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new IRA
Old 02-08-2014, 07:44 AM   #1
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new IRA

I am 67 years old and have no Ira's. I know nothing about them. I have about 30k in earned income this year. it has pushed my taxable income higher than I like and was wondering if an Ira is a way to pass the tax burden on to later years. I don't expect earned income this year and was wondering If I opened an Ira with vanguard, say wellington and wellesley, could I deduct it this year and would I have access to this money without penalty, next year and ongoing? How do you open an Ira with vanguard? just over the phone or which method?

let me know. thanks


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Old 02-08-2014, 10:45 AM   #2
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Join Date: Jan 2006
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Here's your homework Investing Basics: Traditional vs. Roth IRAs - Forbes

Your wording is confusing about which year you are talking about but I assume you had earned income of 30K last year (2013) and will have no earned income this year (2014). If true, you can contribute to an IRA before 4/15/2014 and create a 2013 IRA. Depending on your marital status, whether you had acess to a retirement plan or not, and your income, you may be able to deduct part of all of your contribution to a traditional IRA. Since you are over 59.5 yo,
you can withdraw funds w/o a penalty but will have to pay taxes on any withdrawal.

You can call VG and ask about how to open an account. I did it by mail so don't now about via the phone.
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