I have ira that i got when i divorced my ex i was told i had to put in an ira i need that money now what should i do?
2007-03-01 07:04:17 · 5 answers · asked by javslee 1 in Business & Finance ➔ Personal Finance
No. If you can afford to use other cash reserves roll over your IRA into a ROTH IRA, assuming you qualify (i.e. AGI under 95-100k). Far better to pay on the seed than the crop and even people who are older need the ROTH b/c of the great capital gains benefits.
What do you need the funds for? Medical? Housing or other emergencies? Again, use other funds available to you such as savings and/or even consider selling some of your stocks IF you have any. You definitely do not want to tap your Roth or IRA unless it is a last option.
2007-03-01 08:20:44 · answer #1 · answered by momo 3 · 0⤊ 0⤋
Keep the money in the IRA. Depending on where you live, you will be taxed by the state. ALSO, you will get taxed by the fed even before they cut you the check, THEN you will get taxed 10% of the check at the end of the year. Its not worth it.. Keep building the nestegg. If you must, see if you cvan take a loan out on it, even though I do not support loans on IRA's.
2007-03-01 15:19:40 · answer #2 · answered by kyle0027 1 · 0⤊ 0⤋
I would move it to an IRA. but if you must cash it you better keep some of that money for the tax hit.
2007-03-01 16:26:14 · answer #3 · answered by gelcsics 2 · 0⤊ 0⤋
If you cash in your IRA, please be aware that you are going to be hit hard in taxes at the end of the year.
2007-03-01 15:11:47 · answer #4 · answered by t1riel 5 · 0⤊ 0⤋
If you are willing pay the taxes and the penality. I don't know how much money you are talking about, but getting a loan from a bank may be an option?
2007-03-01 15:18:07 · answer #5 · answered by Pluto 3 · 0⤊ 0⤋