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Term life insurance questions and answers

Can I buy occupancy go insurance for my aunt who lives within CA?
I live in Florida and was in recent times wondering if I can purchase a term life insurance policy for my aunt within California? Will the term life insurance policy be within my name or her name, because I will be paying for the policy?...

How to find good term life insurance?
Looking to get life insurance on myself. Need to replace 70K per year income in the event of my death. Need to support my wife and 4 year old son. What type of insurance would be best, and what type of investment advice could be given for my family to invest...

I am having trouble understanding the different types of Life Insurance.?
My husbavd and I have been married for 5 years.I have started looking into life insurance now that we are on our feet. I am SO confused about term life insurance and "non" term life insurance. My husband doesn't want to deal with it because he "doesn't...

Is it true that a occupancy vivacity insurance plan doesnt recompense out tthe full policy amount when you die?
example...my term ploicy is worth 30000. when i die, will the whole 30000 be given to me? occupancy type - renewable and convertible also, which company has the best term plans? As a common rule term life insurance policies...

I've just had a baby boy, and my girlfriend and I need term life insurance, can you help me find a great deal?
I live in Texas-San Antonio, I am 19 and she is 19 and we are both non-smokers in good health, we are full time college students, we have a very limited income, and even more...

Should I unload my Variable Life Insurance?
I have had this variable term life insurance policy for almost 10 years now and it hasn't kept up with the projections the sales guy told me 10 years ago. This is mainly due to the high fees. About 55% of my yearly contribution is lost in "fees". There would be...

What is a GTL plan?
GTL PLan is a Voluntary Group Term Life Plan provided by an employer for their employees. The employer buys a master policy and issues certificates to the employees evidencing coverage under the group life insurance policy. Group term life insurance is usually issued as yearly renewable term insurance. Employers may pay all...

Any disadvantages to having two (20 & 30 yr) term life insurance policies for half the amount each?
This is in place of one 30 yr term life policy for the entire amount. We have quotes that show a lower combined premium when we split the policies; by about $200 a year. Insurance is for 41 year old...

What's better term life insurance or Variable Universal life insurance?
As an Insurance professional, I would be wrongly stating if one or the other was better. Both serve a purpose; which should be to replace income if a loss of life situation occurs. Term Life Insurane - The Pros - It is less expensisive than VUL so...

What's the best term life insurance to go with?
I think I need around $250K. I'm 47. Healthy. Don't smoke. Best company? Cheapest? There are so many choices out there its confusing. Not all companies write in all states. Your best bet is to contact a local, independent agent who can give you quotes with a variety of...

Which company has the best term life insurance premiums for a 47 yr old healthy man?
There are a few ways you can find out which companies have the best term life insurance premiums for a 47 yr old healthy man: 1) Look in the yellow pages for an insurance agent specializing in life insurance who can...

Which life insurance is better? Any ideas on ROP?
I am 28 years old/non smoker/good health/no existing health conditions. I am looking into get a life insurance policy. I am more inclined to get a term life insurance, but I heard about this ROP(return of premium)., do any of you have any advice regarding this kind of policy....

Why are metlife, prudential, and New York life allowed to keep selling whole life, variable life, and other bs
This goes out to all the idiots who answered me before saying take your personal problems elsewhere, or i was dooped for having a 5th grade education. But actually i have $250,000 term life insurance, max out my Roth...

Best term length for life insurance?
Looking to get term life insurance in the wake of a growing family. I'm 27 and looking to cover for my wife and daughter. So what is the best term length to be looking at? Most default to 10 or 20, although they seem to be out there up to 30 years....

Can I buy occupancy go insurance for my aunt who lives within CA?
I live in Florida and was in recent times wondering if I can purchase a term life insurance policy for my aunt within California? Will the term life insurance policy be within my name or her name, because I will be paying for the policy?...

How to find good term life insurance?
Looking to get life insurance on myself. Need to replace 70K per year income in the event of my death. Need to support my wife and 4 year old son. What type of insurance would be best, and what type of investment advice could be given for my family to invest...

I am having trouble understanding the different types of Life Insurance.?
My husbavd and I have been married for 5 years.I have started looking into life insurance now that we are on our feet. I am SO confused about term life insurance and "non" term life insurance. My husband doesn't want to deal with it because he "doesn't...

