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#11
06-22-2007, 04:42 PM
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Re: 5K to invest
[ QUOTE ]
One of the benefits of a roth ira is that you can use the first 10k towards the purchase of your first home. It also grows tax free which is a huge benefit that most people don't realize how great is. [/ QUOTE ] I was under the impression one can take out RothIRA contributions up to any amount at any time for any reason tax and penalty free? I think the 10K first-home-purchase thing is for a 401(k). Correct me if I'm wrong. 
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#12
06-22-2007, 09:32 PM
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Re: 5K to invest
i use amtrust bank money market account and get 5.36%
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#13
06-22-2007, 11:39 PM
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Re: 5K to invest
[ QUOTE ]
oh okay thanks. So if i have 4K there one month it pays based on that amount but if i have 2K my interest would basically be half of that? [/ QUOTE ] Woah! It's so complicated eh.
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#14
06-23-2007, 06:03 AM
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Re: 5K to invest
[ QUOTE ]
[ QUOTE ] One of the benefits of a roth ira is that you can use the first 10k towards the purchase of your first home. It also grows tax free which is a huge benefit that most people don't realize how great is. [/ QUOTE ] I was under the impression one can take out RothIRA contributions up to any amount at any time for any reason tax and penalty free? I think the 10K first-home-purchase thing is for a 401(k). Correct me if I'm wrong. [/ QUOTE ]you're wrong (I double checked on wiki)
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#15
06-23-2007, 02:35 PM
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Re: 5K to invest
[ QUOTE ]
[ QUOTE ] [ QUOTE ] One of the benefits of a roth ira is that you can use the first 10k towards the purchase of your first home. It also grows tax free which is a huge benefit that most people don't realize how great is. [/ QUOTE ] I was under the impression one can take out RothIRA contributions up to any amount at any time for any reason tax and penalty free? I think the 10K first-home-purchase thing is for a 401(k). Correct me if I'm wrong. [/ QUOTE ]you're wrong (I double checked on wiki) [/ QUOTE ] You are confusing Earnings (interest) and Contribution dollars. Contributions can be taken out at any time for any reason tax and penalty free. $10K in Earnings can also be taken out for first-time homebuyers. RothIRA has three categories for dollars, and they all have different implications: Contributions Conversions (rollovers) Earnings (interest) I just want to clarify that much more than $10K can be taken out to buy a home. If you have 100k in Contribution dollars in there, and 12k in Earnings, you can take out 110K, not just 10k.
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#16
06-24-2007, 02:38 AM
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Re: 5K to invest
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] One of the benefits of a roth ira is that you can use the first 10k towards the purchase of your first home. It also grows tax free which is a huge benefit that most people don't realize how great is. [/ QUOTE ] I was under the impression one can take out RothIRA contributions up to any amount at any time for any reason tax and penalty free? I think the 10K first-home-purchase thing is for a 401(k). Correct me if I'm wrong. [/ QUOTE ]you're wrong (I double checked on wiki) [/ QUOTE ] You are confusing Earnings (interest) and Contribution dollars. Contributions can be taken out at any time for any reason tax and penalty free. $10K in Earnings can also be taken out for first-time homebuyers. RothIRA has three categories for dollars, and they all have different implications: Contributions Conversions (rollovers) Earnings (interest) I just want to clarify that much more than $10K can be taken out to buy a home. If you have 100k in Contribution dollars in there, and 12k in Earnings, you can take out 110K, not just 10k. [/ QUOTE ]Wow I'm an idiot and WOW roth iras are sick awesome!
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#17
06-24-2007, 11:13 AM
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Re: 5K to invest
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] [ QUOTE ] One of the benefits of a roth ira is that you can use the first 10k towards the purchase of your first home. It also grows tax free which is a huge benefit that most people don't realize how great is. [/ QUOTE ] I was under the impression one can take out RothIRA contributions up to any amount at any time for any reason tax and penalty free? I think the 10K first-home-purchase thing is for a 401(k). Correct me if I'm wrong. [/ QUOTE ]you're wrong (I double checked on wiki) [/ QUOTE ] You are confusing Earnings (interest) and Contribution dollars. Contributions can be taken out at any time for any reason tax and penalty free. $10K in Earnings can also be taken out for first-time homebuyers. RothIRA has three categories for dollars, and they all have different implications: Contributions Conversions (rollovers) Earnings (interest) I just want to clarify that much more than $10K can be taken out to buy a home. If you have 100k in Contribution dollars in there, and 12k in Earnings, you can take out 110K, not just 10k. [/ QUOTE ]Wow I'm an idiot and WOW roth iras are sick awesome! [/ QUOTE ] Yes, yes they are! Anyone who has the means (and is eligible) should be maxing out their Roth IRA, no questions asked.
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#18
06-24-2007, 12:59 PM
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Re: 5K to invest
It certainly appears a good savings account right now is better than the stock market. This stock market might not only go down, but it could come crashing down. Proceed with caution.
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#19
06-24-2007, 10:16 PM
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Re: 5K to invest
Fishhead24: on the other hand the stock market might not only go up, but it could go way, way up. Can a savings account do that? Remember, savings accounts need to beat taxes AND inflation, just to keep value.
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#20
06-24-2007, 10:19 PM
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Re: 5K to invest
Hard to make an easy dime these days, your correct.
Earning is certainly a grind.
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