Thread now a bit of: can you make Roth IRA contributions without a job, Inherited IRA RMD's, and Flexible Premium FIA's

[annon123]

That is not true.

I made a statement I was going to make some ira contributions, and asked about an annuity carrier and one of their annuity products.

You and Allen have ignored my question and twisted it into a critique of whether or not I can make IRA contributions. I can and I don't appreciate the redirecting of the thread.

Well here is the IRS statement about who can contribute: "To contribute to a traditional IRA, you, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment. There is no age limit to contribute to a traditional IRA, however you must have taxable compensation for purposes of contributing to an IRA. This doesn't include earnings and profits from property, such as rental income, interest and dividend income, or any amount received as pension or annuity income, or as deferred compensation. In certain cases, other amounts may be treated as compensation for purposes of contributing to an IRA, including certain alimony and separate maintenance payments received, certain amounts received to aid in the pursuit of graduate and postdoctoral studies, and certain difficulty of care payments received. See Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) for more information."

Topic no. 451, Individual retirement arrangements (IRAs) | Internal Revenue Service

An individual retirement arrangement (IRA) is a tax-favored personal savings arrangement, which allows you to set aside money for retirement. There are several different types of IRAs, including traditional IRAs and Roth IRAs. You can set up an IRA with a bank, insurance company, or other...

www.irs.gov

While we did not address part of your question, we questioned whether or not you could even contribute to an IRA - which you had stated you planned to do - regardless of then wanting to buy an annuity. We pointed out you can't do that if you were not earning the money in one of the specific categories of income that allow you to even contribute to begin with. You stated you could contribute to an IRA even if you weren't earning money stating that what we said wasn't true.

You pasted part of my comment in your reply to me (I am copying it here in case you decide to delete that comment too)

" .... if you are not working you can't contribute."

And then you replied : That is not true.

I'd be interested in what part of the IRS's rule that you can only contribute if you are earning money includes contributing money if you are not. You can roll over other retirement funds into an IRA but you didn't say you were doing that.

 

[LostDollar]

I would suggest asking on the forum that deals with annuities. While some people on the medicare forum may sell them and know about them in detail, this forum focuses on health care. Posting your question there will get you answers from people who are focused on selling those.

Complaining about the failure of people on the medicare forum to answer all parts of your question, letting you know about the IRS regulations (when you indicated you weren't working - that means the only way you can contribute "new" money to an IRS is by rolling over retirement money of yours or if you inherited money following those regulations - but you didn't indicate that was what happened) and instead only addressing a part of your question we know about doesn't make a whole lot of sense and doesn't endear you to people with respect to giving you free help as a non-agent.

I am finding people here are very generous with their time and advice helping those of us who are still learning the ins and outs of being an agent or answering questions when they aren't sure how to do something - and in my case when I have asked a few really basic things that I wanted to make sure I was doing it right (so thank you all you folks who have done that - you are helping me help my clients without screwing up, something I really appreciate as I am still really new at this). If you had paid someone for advice or hired an agent who specializes in annuities and they did what we I had done I'd understand bitching about us as that would be a legitimate complaint. Dumping on agents on an agent forum answering a non-agent's question about a topic that has a different forum for that makes no sense if you want to have people keep helping you.

This thread IS in the annuities forum.

I have found the people here to be EXTREMELY helpful with advice on annuities. I have made two significant (Roth) annuity purchases which I could not have made as wisely as I did without advice I received here, including comments from Allen Trent. (Note -- ROTH. Those purchases were funded by a combination of 401K rollovers and current period IRA contributions. I have been asking annuity questions here for around 18 months. I know what I am doing as far as contributions and rollovers are concerned -- in part because of lengthy tax comments Allen Trent has made in other threads. (And yes, I have had some tax hits from conversion activities.)) (And everything I have done has been reviewed by the agent who sold me the annuities.)

(And that agent is not currently contracted with American National so I was looking for some outside input on that carrier and product. I am also looking at a $5K MYGA from that carrier, so my concerns on the carrier continue to stand, even if I don't buy the ASIA product.)

However my questions in this thread were ignored and set aside by a focus on an issue I did not ask about.

I would suggest that you read the rules for IRA contributions in Pub 590A -- (CAREFULLY).

