IRAs

When you do a direct rollover, the assets travel directly from your employer-sponsored plan to a Rollover or Traditional IRA via a trustee-to-trustee transfer, there are usually no tax consequences. If you opt to convert some or all of your employer-sponsored retirement savings to a Roth IRA, however, the conversion will be subject to regular […]

If you’re simply relocating your IRA from one financial institution to another and won’t be using the funds, a transfer rather than a rollover is a better option. Do I have to report an IRA transfer on my taxes? A non-taxable transaction is an eligible rollover of monies from one IRA to another. Rollover distributions

Depending on the type of account you open, an individual retirement account might provide you with a variety of tax advantages. Traditional IRAs allow you to postpone paying taxes on your contributions and investment gains until you reach retirement age. A Roth IRA allows you to save tax-free money for retirement. At retirement, withdrawals from

Your state may require you to have income tax withheld from your payout when you remove money from an IRA or an employer-sponsored retirement plan. Your withholding is a credit against your current-year state income tax burden because it is a prepayment of your state income tax. Each state has its own set of rules.

Traditional IRA contributions are tax deductible, gains grow tax-free, and withdrawals are income taxed. Withdrawals from a Roth IRA are tax-free if the account owner has held it for at least five years. Roth IRA contributions are made after-tax dollars, so they can be withdrawn at any time for any reason. Early withdrawals from a

Individual retirement accounts (IRAs) are a fantastic way for investors to save money on taxes. Investing in an IRA not only benefits your future self, but it also helps you save money on taxes. However, astute retirement investors have discovered an even better way to reduce their taxes: Make use of a Roth IRA. Roth

ERISA was enacted in the 1970s to protect private-sector workers’ retirement income. Which retirement accounts does ERISA cover? What Is ERISA and What Does It Cover? Employer-sponsored retirement plans, such as 401(k)s, pensions, deferred compensation plans, and profit-sharing plans, are all protected by ERISA. Defined benefit contribution or defined contribution plans are the two types

Principal Bank offers traditional and Roth IRAs with all of the features and tax benefits that IRAs are known for, with the extra protection of FDIC insurance up to $250,000 per depositor. On IRAs with balances over $250,000, Principal Bank additionally offers full FDIC insurance. Is my IRA covered by FDIC? If a banking customer

Deposit accounts held in a regular or Roth IRA are insured by the FDIC and NCUA. Deposits in SEP-IRAs and SIMPLE-IRAs are also insured by the FDIC. For insurance purposes, the agencies treat all IRAs you own at a single financial institution as a single account. For example, if you owned $100,000 in a Roth

The fair market value of all of the decedent’s property is included in the gross estate. Although IRAs are included in the gross estate, recipients of inherited IRAs are not required to report taxable income until they receive distributions. These items are classified as “income in respect of a decedent” (IRD) under the tax code,