Traditional IRAs: Conclusion
AAA
  1. Traditional IRAs: Introduction
  2. Traditional IRAs: Eligibility Requirements
  3. Traditional IRAs: Contributions
  4. Traditional IRAs: Distributions
  5. Traditional IRAs: Conclusion

Traditional IRAs: Conclusion

By Denise Appleby

Let's recap:

  • Any individual who has taxable compensation during the year and will not reach age 70.5 by the end of the year may make an IRA contribution for the year.
  • Traditional IRAs must be established with institutions that have received IRS approval, such as most banks, brokerages and savings institutions.
  • A Traditional IRA can be funded from your own contributions, spousal contributions, transfers or rollovers.
  • All regular IRA contributions must be made in cash.
  • IRAs cannot invest in collectibles, which include art works, rugs, antiques, metals, gems, stamps, coins, alcoholic beverages and certain other tangible personal property.
  • The tax and penalty treatment applicable to distributions from a Traditional IRA is determined by the IRA owner's age at the time of withdrawal and the tax deductibility treatment of contributions.

  1. Traditional IRAs: Introduction
  2. Traditional IRAs: Eligibility Requirements
  3. Traditional IRAs: Contributions
  4. Traditional IRAs: Distributions
  5. Traditional IRAs: Conclusion
RELATED TERMS
  1. Elder Care

    Elder care, sometimes called elderly care, refers to services ...
  2. Gold IRA

    Definition of Gold IRA
  3. Eligible Transfer

    An IRS-allowed movement of assets into or out of an individual ...
  4. Leveraged Benefits

    The use – by a business owner or professional practitioner – ...
  5. Peri-Retirement

    A term for the period of time leading up to actual retirement. ...
  6. MyRA

    A new tax-advantaged retirement account that President Barack ...
  1. Is it a good idea to add a reverse mortgage to your retirement strategy?

    A reverse mortgage can be a great way to increase retirement income. Does it work for everyone? What happens after a homeowner ...
  2. What are the keys to setting up a trust fund?

    Setting up a trust to secure your assets for a beneficiary allows you to set the terms under which the beneficiaries are ...
  3. What does amortization mean in the context of a pension plan?

    Discover when and why accountants use amortization techniques in the context of pension plans, and why those changes help ...
  4. Can I purchase mutual funds for my IRA?

    Learn how to invest your IRA assets in mutual funds. Discover a few of the different types of mutual funds available for ...

You May Also Like

Related Tutorials
  1. Retirement

    Consolidating Your Retirement Money

  2. Retirement

    Analyzing The Best Retirement Plans And Investment Options

  3. Budgeting

    The Complete Guide To Retirement Planning For 40-Somethings

  4. Retirement

    The Complete Guide To Retirement Planning For 50-Somethings

  5. Taxes

    The Complete Guide To Retirement Planning For 30-Somethings

Trading Center