From: owner-persfin-digest@lists.xmission.com (persfin-digest) To: persfin-digest@lists.xmission.com Subject: persfin-digest V5 #22 Reply-To: persfin Sender: owner-persfin-digest@lists.xmission.com Errors-To: owner-persfin-digest@lists.xmission.com Precedence: bulk X-No-Archive: yes persfin-digest Wednesday, June 10 1998 Volume 05 : Number 022 In this issue of the Personal Finance Digest: RE: IRAs for kids. Tax on IRA Withdrawals calendar of Financial discussions and chats on the Net... The messages posted to the Persfin-Digest are opinions and are not intended to substitute for qualified professional advice. Subscribers should seek the services of qualified professionals for such advice. The publisher, Internet provider, and Digest contributors cannot be held responsible for any loss incurred as a result of the application of any of the information provided here. Copyright (c) 1998, Jeff Salisbury POSTED SUBSCRIPTION FEE: $20/year. Payment is optional. You will not be billed. The Digest is available to all subscribers, whether or not they pay. I do not discriminate either in favor of paying subscribers or against nonpaying subscribers. If you feel that the information presented here is worth the fee, and you feel comfortable paying it, send cash, check, or money order (U.S. funds), payable to "Jeff Salisbury", to: Jeff Salisbury 65 North 1300 East Logan, Utah 84321 Payment will be acknowledged by e-mail if you include an e-mail address. Subscribe: e-mail majordomo@xmission.com, text: subscribe persfin-digest Unsubscribe: e-mail majordomo@xmission.net, text: unsubscribe persfin-digest ---------------------------------------------------------------------- Date: Thu, 04 Jun 1998 14:20:00 -0500 From: jgoodbu@dynamic.ca Subject: RE: IRAs for kids. >> My understanding is that, since you can gift $10k to any one person >>each year, there is no reason that you can not gift your kids $2000 to >>open their IRA's.<...> > >IRAs must be funded with *earned* income. Gifts aren't earned. Just swap the gift for your earnings . . . I'd use the gift as spending money, and put an equal amount of my earnings in the IRA, up to your annual eligible amount. I know it sounds too simple to work, so speak to your accountant. I live in Canada, and our RSP laws are similar, but not identical. Here, 18% of your earned income is eligible. - - ------------------------------ Date: Thu, 04 Jun 1998 19:37:05 -0500 From: "Richard A. Bauer" Subject: Tax on IRA Withdrawals I'm 63 years old and have a regular IRA account (from my yearly contributions) and an IRA account (made up of my 401(k) rollover). The way I understand it, the taxable portion of IRA withdrawals are figured from 8606 information. Also, I believe 8606 information does not include rollover information. Therefore is it true that withdrawals from my regular IRA have a different tax calculation than withdrawals from my rollover from 401(k) IRA account? Help! Richard B St Louis - - ------------------------------ Date: Wed, 10 Jun 1998 10:24:14 -0700 From: Mark Ollendorff Subject: calendar of Financial discussions and chats on the Net... I wanted to pass along the URL for a well laid out live online events calendar. Navigation is easy and you can search by numerous variables, such as by keyword, subject, and audience type. I have found some great discussions about personal finance through it, and felt that others interested in these topics would benefit. http://www.onnow.com/Find.htmpl OnNow (that's what it's called) covers all sorts of topics, not only finance. Take a look. You should be pleasantly surprised by their depth. - - ------------------------------ End of persfin-digest V5 #22 **************************** - To unsubscribe to persfin-digest, send an email to "majordomo@xmission.com" with "unsubscribe persfin-digest" in the body of the message. For information on digests or retrieving files and old messages send "help" to the same address. Do not use quotes in your message.