starting a roth IRA

[kmagina]

I have been a member since 10/10, and invested do to my mother's advice. My husband is 67 and I'm wondering if opening a Roth IRA and purchashing 1 mil dinar wouldbe tax free any advise would be greatly appreciated. Not trying to avoid uncle sam all together but try to figure out how to invest safely for our future.

[Jim1cor13]

I have been a member since 10/10, and invested do to my mother's advice. My husband is 67 and I'm wondering if opening a Roth IRA and purchashing 1 mil dinar wouldbe tax free any advise would be greatly appreciated. Not trying to avoid uncle sam all together but try to figure out how to invest safely for our future.

Hi kmagina

Certainly nothing wrong with learning to avoid taxes legally. it is called

planning ahead

Thoroughly review the following link. It includes the rules and hopefully will

help you decide what is best for you.

Roth Ira rules

Keep in mind the following as you research their rules:

"Roth IRA accounts are traditionally used as retirement savings accounts. They allow limited

contributions to be made throughout the tax year and can be withdrawn within 5 years after establishing

the account provided you are aged 59 1/2 or older.

Roth IRA accounts can be an effective, cost effective way of saving for retirement years but not everyone can

qualify to pen an account. There are some rules to be followed in order to be deemed eligible as a Roth IRA account holder."

Determine Your Roth IRA Contribution Limit

The IRS limits how much money can be contributed to various retirement accounts. Your 401k contributions are usually limited to $16,500.

Roth IRA contributions are no different. For most individuals the contribution limit is $5,000. However, the limit can change based on your age."

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Pay attention to the limitations and see if this would satisfy your questions and needs.

Also see here for IRS mumbo jumbo

IRS retirement article

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Hope that helps get you started

All my best!

Jim

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Edited February 10, 2011 by Jim1cor13

[kmagina]

Thank you for the infotmatoin & the links. We do have a fideltyy account but do not invest until now very thankful for the input . Not looking how to avoid paying taxes just wanting to learn how to invest without losing our savings and then.

some. Thank you for The input

[tkc]

Hi kmagina

Certainly nothing wrong with learning to avoid taxes legally. it is called

planning ahead

Thoroughly review the following link. It includes the rules and hopefully will

help you decide what is best for you.

Roth Ira rules

Keep in mind the following as you research their rules:

"Roth IRA accounts are traditionally used as retirement savings accounts. They allow limited

contributions to be made throughout the tax year and can be withdrawn within 5 years after establishing

the account provided you are aged 59 1/2 or older.

Roth IRA accounts can be an effective, cost effective way of saving for retirement years but not everyone can

qualify to pen an account. There are some rules to be followed in order to be deemed eligible as a Roth IRA account holder."

Determine Your Roth IRA Contribution Limit

The IRS limits how much money can be contributed to various retirement accounts. Your 401k contributions are usually limited to $16,500.

Roth IRA contributions are no different. For most individuals the contribution limit is $5,000. However, the limit can change based on your age."

---

Pay attention to the limitations and see if this would satisfy your questions and needs.

Also see here for IRS mumbo jumbo

IRS retirement article

---

Hope that helps get you started

All my best!

Jim

---

Thanks for the info Jim, after reading it a Roth IRA woudn't help in my case.

[On_Reserve]

Kmagina,

If you have decided to buy more IQD, then putting them in a Roth IRA is absolutely the best way to do it ...

See dinartrade.com and click on the button (on the left) that pertains to buying dinar in your IRA.

Also, I am unclear as to whether the 5 year rule applies for people over 59.5. But if it does, then you can still have the 5 year rule waived (whether or not one is 59.5) by using Rule 72t of the tax code. I looked into this extensively and it is viable. I am 46 and I have a 1 year old Roth IRA and I've got everything set to access this money upon RV -- tax free and without penalty. Do not let anyone tell you that this is not viable b/c it is!

Get advice on how to use Rule 72t. See: 72t.net.

TS

I believe in the RV; I don't believe in the cult.