Understanding IRAs: A Guide to Traditional and Roth Individual Retirement Arrangements
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An Individual Retirement Arrangement (IRA) is a tax-favored savings plan for retirement, available in types like traditional IRAs and Roth IRAs, and can be set up with banks or financial institutions.
Traditional IRAs:
- Contributions may be tax-deductible and eligible for a tax credit.
- Earnings are generally taxed upon distribution.
- Contributions require taxable compensation and are not age-limited.
- Only one IRA-to-IRA rollover allowed per year.
Distributions:
- Taxable in the year received.
- Early distributions (before age 59½) incur a 10% additional tax.
- Required minimum distributions start by age 73.
Roth IRAs:
- Contributions are not tax-deductible, but qualified distributions are tax-free.
- Designated as Roth IRA upon setup.
For detailed information, refer to IRS Publication 590-A and 590-B.
Read the full article here: https://www.irs.gov/taxtopics/tc451
