Traditional IRAs: Conclusion
By Denise Appleby
Let's recap:
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 IRA participant 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.
Table of Contents
by
Denise Appleby
Denise Appleby is founder and owner of Appleby Retirement Consulting,which provides technical consultation, content, coaching, writing, editing and training services on related topics.
With more than 14 years of experience in the IRA and defined-contribution plans fields, Appleby has held several senior retirement-plan related positions with Pershing LLC, which included vice president of plans products and services, retirement plans manager, trainer, training manager, compliance consultant, technical help desk manager and writer.
With more than 14 years of experience in the IRA and defined-contribution plans fields, Appleby has held several senior retirement-plan related positions with Pershing LLC, which included vice president of plans products and services, retirement plans manager, trainer, training manager, compliance consultant, technical help desk manager and writer.
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