IRAs

Up to $1,283,025, the assets in an IRA and/or Roth IRA are protected from creditors. Even after they’ve been rolled over to an IRA, all assets in ERISA plans are shielded from creditors. How do I protect my IRA from creditors? A downturn that affects cash flow from your employment, business, or investments is always […]

Fees paid from an IRA account are never deductible on your federal tax return. Furthermore, according to the Tax Cuts and Jobs Act (TCJA), which Congress enacted into law on December 22, 2017, separately-paid IRA management fees are no longer deductible in tax years 2018 through 2025. Separately paid IRA management fees were deductible as

A Traditional IRA is a type of Individual Retirement Account into which you can put pre-tax or after-tax money and receive immediate tax benefits if your contributions are deductible. Your money can grow tax-deferred in a Traditional IRA, but withdrawals will be subject to ordinary income tax, and you must begin taking distributions after the

Your contribution to a traditional IRA reduces your taxable income by that amount, lowering the amount you owe in taxes in the eyes of the IRS. A Roth IRA contribution is not tax deductible. The money you put into the account is subject to full income taxation. When you retire and begin withdrawing the money,

Contributions to a regular IRA may be tax deductible. If you or your spouse is protected by a workplace retirement plan and your income exceeds certain thresholds, the deduction may be limited. How much will contributing to an IRA reduce my taxes? You can put up to $6,000 in an individual retirement account and avoid

Traditional individual retirement accounts, or IRAs, are tax-deferred, which means that any interest or other gains earned by the account are not taxed until the money is withdrawn. You may be eligible for a tax deduction each year based on your payments to the account. However, the Internal Revenue Service (IRS) places restrictions on who

You own the entire amount in your traditional IRA. You can take any part or all of your conventional IRA assets out at any time for any reason, but there are tax implications. All withdrawals from a traditional IRA are taxed as regular income the year they are made. The Internal Revenue Service imposes a

Partially taxed withdrawals from retirement accounts Wages are taxed at conventional rates, including a 5.90 percent marginal state tax rate. Pension income, both public and private, is taxed in part. Are retirement benefits taxable in Colorado? If asked, PERA can withhold Colorado state income tax. Other states’ taxes are not withheld by PERA. Total pension

While both plans provide income in retirement, the rules for each plan are different. Is it better to have a 401K or IRA? The 401(k) simply outperforms the IRA in this category. Unlike an IRA, an employer-sponsored plan allows you to contribute significantly more to your retirement savings. You can contribute up to $19,500 to

Contributions to a regular IRA may be tax deductible. If you or your spouse is protected by a workplace retirement plan and your income exceeds certain thresholds, the deduction may be limited. Does contributing to an IRA reduce your taxable income? Your contribution to a traditional IRA reduces your taxable income by that amount, lowering