The company I work for stopped our 401k program last June so I got a check for $2,500 that I already cashed...My question is can I still roll that over even though it was 8 months ago and if not, am I required to claim it on my 2010 taxes on a 1099?
Any help would be greatly appreciated!
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The company I work for stopped our 401k program last June so I got a check for $2,500 that I already cashed...My question is can I still roll that over even though it was 8 months ago and if not, am I required to claim it on my 2010 taxes on a 1099?
Well depending on your income status (how much you make a year) you can either contribute to a traditional IRA which gives you a tax benefit in the year you make the contribution, up to 5k a year, or you can make a Roth IRA contribution, which does NOT give you a tax benefit/credit when you make the contribution, but the money in a Roth IRA is not taxed when you take the money out upon retirement. A traditional IRA has the tax benefit when you make the contribution but the funds are taxed upon withdrawal.
You really should be making a IRA contribution, even if you are contributing to a 401k, in fact I try to use any income tax return always towards an IRA contribution.
Opening an account is easy, I would suggest going with a place like Ameritrade or my favorite, Scottrade. They are easy to open, just fill out an application and send in or take in a check. The benefit to Scottrade is that you have cheaper commissions AND local offices.
Fidelity Investments is also a decent shop, the only difference is their commission structure is higher.
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Well depending on your income status (how much you make a year) you can either contribute to a traditional IRA which gives you a tax benefit in the year you make the contribution, up to 5k a year, or you can make a Roth IRA contribution, which does NOT give you a tax benefit/credit when you make the contribution, but the money in a Roth IRA is not taxed when you take the money out upon retirement. A traditional IRA has the tax benefit when you make the contribution but the funds are taxed upon withdrawal.
You really should be making a IRA contribution, even if you are contributing to a 401k, in fact I try to use any income tax return always towards an IRA contribution.
Opening an account is easy, I would suggest going with a place like Ameritrade or my favorite, Scottrade. They are easy to open, just fill out an application and send in or take in a check. The benefit to Scottrade is that you have cheaper commissions AND local offices.
Fidelity Investments is also a decent shop, the only difference is their commission structure is higher.
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