IRAs

You (or your spouse) just need to earn taxable income to form and contribute to a traditional IRA. There is no minimum age to open or contribute to a Roth IRA, but your contribution limits may be lowered depending on your tax filing status and the amount of your modified adjusted gross income. In a […]

Contribution restrictions for various retirement plans can be found under Retirement Topics – Contribution Limits. For the years 2022, 2021, 2020, and 2019, the total annual contributions you make to all of your regular and Roth IRAs cannot exceed: For any of the years 2018, 2017, 2016, and 2015, the total contributions you make to

You (or your spouse) just need to earn taxable income to form and contribute to a traditional IRA. There is no minimum age to open or contribute to a Roth IRA, but your contribution limits may be lowered depending on your tax filing status and the amount of your modified adjusted gross income. In a

If you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain thresholds, your deduction may be limited. If you (and your spouse, if you’re married) don’t have access to a retirement plan at work, you can deduct the whole amount of your salary. If

(Ad) When it comes to shielding your retirement account against market volatility and inflation, a gold-based IRA could be one of your best bets. A gold IRA, also known as a precious metals IRA, is a self-directed retirement account that allows you to invest in genuine precious metals including gold, silver, and platinum. Unlike a

In 2017, the maximum amount you can contribute to a conventional or Roth IRA is $5,500 (or 100% of your earned income, if less), which is the same as in 2016. For those aged 50 and up, the maximum catch-up contribution remains $1,000. (In 2017, you can contribute to both a regular and a Roth

A Rollover IRA is an account that allows you to transfer funds from an employer-sponsored retirement plan to an individual retirement account. With an IRA rollover, you can keep your retirement funds tax-deferred while avoiding incurring current taxes or early withdrawal penalties at the time of transfer. A Rollover IRA can offer a broader selection

If a survivor inherits an IRA from their deceased spouse, they have numerous options for how to spend it: Roll the IRA over into another account, such as another IRA or a qualified employment plan, such as a 403(b) plan, as if it were your own. Depending on your age, you may be compelled to

Early withdrawals from an Individual Retirement Account (IRA) before age 591/2 are generally subject to gross income inclusion and a 10% extra tax penalty. There are several exceptions to the 10% penalty, such as paying your medical insurance premium with IRA assets after a job loss. See Hardships, Early Withdrawals, and Loans for further details.

If you’re 591/2 or older and the account is at least five years old, any earnings you remove are considered “qualified distributions,” which means they’re tax- and penalty-free. Other types of withdrawals are referred to as “non-qualified,” and they may be subject to taxes and penalties. What are qualified Roth IRA distributions normally treated for