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Individual Retirement Accounts (I.R.A's)

Individual Retirement Accounts (I.R.A'S)

Individual Retirement Accounts (IRAs) are a type of retirement savings account that individuals can use to save for their retirement on a tax-advantaged basis. There are several types of IRAs, including:

  1. Traditional IRA: Contributions to a traditional IRA may be tax-deductible, which means they can reduce your taxable income in the year of contribution. However, withdrawals from a traditional IRA in retirement are typically subject to income tax.

  2. Roth IRA: Contributions to a Roth IRA are not tax-deductible, but qualified withdrawals in retirement are tax-free. Roth IRAs also offer the advantage of not being subject to required minimum distributions (RMDs) during the original account owner's lifetime, which means you can leave the funds in the account and continue to grow them tax-free.

  3. SEP IRA: A Simplified Employee Pension (SEP) IRA is a type of IRA designed for small business owners and self-employed individuals. SEP IRAs allow employers to make tax-deductible contributions on behalf of their employees, including themselves, up to certain limits.

  4. SIMPLE IRA: The Savings Incentive Match Plan for Employees (SIMPLE) IRA is another type of IRA designed for small businesses. It allows employers with 100 or fewer employees to set up a retirement plan and make tax-deductible contributions on behalf of their employees, as well as themselves.
    Inherited IRA: An inherited IRA is an IRA that is inherited by a beneficiary after the original account owner's death. There are rules and regulations governing how and when beneficiaries must take distributions from inherited IRAs, depending on their relationship to the original account owner.

  5. Rollover IRA: A rollover IRA is an account used to receive funds rolled over from another retirement account, such as a 401(k) or another IRA. Rollover IRAs allow individuals to transfer funds from one retirement account to another without incurring taxes or penalties.

  6. It's important to note that contribution limits, tax advantages, and other rules associated with IRAs can change over time and may be subject to eligibility criteria, so it's advisable to consult with a qualified financial professional or tax advisor before making decisions related to IRAs or any other retirement accounts.

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