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#2
04-08-2007, 11:12 AM
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 Re: feedback on rolling over a 403b to IRA from Fidelity Uncle Eli wrote on [Sat, 7 Apr 2007 05:37:23 -0500]: - quote - > Any ideas about this. Does this mean I can't do it and get a tax
You can never get another tax benefit from it.> benefit before April 17? To get the tax benefit it must be new money. Not already in a tax advantaged account. |
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#1
04-07-2007, 07:57 PM
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| Re: feedback on rolling over a 403b to IRA from Fidelity "Uncle Eli" <psychprof32[at]sbcglobal.net> writes: - quote - > I called Fidelity today to aks them if I could roll over some money
You cannot deduct the money a second time. If it's in the 403b,> from a 403b and start an IRA and claim that amount as a deduction from > 2006 taxes. Below is their reponse. you already didn't pay taxes on it (ie. it wasn't counted as income). You can roll it into an IRA and not have to pay taxes on it in the process - it's in a tax-protected account and it'll remain in a tax-protected account. But you cannot deduct it again. -- Plain Bread alone for e-mail, thanks. The rest gets trashed. No HTML in E-Mail! -- http://www.expita.com/nomime.html Are you posting responses that are easy for others to follow? http://www.greenend.org.uk/rjk/2000/06/14/quoting |
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04-07-2007, 01:12 PM
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| Re: feedback on rolling over a 403b to IRA from Fidelity On Apr 7, 5:37 am, "Uncle Eli" <psychpro...[at]sbcglobal.net> wrote: - quote - > Any ideas about this. Does this mean I can't do it and get a tax
That's what it means. If you contributed the $4000 to the 403(b), then> benefit before April 17? you already got a tax break on it, and you can't get a second break on the same money. You can roll the 403(b) into an IRA to get more control of it, but not to get another tax break. The tax break comes when you contribute new money, as from your salary, savings, or non- qualified investments. Dave |
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#-1
04-07-2007, 10:37 AM
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| feedback on rolling over a 403b to IRA from Fidelity I called Fidelity today to aks them if I could roll over some money from a 403b and start an IRA and claim that amount as a deduction from 2006 taxes. Below is their reponse. - quote - > I could not roll over, say 4000 from a dormant 403b to fund a new IRA
Any ideas about this. Does this mean I can't do it and get a tax> and claim that 4000 as an IRA purchase for this tax year because one > can't use money from a 403b to fund such a purchase. In order to > have a tax deduction that money would have to come from money I am > earning now. I am working part time. Does this make sense? benefit before April 17? |
| Tags |
| 403b, feedback, fidelity, ira, rolling |
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