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  • Answer count
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    April 2, 2013
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AskKen's Answers
1 2 3 4 5 ... 31 next>>
 

Can I have two traditional IRA's at Fidelity one with my spouse as beneficiary and the other with a charity as beneficiary

Hi Howard,

Thanks for your question. It’s actually quite common for people to have multiple IRAs for a variety of reasons. Yes, if you prefer to have more than one Traditional IRA for the purposes of keeping money separate for different beneficiaries, that’s fine. You can find the steps for opening an IRA here: https://www.fidelity.com/retirement...

Ken
3 weeks, 3 days ago
by
AskKen
 

designate year for contribution

I want to designate an ira contribution for 2014 even though its now 2015. how do I do that?
Thanks for your question. You have until the tax deadline of April 15 to make a tax-deductible contribution for 2014. Designating a prior year IRA contribution is easy but will depend on how you are making the contribution. If you are mailing a check you can simply include a memo directly on the check to let us know that you intend it to be a 2014 contribution.

If you are contributing electronically, log in to NetBenefits® and select Contribute to IRA from the Quick Links dropdown menu under your IRA. There will be a check box asking you to indicate the year of contribution. You can also contribute through mobile check deposit by following the instructions on this page: https://www.fidelity.com/mobile/faq.... The fifth question on this page addresses making prior year contributions.

I hope this is helpful.

Ken
3 weeks, 3 days ago
by
AskKen
 

Roth IRA

I recently setup an IRA account, I was curious if there is a way that I can make that account automatically invest in mutual funds or something, so that I don't have to log on every time I deposit funds into that account.
Thank you for your question. We do offer an automatic investing feature on Fidelity IRAs that allows you to automatically purchase shares of any Fidelity fund you already own. To learn more about automatic investments or to enroll you can go to: https://www.fidelity.com/cash-manag....

If you have any additional questions, feel free to speak with a representative by calling 800-343-3548.

I hope this helps.

Ken
3 weeks, 3 days ago
by
AskKen
 

Do I have to pay taxes on the MRD if my total income is under the mandatory $24,000.00 for a single person

In over words my MRD is going to be about 2300.00 a year and I make 20,000.00 thru S.S. So do I have to pay taxes on the MRD since my income can be up to 24,000.00 without paying taxes. Also I understand that the first year, which will be this year for me since my birthday is 5/30/45, I have until April 1 of 2016 to withdraw that 2300.00? Can withdrawals be monthly or quarterly?
Hi Carol. Thanks for your question about minimum required distributions (MRDs). Your MRD is based on the value of your retirement accounts, and not on your income, so unless you have a Roth account or you have made after-tax contributions, you do need to pay taxes on your MRD. Generally, your MRD is subject to federal income tax and possibly state income taxes too. I suggest that you consult with your tax advisor about your situation.

You are correct about the deadline for taking your 2015 MRD. For the first MRD only, you can delay the withdrawal until April 1, 2016, but then you will need to take two MRDs in 2016 – one for 2015 and one for 2016. Your 2016 MRD deadline is December 31, 2016. There is another reason not to delay your first MRD until April 1 of the following year. The 2016 MRD would be calculated based on the year-end account balance from the previous year. This would include the 2015 amount in the account since you didn’t take it, which would make your 2016 MRD a higher amount.

As far as when the withdrawals can be made, you may take your MRD monthly, quarterly, or on whatever schedule you like, as long as the full amount is distributed by the deadline. If you would like to have your MRDs withdrawn automatically, you can enroll online at Fidelity.com/RDC or with a retirement representative by calling 800-544-4774. You can find more information about automatic withdrawals here: https://www.fidelity.com/cash-manag...

I hope this helps.

Ken
3 weeks, 4 days ago
by
AskKen
 

Can my wife and I make a make up deposit in to our iras and wright it off on our 2014 taxes?

My wife and I both have 401k accounts that we contribute to. Can we both contribute $5500 to our IRA accounts and still claim it on our 2014 taxes? My wife is 55 and I'm 56 years old.
Thanks for your question. Yes, you have up until the tax deadline of April 15th to make your 2014 IRA contributions, and because you and your wife are over 50, your maximum contribution limit for both 2014 and 2015 is $6,500. Although it’s not too late to take advantage of any tax deductibility you qualify for on this year’s return, remember that the tax deductibility of a Traditional IRA contribution is dependent on your income. If you have any questions about whether all or part of your contribution will be tax deductible, you can use our IRA contribution calculator found here: https://scs.fidelity.com/products/m....

