IRAs

“Can my wife and I both have a Roth IRA?” many spouses wonder. Yes, each of you can donate to your own account. This optimizes your total contributions and increases the compounding potential of your money. Can a married couple have separate Roth IRAs? Individuals can only open and own IRAs, so a married couple […]

There are no federally legislated exclusions from IRA garnishment, with the exception of a partial exemption for bankruptcy. Can my IRA be seized or garnished? In the case of federal debts, like as unpaid taxes owed to the IRS, your IRA, like any other asset, can be taken or garnished to satisfy the debt. Can

You can avoid the early withdrawal penalty by deferring withdrawals from your IRA until you reach the age of 59 1/2. You can remove any money from your IRA without paying the 10% penalty after you reach the age of 59 1/2. Each IRA withdrawal, however, will be subject to regular income tax. Distributions from

Without penalty, you, your spouse, children, or grandkids can take money out of an IRA to pay for tuition and other qualified higher education expenditures. The IRS demands documentation that the student is enrolled in an eligible institution to avoid a 10% early withdrawal penalty. What are qualified education expenses for IRA withdrawal? The college

Without incurring taxes or penalties, you can withdraw Roth IRA contributions at any time and for any reason. A 10% penalty normally occurs if you remove Roth IRA gains before reaching the age of 591/2. Withdrawals from a conventional IRA before the age of 591/2 are subject to a 10% penalty tax, regardless of whether

You can withdraw your Roth IRA contributions tax-free and penalty-free at any time. However, earnings in a Roth IRA may be subject to taxes and penalties. If you take a distribution from a Roth IRA before reaching the age of 591/2 and the account has been open for five years, the earnings may be subject

In general, any money you remove from your SIMPLE IRA is subject to income tax. Unless you are at least 591/2 years old or qualify for another exception, you may have to pay an additional tax of 10% or 25% on the amount you withdraw. Additional Taxes If you are under the age of 591/2

Many of the same benefits that make a Roth IRA an excellent way to save for retirement also make it an excellent way to save for education. Contributions to a Roth IRA, like those to a 529 plan, are not tax deductible. Instead, your earnings and contributions grow tax-free. You can withdraw contributions tax-free at

You can withdraw your Roth IRA contributions tax-free and penalty-free at any time. However, earnings in a Roth IRA may be subject to taxes and penalties. If you take a distribution from a Roth IRA before reaching the age of 591/2 and the account has been open for five years, the earnings may be subject

Using an IRA to buy or fund a business is not a prohibited activity as long as the money is put into the appropriate vehicle. Rollovers for Business Start-ups (ROBS) is a good option if you want to use an IRA to start or buy an active business. ROBS isn’t a loan or a self-directed