what is an ira?
Post on 29-Jun-2015
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First – Traditional IRA
What We’ll DiscussWe will be answering the following 4 questions:
Second – Roth IRA
Third – Rollover IRA
Fourth – Other IRA’SPhase 4
Phase 1
Phase 2
Phase 3
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IRA stands for Individual Retirement Account.
There are several types of IRA accounts including:
Traditional, Roth, and Rollover. But, there are others as well.
What’s An IRA?
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Traditional IRA
A Traditional IRA is an Individual Retirement Account that is tax deductible. - The interest, dividends, and capital gains are not taxed as long
as you do not withdrawal money from the account.
- You have to meet specific eligibility requirements in order to
cash in on the tax benefits.
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Roth IRA
A Roth IRA is an Individual Retirement Account that is not tax deductible. - When you make a contribution to a Roth IRA, you do so with
money that has already been taxed.
- Your maximum contribution is limited.
- Contributions limits have risen overtime.
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Rollover IRA
EXAMPLE: When you no longer work for a company you may choose to move your 401 (K) funds into a Traditional or Roth IRA- If you transfer funds into a Traditional IRA then the money is
not taxed.
- If you transfer the funds into a Roth IRA then the money is
taxed.
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Other IRA’S
- SEP IRA’s
- Employer allowed to make contributions on your behalf.
- Simple IRA
- Employer will match your contributions up to a certain amount.
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