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re: Someone Tell Me About Roth IRAs (New ? on Pg 3)
Posted on 9/2/12 at 10:07 pm to CQQ
Posted on 9/2/12 at 10:07 pm to CQQ
Not sure if it's been covered but Roths are taxed first in first out so you can withdrawal contributions at any time. There are situations& where u can withdrawal earnings and bypass the IRS penalty if it's a qualified distribution. Otherwise earnings grow tax free and are withdrawn tax free after 59 1/2. If you're in a lower tax bracket you may be eligible for a tax credit up to $1000
Posted on 9/5/12 at 6:18 am to gatorsimz
If you are over the contribution limit, there is a loop hole that allows you to contribute to a Roth IRA. You can contribute $5K to a traditional IRA and then roll or convert the $5k over into a Roth. You obviously, won't be able to take the the tax deduction from the traditional, but it essentially allows you to contribute to a Roth with an extra paperwork step.
IRA's are self directed, so you can invest in them how you want. Most retirement advisors don't recommend this, but something I like to do is have MLPs in my roth IRA. One thing to note is you need to manage it so that you aren't making mire than $1,000 in distribution yields/yr or else you'll feel the pain later when you withdraw.I try to stay around $700/yr in distributions just incase. Samething with REIT's.
IRA's are self directed, so you can invest in them how you want. Most retirement advisors don't recommend this, but something I like to do is have MLPs in my roth IRA. One thing to note is you need to manage it so that you aren't making mire than $1,000 in distribution yields/yr or else you'll feel the pain later when you withdraw.I try to stay around $700/yr in distributions just incase. Samething with REIT's.
This post was edited on 9/5/12 at 6:19 am
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