Miami Certified Public Accountant Providing Accounting, Tax, Audit and Consulting Services

Individual Retirement Arrangements IRAs

Individual Retirement Arrangements IRAs

Top Frequently Asked Questions for Individual Retirement Arrangements IRAs

  1. How do I calculate the minimum amount that must be withdrawn from my IRA after age 70 1/2?
  2. How long do I have to roll over a distribution from a retirement plan to an IRA account?
  3. Even though I can’t withdraw funds penalty free from my 401(k) plan to purchase my first home, can I roll it over my withdrawal into an IRA and then withdraw that money penalty free from the IRA to use as my down payment?
  4. Do I report my nondeductible Roth IRA contributions on Form 8606?
  5. Can a person make a contribution to a SEP-IRA and a Roth IRA, too?
  6. I want to establish a traditional individual retirement arrangement (IRA) for my spouse, and I need additional information. What is the most I can contribute to a spousal IRA during the tax year?
  7. Can I take an IRA deduction for the amount I contributed to a 401(k) plan last year?


Gustavo A Viera is the managing partner of Gustavo A Viera, PA. His experience spans more than 25 years. He started his career in public accounting at PriceWaterHouseCoopers where reached the level senior audit manager. His Fortune 500 experience includes positions as CFO – Latin America Region for both Hewlett Packard and Telefonica of Spain. Gustavo also writes a blog twice a week that addresses trending accounting and tax issues. He is an SBA Advisor and teaches workshops for aspiring entrepreneurs. His office is located at One Alhambra Plaza Floor PH Coral Gables FL 33134, and is admitted to practice in the State of Florida as a licensed Certified Public Accountant. Gus welcomes questions and he can be reached at 786-250-4450.

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