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I have two traditional IRAs:a rollover from a past 401k, with no basis
(all pretax contributions)an IRA with only after-tax contributions,
with high basisIf I do a Roth conversion, as far as I know I have to
treat these as one big bucket. I can't convert only the high-basis IRA
to Roth. If I converted half the money to Roth then I could only use
up half the basis.However, I could roll the first IRA into my current
employer's 401k.If I did that, does all of the basis stay "outside"
There is a question on the tax form when filing that asks "eligible to
participate in a 401K plan at work?" [Yes/No]. I contributed to my
401k up until March. I then took a new job that does not offer a
401K, and rolled mine into an IRA. I've now made 2,000 in
contributions to my IRA and 2,200 to my Roth IRA. How do I answer
that question on the form (which impacts whether or not my IRA
contributions are deductible or not) when its Yes and No?
I was recommended from a friend that I should consider switching my
current IRA to a Gold IRA. I haven't searched around a lot but I was
wondering if anyone had some experience working with this type of IRA.
I've been putting money into my IRA for many years now and am
concerned about our current economy. What is my best decision?
If I own a C-corp or an S-corp in the US ( say for example Delaware ),
and I take profits from revenue after expenses for the corporation and
purchase stock in the US stock markets, bonds or other investment
property without selling any of those investments purchased by the
time of tax filing, would that reduce my corporation's total tax
I have done all the cost-cutting that my family can allow. It is still
not enough - I spend more than I earn. This is killing the credit card
and is going to be bad news for us unless we can sort this out!I am a
programmer during the day, my girlfriend is a full-time mother and
mother-to-be!What ways are there for us to earn a little extra side
money?I know this is a pretty big question, similar to 'what kind of
career should I follow' questions! I'm just looking for a little
inspiration a
My question is similar to this one, but slightly different:Can I roll
over a 401k with my current employer into an IRA?According to that
question above, it's not possible for somebody my age (28) to rollover
a 401k to an IRA without actually leaving my job.However, my company
is changing plans in a few weeks (Nationwide to John Hancock) and I'm
wondering if there is any loophole here I can exploit to get my money
out of the plan and into an IRA. In other words, since Nationwide
already has
I see on the Internet a lot of talk amongst the financial types that
QE3 may/may not taper off. I have owned some mutual funds as part of
an IRA for the past year and took advantage of the huge increase in
stock values. My question is, what should one invest in if QE3 does
end? In my head I would think that the market would go down and
therefore make stocks and mutual funds will lose their value. What
about the following items? (listed in no particular order)Precious
MetalsForeign stocks+mut
assume there is equipment used for a for profit endeavor that will be
deducted from earnings.That equipment is also sold in the same year,
for less than or equal to the purchase price.How does this effect the
deduction, and/or depreciating assets for federal tax purposes.
Citations welcome
In the US, when tallying gross income, do capital gains (short term or
long term) count toward your gross income, before capital losses? OR
do capital losses subtract from your capital gains before it counts as
gross income? and would this order of operations be any different for
adjusted gross incomeThis is not for tax compliance, but does involve
how income is reported on a tax return, if the tax return was used to
indicate gross income for a certain year.
I have a friend who used to be self employed, but is now in full time
employment. this was about 4 years ago, and he never bothered to
de-register for VAT. Now HMRC (via a collections agency) are on his
back for payment of an ESTIMATED VAT bill (around £800)He has not
been trading and has not submitted returns in this time, so in reality
owes nothing (and has told them as such)So my question is in UK law,
is it actually LEGAL (for any company or government body) to enforce
collection of an

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