Is it true that a occupancy vivacity insurance plan doesnt recompense out tthe full policy amount when you die?
example...my term ploicy is worth 30000. when i die, will the whole 30000 be given to me? occupancy type - renewable and convertible also, which company has the best term plans? As a common rule term life insurance policies...

I've just had a baby boy, and my girlfriend and I need term life insurance, can you help me find a great deal?
I live in Texas-San Antonio, I am 19 and she is 19 and we are both non-smokers in good health, we are full time college students, we have a very limited income, and even more...

Should I unload my Variable Life Insurance?
I have had this variable term life insurance policy for almost 10 years now and it hasn't kept up with the projections the sales guy told me 10 years ago. This is mainly due to the high fees. About 55% of my yearly contribution is lost in "fees". There would be...

What is a GTL plan?
GTL PLan is a Voluntary Group Term Life Plan provided by an employer for their employees. The employer buys a master policy and issues certificates to the employees evidencing coverage under the group life insurance policy. Group term life insurance is usually issued as yearly renewable term insurance. Employers may pay all...

Any disadvantages to having two (20 & 30 yr) term life insurance policies for half the amount each?
This is in place of one 30 yr term life policy for the entire amount. We have quotes that show a lower combined premium when we split the policies; by about $200 a year. Insurance is for 41 year old...

What's better term life insurance or Variable Universal life insurance?
As an Insurance professional, I would be wrongly stating if one or the other was better. Both serve a purpose; which should be to replace income if a loss of life situation occurs. Term Life Insurane - The Pros - It is less expensisive than VUL so...

What's the best term life insurance to go with?
I think I need around $250K. I'm 47. Healthy. Don't smoke. Best company? Cheapest? There are so many choices out there its confusing. Not all companies write in all states. Your best bet is to contact a local, independent agent who can give you quotes with a variety of...

Which company has the best term life insurance premiums for a 47 yr old healthy man?
There are a few ways you can find out which companies have the best term life insurance premiums for a 47 yr old healthy man: 1) Look in the yellow pages for an insurance agent specializing in life insurance who can...

Which life insurance is better? Any ideas on ROP?
I am 28 years old/non smoker/good health/no existing health conditions. I am looking into get a life insurance policy. I am more inclined to get a term life insurance, but I heard about this ROP(return of premium)., do any of you have any advice regarding this kind of policy....

Why are metlife, prudential, and New York life allowed to keep selling whole life, variable life, and other bs
This goes out to all the idiots who answered me before saying take your personal problems elsewhere, or i was dooped for having a 5th grade education. But actually i have $250,000 term life insurance, max out my Roth...

Best term length for life insurance?
Looking to get term life insurance in the wake of a growing family. I'm 27 and looking to cover for my wife and daughter. So what is the best term length to be looking at? Most default to 10 or 20, although they seem to be out there up to 30 years....

More insurance questions please visit : InsuranceFreeFAQ.com

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InsuranceFreeFAQ.com

What is the max Roth IRA contribution when your self-emp. income is $5,000 but have $1,900 in deductions?

Assuming that a self-employed person makes $5,000 net (as reported on the K-1, partnership income form). However, the person have medical expenses for the year of $1,900, which she intend to claim as medical deductions on the tax return form. Can that person still contribute the max of $4,000 to her Roth IRA account?
Does the IRS require simply a minimum of $4,000 in compensation (i.e. total income received from the self-employment) or the higher hurdle of $4,000 in Adjusted Gross Income?

Basics for Roth IRA are: $4,000 maximum annaul contribution and a $1,000 catch-up contribution if at least age 50, phased out for a single individual with MODIFIED AGI between $95,000 and $110,000, for joint filers between $150,00-$160,000.

Assuming your partnerhsip earnings are the only source of income for you, then you fall within the limits and can contribute up to the maximum of your earnings up to $4,000 (in your case, you have $5,000 in "compensation").

If the medical expenses are expenses then those are deductible under "itemized Deductions" if you itemize. If the medical expenses are insurance then you can deduct them from your income to get to your Modified AGI.

Check with your accountant/CPA for further answers. Also, there may be limitations if you worked elsewhere that offered a retirement plan even if you chose not to participate in it.

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Tags: 401k, finance, investing, ira, roth, roth maximum, roth maximum 2009, roth maximum contribution, roth maximum contribution 2009, roth maximum contribution 2010

This entry was posted on Sunday, May 31st, 2009 at 3:07 am and is filed under anti-aging skin care. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.