Question for FISH and others....

bigbet1234 · Feb 9, 2005

Fish, since you file a SCH A, do you have a Roth or Traditional IRA

BB

Illini · Feb 9, 2005

I don't believe that there are any restrictions on a Roth IRA, other than income limits. It used to be that if you made over $95,000, you couldn't have one. I'm sure the limits have gone up, although I have no idea what they currently are. A Roth IRA is really too good to pass up, as it provides the opportunity for tax-free income. A traditional IRA lets you defer taxes, but you have to pay taxes on all withdrawals. Paying the taxes now, and not being able to deduct income, is a much better deal. And many times you can't deduct now for a traditional IRA anyway.

bigbet1234 · Feb 9, 2005

nope, well it is 100K

Illini said:
I don't believe that there are any restrictions on a Roth IRA, other than income limits. It used to be that if you made over $95,000, you couldn't have one. I'm sure the limits have gone up, although I have no idea what they currently are. A Roth IRA is really too good to pass up, as it provides the opportunity for tax-free income. A traditional IRA lets you defer taxes, but you have to pay taxes on all withdrawals. Paying the taxes now, and not being able to deduct income, is a much better deal. And many times you can't deduct now for a traditional IRA anyway.

bigbet1234 · Feb 9, 2005

I guess my question is, is it possible to have one while filing a SCH A.

Fish, what do you say you do for a living when you fill out applications and such?

BB

Illini · Feb 9, 2005

bigbet1234 said:
nope, well it is 100K

I'm well under the limit, so it means nothing to me. But my point is that filing the different schedule types makes no difference. Since you are married, I'm pretty sure the joint income limit is much higher than the 95K, or I guess 100K currently.

bigbet1234 · Feb 9, 2005

thatnks illni for the replies. the old lady doesnt work.

BB

Illini said:
I'm well under the limit, so it means nothing to me. But my point is that filing the different schedule types makes no difference. Since you are married, I'm pretty sure the joint income limit is much higher than the 95K, or I guess 100K currently.

Fishhead · Feb 9, 2005

http://www.rothira.com/

Illini · Feb 9, 2005

bigbet1234 said:
thatnks illni for the replies. the old lady doesnt work.

BB

If you file jointly, I think you still have the increased limits, whether or not both work. If you are on the bubble, I guess that's a good problem to have. I would love not to be able to contribute to a Roth IRA. :103631605

bigbet1234 · Feb 9, 2005

Thanks fish, but when you apply for loans and what not, what do you list as an occupation?

BB

Fishhead said:
http://www.rothira.com/

Fishhead · Feb 9, 2005

bigbet1234 said:
Thanks fish, but when you apply for loans and what not, what do you list as an occupation?

BB

Landlord

Have real estate investments nationwide.

---FISH---

bigbet1234 · Feb 9, 2005

Oh, ok, and advice for one that does not have real estate?

BB

Fishhead said:
Landlord

Have real estate investments nationwide.

---FISH---

Fishhead · Feb 9, 2005

bigbet1234 said:
Oh, ok, and advice for one that does not have real estate?

BB

Probably not fully qualified to answer that question.

Havent done much investigative study on that particular issue since it doesnt purtain to myself specifically.

NO LAW says you have to have a real job...or investments though.

This is a huge issue that can only be best discussed about in real life.

---FISH---

Woody0 · Feb 9, 2005

Geez BB, what's wrong with "investor". We're all into investments of one kind or another.

Of course I don't need to worry since we don't report gaming income up here.

Fishhead · Feb 9, 2005

Woody0 said:
Geez BB, what's wrong with "investor". We're all into investments of one kind or another.

Of course I don't need to worry since we don't report gaming income up here.

Woody- It goes much more in depth than that.

Consider yourself fortunate.

---FISH---

bigbet1234 · Feb 9, 2005

I do report gaming income, that is my problem, but on a SCH A. i have thought about filing as a consultant, or investor

BB

Woody0 said:
Geez BB, what's wrong with "investor". We're all into investments of one kind or another.

Of course I don't need to worry since we don't report gaming income up here.

Fishhead · Feb 9, 2005

bigbet1234 said:
I do report gaming income, that is my problem, but on a SCH A. i have thought about filing as a consultant, or investor

BB

Please note, you will then be required to pay SELF-EMPLOYMENT taxes if you decide to take that route.

---FISH---

bigbet1234 · Feb 9, 2005

Why is that, I am still filing a SCH A. So, if I give my income a name, I have to pay the Self-employment tax?

BB

Fishhead said:
Please note, you will then be required to pay SELF-EMPLOYMENT taxes if you decide to take that route.

---FISH---

Fishhead · Feb 9, 2005

bigbet1234 said:
Why is that, I am still filing a SCH A. So, if I give my income a name, I have to pay the Self-employment tax?

BB

If your a counselor, your in business.

Self-employment taxes.

BIGBET, why not take a little cash and be a landlord.............even if you make as little as a few thousand.............then that will be your occupation.

Then report your gambling on LINE 21 and deduct losses on SCH A.

---FISH---

sherman · Feb 9, 2005

Fishhead said:
Landlord

Have real estate investments nationwide.

---FISH---

this is what u say or what truly is?

Fishhead · Feb 9, 2005

sherman said:
this is what u say or what truly is?

What trully is..........but please, am no land barron by any means.

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