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  Topic: Need help with tax deductions from paycheck
BlankenshipFP

Replies: 14
Views: 28369

Post image iconForum: Taxes   Posted: Tue Jan 05, 2010 12:13 pm   Subject: Need help with tax deductions from paycheck
If you're not covered by a retirement plan, you can contribute up to $5,000 to a traditional IRA and deduct that from your income for tax purposes. If you're over age 50, you can increase this amount ...
  Topic: Forum Cash?
BlankenshipFP

Replies: 10
Views: 4833

Post image iconForum: Earning & Income   Posted: Fri Jan 23, 2009 3:39 pm   Subject: Forum Cash?
It's actually a used Yugo. I think I got the shaft on this one. Marotta prolly got the Cadillac.
  Topic: Forum Cash?
BlankenshipFP

Replies: 10
Views: 4833

Post image iconForum: Earning & Income   Posted: Fri Jan 23, 2009 3:08 pm   Subject: Forum Cash?
Hey - he doesn't have the car option any more!

Guess I'll just have to settle for the fleet car provided to me by the forum as a forum advisor...
  Topic: Forum Cash?
BlankenshipFP

Replies: 10
Views: 4833

Post image iconForum: Earning & Income   Posted: Thu Jan 22, 2009 4:23 pm   Subject: Forum Cash?
I'm saving mine to buy a car. Razz
  Topic: Childrens' savings accounts and divorce
BlankenshipFP

Replies: 6
Views: 3163

Post image iconForum: Personal Finance   Posted: Mon Jan 12, 2009 2:59 pm   Subject: Childrens' savings accounts and divorce
Thanks for the clarification. Yes, an UTMA could make sense, but then again so could a standard passbook account in the child's name. The primary use of an UTMA or UGMA is to move funds from the par ...
  Topic: Childrens' savings accounts and divorce
BlankenshipFP

Replies: 6
Views: 3163

Post image iconForum: Personal Finance   Posted: Sun Jan 11, 2009 6:09 pm   Subject: Childrens' savings accounts and divorce
jetdsmom, I recognize what you're trying to accomplish here, but unfortunately it sounds like your local banks are not willing to help administer the account in the fashion you wish.

You may want ...
  Topic: I had too much tax taken out on the Roth rollover. Now what?
BlankenshipFP

Replies: 12
Views: 20699

Post image iconForum: Taxes   Posted: Thu Dec 18, 2008 2:36 pm   Subject: I had too much tax taken out on the Roth rollover. Now what?
First of all: coaster, thanks. You pulled the trigger on the "you should seek local help" at just the right time. This was getting pretty hairy.

don - yes, the taxes withheld are a distribution. ...
  Topic: I had too much tax taken out on the Roth rollover. Now what?
BlankenshipFP

Replies: 12
Views: 20699

Post image iconForum: Taxes   Posted: Wed Dec 17, 2008 3:46 pm   Subject: I had too much tax taken out on the Roth rollover. Now what?
I have never understood that nomenclature either. It's possible that the custodian changes the "type" of account to help them keep track of the "once per 12 months" rollover rule - in practice this a ...
  Topic: I had too much tax taken out on the Roth rollover. Now what?
BlankenshipFP

Replies: 12
Views: 20699

Post image iconForum: Taxes   Posted: Wed Dec 17, 2008 2:32 pm   Subject: I had too much tax taken out on the Roth rollover. Now what?
Just to clarify the facts:

You did a conversion from a trad to a Roth, using the trad funds to pay tax on the conversion. Any funds that did not "make the trip" into the Roth will be considered a ...
  Topic: Social security tax on a roth?
BlankenshipFP

Replies: 15
Views: 31078

Post image iconForum: Taxes   Posted: Tue Dec 09, 2008 7:05 pm   Subject: Social security tax on a roth?
I just meant that you seem to have a good grasp on everything going on in this forum, you nearly "own" it.

I haven't checked out the Bill Sebastian forum - who is Bill Sebastian (no slight intended ...
  Topic: Social security tax on a roth?
BlankenshipFP

Replies: 15
Views: 31078

Post image iconForum: Taxes   Posted: Tue Dec 09, 2008 3:19 pm   Subject: Social security tax on a roth?
It's your forum. Wink
  Topic: Social security tax on a roth?
BlankenshipFP

Replies: 15
Views: 31078

Post image iconForum: Taxes   Posted: Tue Dec 09, 2008 2:13 pm   Subject: Social security tax on a roth?
coaster is absolutely correct about the OP's question. Not to pick nits, I just wanted to clarify something about the language: OP is going to perform a "conversion" from a trad IRA to a Roth IRA, n ...
  Topic: RSI-Snowboard trading strategy
BlankenshipFP

Replies: 21
Views: 8272

Post image iconForum: Investing, Stocks and Bonds   Posted: Wed Nov 26, 2008 1:47 pm   Subject: RSI-Snowboard trading strategy
We just get so many that come here, post their trades for a couple weeks, then we never hear from them again.

How prophetic of you, coaster! Rolling Eyes
  Topic: [b]Trying to reduce/eliminate the 10% early withdraw penalty
BlankenshipFP

Replies: 10
Views: 6266

Post image iconForum: Retirement Planning   Posted: Mon Nov 24, 2008 2:04 pm   Subject: [b]Trying to reduce/eliminate the 10% early withdraw penalty
One more thing, Don (hopefully you already knew this): you are only able to make the conversion to your Roth IRA if your MAGI is less than $100k for this year and next. In 2010, the limit is removed ...
  Topic: [b]Trying to reduce/eliminate the 10% early withdraw penalty
BlankenshipFP

Replies: 10
Views: 6266

Post image iconForum: Retirement Planning   Posted: Mon Nov 24, 2008 1:24 am   Subject: [b]Trying to reduce/eliminate the 10% early withdraw penalty
I have just a few moments to answer this, and then I'll get back to any additional questions that may arise...

Okay, in answer to your first question, the 10% penalty in that case is related only a ...
 
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