IRAs

You may incur income tax and a 10% penalty if you withdraw money from a Roth IRA. If you take an early distribution from a traditional IRA, whether it’s from your contributions or profits, you may be subject to income taxes and a 10% penalty. Can I withdraw money from my Roth IRA without penalty? […]

An unanticipated rise in income is the most common reason people over-contribute to their Roth IRAs. This may have an impact on the amount of contributions that individuals are qualified to make, which they may not realize until they file their taxes for the year. They may have already maxed out their Roth IRAs by

If you donate more than the standard or Roth IRA contribution limits, you will be charged a 6% excise tax on the excess amount for each year it remains in the IRA. For each year that the excess money remains in the IRA, the IRS assesses a 6% tax penalty. How does the IRS know

If you donate more than the standard or Roth IRA contribution limits, you will be charged a 6% excise tax on the excess amount for each year it remains in the IRA. For each year that the excess money remains in the IRA, the IRS assesses a 6% tax penalty. How do I correct an

A self-directed individual retirement account (SDIRA) is an IRA that can hold a variety of alternative investments that are generally restricted in traditional IRAs. Despite the fact that the account is controlled by a custodian or trustee, it is managed directly by the account holder, which is why it is referred to as self-directed. Self-directed

You may incur income tax and a 10% penalty if you withdraw money from a Roth IRA. If you take an early distribution from a traditional IRA, whether it’s from your contributions or profits, you may be subject to income taxes and a 10% penalty. Can I withdraw money from my Roth IRA without penalty?

A Simplified Employee Pension (SEP) plan allows business owners to contribute to both their employees’ retirement and their personal retirement savings in one easy step. Contributions are made to each plan participant’s Individual Retirement Account or Annuity (IRA) (a SEP-IRA). A SEP-IRA account is similar to a standard IRA in that it has the same

After you die, you must take distributions from your Roth IRA. You have control over how the monies are distributed after your death. You name the beneficiaries, and the funds will be distributed directly to them without going through probate. If you’ve named a beneficiary, disbursements must begin at least one year after your death.

This is the name of King David’s priest in the Old Testament. Ira became popular as a Christian given name in England after the Protestant Reformation. Where did the name Ira come from? The name Ira is a Hebrew boy’s name that means “watchful one.” Ira is one of King David’s thirty “strong soldiers” and

If mandatory minimum distributions from an inherited IRA must be taken, widows and widowers can calculate them using their own life expectancies. Spousal beneficiaries can likewise use a five-year plan to empty an inherited IRA. How do I deal with an IRA when my spouse dies? Inherited from a previous marriage. If a traditional IRA