Comments on: IRA’s In The House! – Episode #22 http://www.thewaytobuildwealth.org/2008/12/iras-in-the-house-episode-22/ Ethan Bloch shares wealth building hacks, tips and wisdom discovered from the world's greatest minds. Wed, 07 Jul 2010 00:17:25 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: ethan http://www.thewaytobuildwealth.org/2008/12/iras-in-the-house-episode-22/comment-page-1/#comment-63 ethan Mon, 15 Dec 2008 19:10:50 +0000 http://www.thewaytobuildwealth.org/?p=312#comment-63 Great point. I realized this after I had shot the video and is one of the main reaons I linked those two pages on Roth and Traditional IRA's up above. <br><br>That being said the Income eligibility limit for Roth IRA's in 2007 is $99,000 (single) - or- $156,000 (married).<br><br>For a Traditional IRA, anyone can contribute, however only those that make less then $53,000 (single) - or - $83,000 are eligible for full tax deductions. However "...even if you don't qualify to deduct your contribution, the benefits of tax-deferred growth and the potential of compounding are too great to ignore. You should still consider making a nondeductible contribution." - <a href="https://personal.vanguard.com/us/accounttypes/retirement/ATSTradIRAWhoContributeContent.jsp" rel="nofollow">https://personal.vanguard.com/us/accounttypes/r...</a><br><br>Cheers.<br><br>Ethan Great point. I realized this after I had shot the video and is one of the main reaons I linked those two pages on Roth and Traditional IRA's up above.

That being said the Income eligibility limit for Roth IRA's in 2007 is $99,000 (single) – or- $156,000 (married).

For a Traditional IRA, anyone can contribute, however only those that make less then $53,000 (single) – or – $83,000 are eligible for full tax deductions. However “…even if you don't qualify to deduct your contribution, the benefits of tax-deferred growth and the potential of compounding are too great to ignore. You should still consider making a nondeductible contribution.” – https://personal.vanguard.com/us/accounttypes/r...

Cheers.

Ethan

]]> By: ethan http://www.thewaytobuildwealth.org/2008/12/iras-in-the-house-episode-22/comment-page-1/#comment-221 ethan Mon, 15 Dec 2008 19:10:50 +0000 http://www.thewaytobuildwealth.org/?p=312#comment-221 Great point. I realized this after I had shot the video and is one of the main reaons I linked those two pages on Roth and Traditional IRA's up above. <br><br>That being said the Income eligibility limit for Roth IRA's in 2007 is $99,000 (single) - or- $156,000 (married).<br><br>For a Traditional IRA, anyone can contribute, however only those that make less then $53,000 (single) - or - $83,000 are eligible for full tax deductions. However "...even if you don't qualify to deduct your contribution, the benefits of tax-deferred growth and the potential of compounding are too great to ignore. You should still consider making a nondeductible contribution." - <a href="https://personal.vanguard.com/us/accounttypes/retirement/ATSTradIRAWhoContributeContent.jsp" rel="nofollow">https://personal.vanguard.com/us/accounttypes/r...</a><br><br>Cheers.<br><br>Ethan Great point. I realized this after I had shot the video and is one of the main reaons I linked those two pages on Roth and Traditional IRA's up above.

That being said the Income eligibility limit for Roth IRA's in 2007 is $99,000 (single) – or- $156,000 (married).

For a Traditional IRA, anyone can contribute, however only those that make less then $53,000 (single) – or – $83,000 are eligible for full tax deductions. However “…even if you don't qualify to deduct your contribution, the benefits of tax-deferred growth and the potential of compounding are too great to ignore. You should still consider making a nondeductible contribution.” – https://personal.vanguard.com/us/accounttypes/r...

Cheers.

Ethan

]]> By: Sasha http://www.thewaytobuildwealth.org/2008/12/iras-in-the-house-episode-22/comment-page-1/#comment-60 Sasha Sat, 13 Dec 2008 14:24:07 +0000 http://www.thewaytobuildwealth.org/?p=312#comment-60 Ethan, great episode explaining IRAs, however, you left out that once your income is above a certain amount you cannot invest in an IRA. Off the top of my head I do not know what it is for single people, i think 80k and i think it is around 160k for couples filing jointly. Ethan, great episode explaining IRAs, however, you left out that once your income is above a certain amount you cannot invest in an IRA. Off the top of my head I do not know what it is for single people, i think 80k and i think it is around 160k for couples filing jointly.

