TheLastColdBeer Posted October 26, 2014 Member ID: 489 Group: ***- Inactive Clan Members Followers: 52 Topic Count: 553 Topics Per Day: 0.10 Content Count: 4745 Content Per Day: 0.83 Reputation: 6058 Achievement Points: 42053 Solved Content: 0 Days Won: 18 Joined: 09/22/09 Status: Offline Last Seen: December 23, 2024 Birthday: 01/09/1963 Device: Android Posted October 26, 2014 OK boys & girls. I've contributed to a personal IRA for twenty years. Quite successful. Now I'm contributing to a corporate 401k, and so is my wife, at her place of employment. This prevents us from contributing to personal IRA accounts, whether Roth or traditional. What this does, is force ME, to start all over from scratch, at the nooby level of investment, and forbids me from contributing to my IRA, or even transfer my IRA, with pre-tax funds. This completely sucks. Within the convoluted mess of the IRS, I can't transfer an existing IRA to a new 401k w/o selling off the mutual funds that have made me financially secure. I'm a little bit annoyed, especially at the IRS for not providing for this situation. Apparently, in the YOU-ESS-of-AAYE we don't have anyone that has been saving for retirement on their own. Anybody else encounter this? Fidelity is very understanding, but not condescending to keeping American mutual funds under their brokerage. The IRS won't allow a transfer of IRA to 401k w/o taxing as capital gains. Kinda beats the point of retirement savings on a pre-tax level. What cha' think? Awards
WldPenguin Posted October 26, 2014 Member ID: 2995 Group: ++++ Senior Admin Followers: 185 Topic Count: 797 Topics Per Day: 0.16 Content Count: 4723 Content Per Day: 0.96 Reputation: 7333 Achievement Points: 51261 Solved Content: 0 Days Won: 90 Joined: 11/17/11 Status: Offline Last Seen: 17 minutes ago Birthday: 02/13/1966 Device: Windows Posted October 26, 2014 LastColdBeer, I completely understand your frustration with the way saving for retirement has evolved here in the U.S. When you say "prevent you from contributing to an IRA" do you mean at all, or just in the tax-deductible sense? Because contributions are still possible, if the rules are followed regarding income levels, contribution limits, etc. Mutual funds within IRA accounts do have their own rules, because the funds are an entity in and of themselves and do not get traded in the secondary market, so be sure you are getting your advice and guidance from a qualified tax professional in addition to any financial advisors you may talk to. Awards
7Toes Posted October 26, 2014 Member ID: 87 Group: ***- Inactive Clan Members Followers: 58 Topic Count: 98 Topics Per Day: 0.02 Content Count: 3789 Content Per Day: 0.66 Reputation: 3589 Achievement Points: 27251 Solved Content: 0 Days Won: 7 Joined: 09/02/09 Status: Offline Last Seen: March 18, 2022 Birthday: 04/02/1871 Posted October 26, 2014 OK boys & girls. I've contributed to a personal IRA for twenty years. Quite successful. Now I'm contributing to a corporate 401k, and so is my wife, at her place of employment. This prevents us from contributing to personal IRA accounts, whether Roth or traditional. What this does, is force ME, to start all over from scratch, at the nooby level of investment, and forbids me from contributing to my IRA, or even transfer my IRA, with pre-tax funds. This completely sucks. Within the convoluted mess of the IRS, I can't transfer an existing IRA to a new 401k w/o selling off the mutual funds that have made me financially secure. I'm a little bit annoyed, especially at the IRS for not providing for this situation. Apparently, in the YOU-ESS-of-AAYE we don't have anyone that has been saving for retirement on their own. Anybody else encounter this? Fidelity is very understanding, but not condescending to keeping American mutual funds under their brokerage. The IRS won't allow a transfer of IRA to 401k w/o taxing as capital gains. Kinda beats the point of retirement savings on a pre-tax level. What cha' think? this day and age the government doesn't want you to get ahead,just look at the new law they enacted so the IRS can seize your assets and not even being charged with a crime.then they offer you a small percentage back for your troubles.even though you have comment no crime or was charge in any crime great deal you think.. Awards
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