Categories

Contribution Limits 6

How much can you contribute to your IRA?

Deduction Limits 1

How much of your IRA contributions can you deduct on your taxes?

Distributions 18

Taking withdrawals from your IRA - when and how much.

Form 5498 Reporting 1

IRA Beneficiaries 5

Information for spousal and non-spousal IRA beneficiaries

Rollovers 15

Everything you need to know about moving your retirement savings.

Saver’s Credit 4

Individuals may be able to take a tax credit of up to $1,000 if they make eligible contributions to an IRA.

Types of IRAs 6

Articles

 Can I deduct the 10% additional early withdrawal tax as a penalty on early withdrawal of savings?

No, the additional 10% tax on early distributions from qualified retirement plans does not...

 Can I take money from my traditional IRA, or my SEP or SIMPLE IRA, while I am still working?

You can take distributions from your IRA (including your SEP-IRA or SIMPLE-IRA) at any time....

 Can a qualified charitable distribution satisfy my required minimum distribution from an IRA?

Yes, your qualified charitable distributions can satisfy all or part the amount of your required...

 Do I request the distribution check directly from my employer or from the financial institution where contributions to my SEP or SIMPLE IRA are invested?

You will need to contact the financial institution holding your IRA assets.  

 How are qualified charitable distributions reported on Form 1099-R?

Charitable distributions are reported on Form 1099-R for the calendar year the distribution is made.

 How do I report a qualified charitable distribution on my income tax return?

To report a qualified charitable distribution on your Form 1040 tax return, you generally report...

 How much must I take out of my IRA at age 70 1/2?

Required minimum distributions (RMDs) must be taken each year beginning with the year you turn...

 I am over age 70 ½. Must I receive required minimum distributions from a SEP-IRA or SIMPLE-IRA if I am still working?

Both business owners and employees over age 70 1/2 must take required minimum distributions from...

 If I withdraw money from my IRA before I am age 59 1/2, which forms do I need to fill out?

Regardless of your age, you will need to file a Form 1040 and show the amount of the IRA...

 What is a qualified charitable distribution?

Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA...

 Will I have to pay the 10% additional tax on early distributions if I am 47 years old and ordered by a divorce court to take money out of my traditional IRA to pay my former spouse?

Yes. Unless you qualify for an exception, you must still pay the 10% additional tax for taking an...