]]> By: Sasha http://www.thewaytobuildwealth.org/2008/12/iras-in-the-house-episode-22/comment-page-1/#comment-220 Sasha Sat, 13 Dec 2008 14:24:07 +0000 http://www.thewaytobuildwealth.org/?p=312#comment-220 Ethan, great episode explaining IRAs, however, you left out that once your income is above a certain amount you cannot invest in an IRA. Off the top of my head I do not know what it is for single people, i think 80k and i think it is around 160k for couples filing jointly. Ethan, great episode explaining IRAs, however, you left out that once your income is above a certain amount you cannot invest in an IRA. Off the top of my head I do not know what it is for single people, i think 80k and i think it is around 160k for couples filing jointly.

]]> By: ethan http://www.thewaytobuildwealth.org/2008/12/iras-in-the-house-episode-22/comment-page-1/#comment-51 ethan Wed, 10 Dec 2008 01:45:29 +0000 http://www.thewaytobuildwealth.org/?p=312#comment-51 It depends on what you plan to use the money for, as some uses qualify for exemptions from early withdraw penalties. Details on early withdraw penalties for Roth IRA's can be found here: <a href="https://personal.vanguard.com/us/accounttypes/retirement/ATSRothIRADistContent.jsp" rel="nofollow">https://personal.vanguard.com/us/accounttypes/r...</a> and early withdraw penalties for Traditional Ira's con be found here: <a href="https://personal.vanguard.com/us/accounttypes/retirement/ATSTradIRADistContent.jsp" rel="nofollow">https://personal.vanguard.com/us/accounttypes/r...</a><br><br>In brief it is usually a 10% penalty + taxes on investment gains in the case of a Roth IRA. It depends on what you plan to use the money for, as some uses qualify for exemptions from early withdraw penalties. Details on early withdraw penalties for Roth IRA's can be found here: https://personal.vanguard.com/us/accounttypes/r... and early withdraw penalties for Traditional Ira's con be found here: https://personal.vanguard.com/us/accounttypes/r...

In brief it is usually a 10% penalty + taxes on investment gains in the case of a Roth IRA.

]]> By: ethan http://www.thewaytobuildwealth.org/2008/12/iras-in-the-house-episode-22/comment-page-1/#comment-219 ethan Wed, 10 Dec 2008 01:45:29 +0000 http://www.thewaytobuildwealth.org/?p=312#comment-219 It depends on what you plan to use the money for, as some uses qualify for exemptions from early withdraw penalties. Details on early withdraw penalties for Roth IRA's can be found here: <a href="https://personal.vanguard.com/us/accounttypes/retirement/ATSRothIRADistContent.jsp" rel="nofollow">https://personal.vanguard.com/us/accounttypes/r...</a> and early withdraw penalties for Traditional Ira's con be found here: <a href="https://personal.vanguard.com/us/accounttypes/retirement/ATSTradIRADistContent.jsp" rel="nofollow">https://personal.vanguard.com/us/accounttypes/r...</a><br><br>In brief it is usually a 10% penalty + taxes on investment gains in the case of a Roth IRA. It depends on what you plan to use the money for, as some uses qualify for exemptions from early withdraw penalties. Details on early withdraw penalties for Roth IRA's can be found here: https://personal.vanguard.com/us/accounttypes/r... and early withdraw penalties for Traditional Ira's con be found here: https://personal.vanguard.com/us/accounttypes/r...

In brief it is usually a 10% penalty + taxes on investment gains in the case of a Roth IRA.

]]> By: Dash2 http://www.thewaytobuildwealth.org/2008/12/iras-in-the-house-episode-22/comment-page-1/#comment-50 Dash2 Tue, 09 Dec 2008 23:42:13 +0000 http://www.thewaytobuildwealth.org/?p=312#comment-50 Do you know what the typical penalties are for withdrawing before the set age on both type of accounts? Do you know what the typical penalties are for withdrawing before the set age on both type of accounts?

]]> By: Dash2 http://www.thewaytobuildwealth.org/2008/12/iras-in-the-house-episode-22/comment-page-1/#comment-218 Dash2 Tue, 09 Dec 2008 23:42:13 +0000 http://www.thewaytobuildwealth.org/?p=312#comment-218 Do you know what the typical penalties are for withdrawing before the set age on both type of accounts? Do you know what the typical penalties are for withdrawing before the set age on both type of accounts?

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