Traditional IRA

1. Questioner: Amy

   Question: May anyone make an IRA contribution on my behalf? I have $26,000 of earned income this year. My father and my older sister each want to contribute $2,500 to my IRA as gifts. Can they do this? Or must they make the checks payable to me and have me deposit the checks so I can write the check from my account? Thank you. View Answer

2. Questioner: TW

   Question: How do I convert a Traditional IRA funded with after dollars to a Roth IRA? Thank you View Answer

3. Questioner: Asad

   Question: I have a question about retirement accounts. I am 32. Two years ago (at age 30) I started a contributing towards a 403B plan wiht my employer. Recently I was reading about retirement plans and I came across advice that said that I should have both an IRA and 403B. I am willing to start now a traditional IRA. But my question is: what is the reason for two retirement accounts? Why do they recommend both IRA and 403B? View Answer

4. Questioner: david

   Question: I received a lump-sum payment from a defined-benefit pension plan upon retirement. I had the money directly transferred to an ordinary IRA (trustee-to-trustee) in the form of a jumbo CD. I now want to convert the IRA to a Roth IRA.
   Will I have to pay taxes on the original lump sum? View Answer

5. Questioner: Steve

   Question: I max out my 401k at work ($16k) and I make too much money to contribute to a Roth IRA. Is there any reason I should not at least put $5k into a non deductible IRA this year? Also, I already contribute to deferred compensation plans which are non-qualified.
   View Answer

6. Questioner: Steve
   
   Question: My mother recently died.I was her Power of Attorney. Shortly before she died I changed the benificiary to myself. The benificiaries were two other family members and me. My intent was to insure all bills were paid before the money was split three ways. The amount is under $20,000. I may have made a mistake tax wise but I had to make a decision quickly. I know if I withdraw the full amount it will be taxable on me. What would be the wisest way to pay my mother's final bills with the money and then distribute whats left to myself and the other two family members? View Answer

7. Questioner: Gunn
   
   Question: My dad has about $69000 in an IRA which matures in Sept. He is 87 and in a nursing home in which my sister and I have poa to see to his money. What should we do with his money at maturity? View Answer

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