wife get's big surprize

[Brokermike]

I'm sure Scottrade is great for you but it seems you're getting the advise that you're paying for, your statement about rolling a traditional 401(k) into a ROTH is frightening. Be careful. The IRS is more money hungry than ever before, and their revenue agents have become attack dogs.

I'd hate to see a fellow conservative pay unneccessary taxes to further O-bummer's agenda

 

[SPIKER]

I'm sure Scottrade is great for you but it seems you're getting the advise that you're paying for, your statement about rolling a traditional 401(k) into a ROTH is frightening. Be careful. The IRS is more money hungry than ever before, and their revenue agents have become attack dogs.

I'd hate to see a fellow conservative pay unneccessary taxes to further O-bummer's agenda

I have a Traditional IRA & have already rolled over 2 previous 401Ks not hard to do, just have to get the JPM to cooperate and let me get my xxK out.

I've done reasonably well in the markets on Self Managing them as with little over xxK put in and xxK added the value is almost 2x return in 4.5years. So Doubling my $ is pretty good but knowing the market turmoil has a lot to do with that and getting in in late July 08 and pulling out one 401K in late 08 helped.

(fyi pulled out the values when editing)

Traditional IRA are tax exempt until you pull them out. The ROTH is taxed when it goes IN and when you pull it out (even the $ you make) is not taxed when you pull it out.

M

 

[clemsonfor]

she didnot take a lump sum she get's 4 payment's over the next 6 months. so they will get 40 percent of each check oh well it happens.

if this is the case cant you change your withholding for her for married with 10 dependents? This will minimize the amount that they keep.

 

[clemsonfor]

Be careful about rolling the old 401(k) into a ROTH. If it was a pre-tax 401, rolling it into a ROTH will cost you a bunch in taxes. Check with your financial advisor or accountant.

Was thinking this same thing!!!

 

[chad22]

Its depressing as he77..more you make the more they take to give away.

True dat. About those forms. I run a web hosting business now and am fixing to have to fill out a form from irs for my business income. I took a look at the form and just couldn't grasp it.

It's confusing for me on what I need to fill out and how to fill it out. :confused2: I'll have to take it to somebody to help me get it filled out.

I read the form and instructions over 30 times and still couldn't figure the form out. I was like this :confused2: every time I read the form and instructions. lol

Darn IRS. Why do you have to make those forms so dang complicated? Make it easy for us dumb ones. lol

Chad

 

[sam5570]

True dat. About those forms. I run a web hosting business now and am fixing to have to fill out a form from irs for my business income. I took a look at the form and just couldn't grasp it.

It's confusing for me on what I need to fill out and how to fill it out. :confused2: I'll have to take it to somebody to help me get it filled out.

I read the form and instructions over 30 times and still couldn't figure the form out. I was like this :confused2: every time I read the form and instructions. lol

Darn IRS. Why do you have to make those forms so dang complicated? Make it easy for us dumb ones. lol

Chad

Chad i was in business 20 years, 2 sererate business's and the irs has made the rules so complicated no one even there own people don't understand the rules. but that's the way they want it to be so they can do what ever they want with out a fight.

 

[TCJatko]

Don't worry, guys (and gals). Pretty soon Obama will "allow" you to get rid of those pesky private retirement accounts and take your money for the proper "investments". You'll get a "guaranteed" income stream from the government instead.
Conservative Truth - Will Obama Grab Your IRA? - Tom Barrett - 2010-07-26

 

[chad22]

Chad i was in business 20 years, 2 sererate business's and the irs has made the rules so complicated no one even there own people don't understand the rules. but that's the way they want it to be so they can do what ever they want with out a fight.

That reminds me of what Hank Hill said in the episode "Hank's Got the Willies"

Hank Hill on King of the hill is so right. That 1040 form they call EZ?

Hank Hill: he's had trouble with the IRS, and I must have spent six hours last April on that 1040 form -- EZ my A**.

Hank hill. I feel your pain. lol

Chad