You can also call a retirement representative at 800-544-6666 who would be happy to answer any of your questions.

Ken
3 weeks, 4 days ago
by
AskKen
 

Can I transfer specific stocks from my investment account to my SEP account?

Without selling stocks and then re-buying them, I would to make an additional SEP account deposit.

Can I simply move them from one of my accounts to the other? And how?

I want the tax benefit now for 2014 tax year.
Thanks for inquiring about contributions to your SEP IRA.

Unfortunately, no, you cannot transfer stocks from your investment account into your IRA without first liquidating the stocks and depositing the proceeds in cash. Contributions to a SEP IRA (or any other type of IRA), must be made in cash. You can, however, roll over stocks from one IRA to another IRA by means of an “in-kind” transfer. If the rollover is completed within 60 days, there are no tax consequences.

Please refer to the IRS website for more information on this topic. http://www.irs.gov/Retirement-Plans....

If you have further questions, you can speak with one of our retirement specialists at 800-544-5373, Option 3. We also suggest that you consult with your tax advisor.

Thanks so much for this opportunity to help you!

Ken
3 weeks, 4 days ago
by
AskKen
 

I recently set up a Fidelity Solo 401k plan for 2014. Are the dollars that are put into the plan subject to FUTA and SUTA taxes?

I know they are subject to Medicare and Social - but not Federal and State.
Thanks for your question about your Self-Employed 401(k).

The payment of FUTA and SUTA taxes (named for the Federal Unemployment Tax Act and State Unemployment Tax Act) really depends on how your business is structured. If you own the business and have no employees, then generally you would not need to pay these taxes. There is more information found on the IRS website at http://www.irs.gov/uac/Form-940,-Em... We also suggest that you consult with your tax advisor.

If you have further questions, you can speak with one of our retirement specialists at 800-544-5373, Option 3.

Thanks so much for this opportunity to help you!

Ken
3 weeks, 4 days ago
by
AskKen
 

Single person 401k

My husband is self employed and I want to establish a single person 401K for him. Can you help me set that up. I will manage the investing once it is set up. Thanks!
Thanks for inquiring about opening a Self-Employed 401(k).

All of the forms necessary to establish a Self-Employed 401(k), as well as detailed instructions on making contributions, can be found at https://www.fidelity.com/retirement....

You’ll want to make sure you complete the necessary paperwork to establish the plan, as well as the application to open an account.

If you have any additional questions about opening your husband’s Self-Employed 401(k), you can speak with one of our retirement specialists at 800-544-5373, Option 3.

Thanks so much for this opportunity to help you!

Ken
3 weeks, 4 days ago
by
AskKen
 

Can I make a contribution to my SEP-IRA by transferreing stocks from my brokerage account to the IRA account( both at Fidelity) ?

Thanks for your question about transferring stock to your SEP IRA.

Contributions to a SEP IRA (or any other type of IRA), must be made in cash. So unfortunately, you cannot transfer stocks from your brokerage account into your IRA without first liquidating the stocks and then depositing the cash proceeds. You can, however, roll over stocks from one IRA to another IRA by means of an “in-kind” transfer. If the rollover is completed within 60 days, there are no tax consequences. If you would like to inquire about this, you can speak with one of our retirement specialists at 800-544-5373, Option 3.

You can find more information on this topic on the IRS website: http://www.irs.gov/Retirement-Plans... We also suggest that you consult with your tax advisor.

Thanks so much for this opportunity to help you.

Ken
3 weeks, 4 days ago
by
AskKen
 

What investment options are available for my solo 401K

Hi!
I just funded my solo 401K. Can you tell me what investment options are available to me? (or where do I find this out). When I am ready to move the money out of the cash reserve account it is in, how do I go about doing that?
Thanks for your question. There are many choices available for you as investment options in your Self-Employed 401(k), including a wide range of mutual funds, stocks, bonds, ETFs, and FDIC-insured CDs. For help in developing a strategy, you could check out the information on this page: https://www.fidelity.com/investment....

If you would like help from Fidelity with choosing and managing your investments please visit: https://www.fidelity.com/investment...

Regarding your question about how to move the money from your account into your 401(k), please call one of our retirement specialists at 800-544-5373, Option 3, and they would be happy to assist you with that or any other additional questions you might have.

Thanks so much for this opportunity to help you.

Ken
3 weeks, 4 days ago
by
AskKen