Wednesday, December 19, 2007
What Are IRAs?
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The only requirement for this particular IRA is that you are employed and that you invest no more than 100% of your income or $4,000 per year, whichever is greater up to the age of 49.
At the age of 50 your maximum investment is 100% of your income or $5,000 whichever happens to be greater. If you meet the requirements of the IRS to their satisfaction your contributions to your traditional IRA will be tax deductible.
As a result, the funds are not taxed while in your IRA account but once the funds are withdrawn they are subject to federal income taxes.
Read more What Are IRAs? at http://mysearch.ph/retirement-planning/what-are-iras.htm
At the age of 50 your maximum investment is 100% of your income or $5,000 whichever happens to be greater. If you meet the requirements of the IRS to their satisfaction your contributions to your traditional IRA will be tax deductible.
As a result, the funds are not taxed while in your IRA account but once the funds are withdrawn they are subject to federal income taxes.
Read more What Are IRAs? at http://mysearch.ph/retirement-planning/what-are-iras.htm
Labels: retirement planning
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