 

[LostDollar]

This thread IS in the annuities forum.

I have found the people here to be EXTREMELY helpful with advice on annuities. I have made two significant (Roth) annuity purchases which I could not have made as wisely as I did without advice I received here, including comments from Allen Trent. (Note -- ROTH. Those purchases were funded by a combination of 401K rollovers and current period IRA contributions. I have been asking annuity questions here for around 18 months. I know what I am doing as far as contributions and rollovers are concerned -- in part because of lengthy tax comments Allen Trent has made in other threads. (And yes, I have had some tax hits from conversion activities.)) (And everything I have done has been reviewed by the agent who sold me the annuities.)

(And that agent is not currently contracted with American National so I was looking for some outside input on that carrier and product. I am also looking at a $5K MYGA from that carrier, so my concerns on the carrier continue to stand, even if I don't buy the ASIA product.)

However my questions in this thread were ignored and set aside by a focus on an issue I did not ask about.

I would suggest that you read the rules for IRA contributions in Pub 590A -- (CAREFULLY).

And a side comment, when I finally found an agent who would work with me for two small purchases, he was impressed with what I was asking to buy, because in both cases, within 2-3 weeks prior to my requests, he had sold 1 of the same two products to two other clients. (No idea of the amounts.) There is no way I would have been able to come up with those ideas on my own (absent help and comments I received here), and I doubt he would have recommended those two specific products had I just started a search from scratch with him.

That is highly unlikely to happen with the remaining lifetime qualified money FIA purchase(s) I am able to make because those purchase(s) will be very small.

 

[DHK]

 

[annon123]

f

This thread IS in the annuities forum.

My mistake. I had been in the medicare forum and didn't read carefully. Sorry about that. I don't sell annuities although I sometimes read this thread.

 

[LostDollar]

View attachment 17209

In some thread awhile back, I think you and @scagnt83 were suggesting I should be paying!



Maybe it was 50 bucks an hour?

(The forum owner even comes here for advice. I think he was asking for some kind of medicare information help for non-citizens. Y'all'd probably make an exception for charging him though! )

 

[LostDollar]

View attachment 17209

And some of that comes from you.

You get a bit grumpy about it sometimes, but I think you have an "insurance training" gene. You just can't help yourself about giving posters information that helps them become more informed agents or buyers!

 

[LostDollar]

I don't believe I ever said I planned on using "fake income" to make IRA contributions.

I simply said:

(from deleted orginal thread starter question

I anticipate being able to make some ira contributions the next three years.

Yes I know you never said you were planning to use fake income. I was just mentioning what I know several people were doing in order to keep contributing. From what you had been saying it didn't sound like you were working nor planned to work (which might not be what you meant) and if you are not working you can't contribute.

I have no idea what you are talking about, or how to do it, nor do I want to know because I am not going to do it.

That is not true.

I made a statement I was going to make some ira contributions, and asked about an annuity carrier and one of their annuity products.

You and Allen have ignored my question and twisted it into a critique of whether or not I can make IRA contributions. I can and I don't appreciate the redirecting of the thread.

I'd be interested in what part of the IRS's rule that you can only contribute if you are earning money includes contributing money if you are not.

This question^^^ is answered in a quote from one of my posts above vvv

I would suggest that you read the rules for IRA contributions in Pub 590A -- (CAREFULLY).

 

[DHK]

And some of that comes from you.

You get a bit grumpy about it sometimes, but I think you have an "insurance training" gene. You just can't help yourself about giving posters information that helps them become more informed agents or buyers!

Thanks. Sometimes it depends on how quickly I can create a response that is credible and helpful... even if it sometimes has a negative tone. lol. This stuff can get confusing - even for agents.

I'm rather frank on here (because Bob is busy - ugh - sorry for the 'Dad' joke). I am who I am and I'm not trying to 'please' anyone anymore. In fact, being refreshingly blunt helps so people usually know who they can trust to be truthful with them or not.

 

[rmhaire]

(The forum owner even comes here for advice. I think he was asking for some kind of medicare information help for non-citizens. Y'all'd probably make an exception for charging him though!

Nope. That was me.

And I charged him a $100

Still haven't seen my check though