalty does.  Try as hard as you can to leave the money in your retirement.  It will be needed when you retire and it is hard to build back up.\n\nBest of luck!
248690
You can contribute $4,000 to an IRA as long as it is incone you have earned. Consider the new Roth IRAs.\n\nGo here: http://www.irs.gov/publications/p590/ch01.html#d0e1464\n\nYou'll get more detailed info there.\n\nGood Luck!
578488
The formula is 1/R * ((1+R)^n - 1)\n\nThere is a link to a table.\n\nA ROTH IRA is pretty easy because your Future money is tax free.
670584
I am 24 four years old and started a Roth IRA three years ago.  It took $250 to open an account.  After that, I set up an automatic deduction of $50 from my checking account once a month.  Aside from that, I contribute 10% of my income tax return each year.  Right now I have about $5000 in stocks.  I know it is not a whole lot, but the benefit is compounded over years instead of waiting until I am 40 to start saving.
53875
OK, you CANNOT roll a 401k account directly into a Roth IRA. You can roll your money into a Traditional IRA and avoid any taxation and penalties. (Definetly a good idea.)\n\nYou could then convert your Traditional IRA to a Roth IRA, but in doing this you would have to include the amount you convert as taxable income (pay income tax on the full amount). This may push you into a higher tax bracket, depending on your income and the size of your account.\n\nAssets in a Traditional IRA will be taxed when you withdraw them in retirement while the Roth IRA assets can be withdrawn tax free in retirement. Speak with a financial planner to help decide which choice is best for you.
375
Just go to vanguard.com or any of the brokerage firms (Vanguard usually has the lowest fees), sign up for a rollover IRA account, and follow the directions they give you. It usually involves filling out a form and submitting that to whatever company is managing your old 401(k).
117723
You can choose to roll it over for another 12 or 24 months. I believe the interest rates are better this year too, or you can draw it out. I don't think at your age there is any penalty.
314625
In short:  Taxes.\n\n\nIn long:\n--  Roth doesn't force you to take money out at 70.5.  (Traditional does).  You can only put money in to a traditional up to age 70.  (Roth has no age cap)\n-- Roth has a $110,000 income ceiling for single filers, $160,000 for joint filers.  Traditional has no ceiling.\n-- Contributions to a Roth IRA are not deductible.  Contributions to a traditional IRA are partially deductible, depneding on your situation.\n-- Earnings are tax deferred in a traditional IRA.  This means you pay taxes on earnings when you take the money out.  Earnings are tax FREE in a roth IRA (with two exceptions: account open less than 5 years, or withdrawing before your 59 if it's not to buy a home or support a disability.)\n-- Early withdrawal penalties on both types of IRAs are an additional 10% ordinary income tax on growth if you withdraw before you're 59.\n-- Both have $4000 annual contribution limits.  $4500 if you are over 50.  (This is now $5000 for over 50, for year 2006)\n\n-- General guidance is that you should start your Roth first, when you are employed and can afford the taxes.  No taxes on growth means that more of the growth goes back in to earn more.  The longer this money is growing the better.  If you can put in your limit and still have income left, start a traditional.\n-- There are several IRA calculators out there if you want to plug in your planned investment amounts and see how they'll grow over time.  Just google "roth vs traditional calculator"
630556
You definitely want to roll it over to a self-directed IRA, where you'll be able to invest in stocks, bonds, mutual funds, annuities, and yes, even CDs.  Stay away from the bank, their idea of a good return on an IRA is a 5% CD. No one under 55 should ever have CD's in their IRA, it's a waste of both your age (which can be a powerful weapon) and the IRA's tax-deferred status.  CDs are for much older people, or for money that needs to remain somewhat liquid--which is something IRA money does not.\n\nDespite Scuhbby's inane assertion that the average mutual fund does 16-30% (no, the average mutual fund loses money), mutual funds are absolutely the way to go.  Pick a broadly diversifed mix of assets classes, cover all your bases, and remember to rebalance every year.  A financial advisor might be able to help you with this, but if you have the tools, talent, and time to do it yourself, go for it.  And oh yeah, the discipline, which is the most important.\n\nMake sure you hit all the asset classes, such as large-, mid- and small-cap stocks, international stocks, investment grade and hi-yield debt, foreign debt, commodities, real estate, and precious metals.  Come up with a mix you're comfortable with, and sit back.  A properly allocated diversified portfolio will average 8-12% return per year, on average, and you'll be able to take advantage of the IRA's tax-deferred status.\n\nMOST IMPORTANT, if you qualify income-level wise, IMMEDIATELY look into converting your IRA (once you've rolled over the 401k) to a ROTH IRA.  Thus, not only will your preserve your tax-exempt status year-to-year, you'll also ensure all future earnings will be 100% TAX-FREE.  Even a normal IRA/401k requires you to pay taxes when you take distributions.  Converting could have some current year tax consequences, so consult a financial advisor for your specifics, but in nearly every case I have found it to be worth it.\n\nHope this helps!\n--J.
1130232
if you are the spouse and named as the primary beneficiary (not the estate), you can do a 'spousal rollover' into your own IRA and take the $ out over time or at your convenience. \n\nIf you are over 59 1/2 yrs old, distributions will not be subject to penalty. IF you are under 59 1/2, you can can substantially equal distributions over your lifetime and not pay a penalty. \n\nGetting money out of the IRA will always have income tax associated with it (unless the contributions were non-deductible).\n\n--\nAny tax advice included in this written communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed by any governmental taxing authority or agency.
1082372
Since a regular IRA has tax-deffered dollars, you are taxed on all of it if you withdraw it and don't roll it over into another IRA of any type.  You also are penalized 10% of the value of the account if you are younger than 59 1/2.