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  • 1. The Money Express article series introduction Views: 262 Public
    Putting You in Control of Your Financial Life Managing money is a critical life skill that many of us have never really mastered. Good money management skills help you get ahead financially and help prevent others from taking advantage of you. That's where The Money Express comes in. It's AmeriCU's way to provide useful financial information in understandable terms. You see, although some of the concepts can be a little tricky, we have written it to be understandable by all ages.   More...
  • 2. What is AGI and MAGI as it relates to IRAs? Views: 202 Public
    Terms of Use Adjusted Gross Income (AGI) AGI represents your taxable income. AGI is defined as gross income minus adjustments to income You can find your AGI at the bottom of page 1 on your income tax return, IRS Form 1040 or 1040A. On Form 1040EZ, adjusted gross income appears on line 4. Specifically, AGI is equal to the total income you report that’s subject to income tax such as earnings from your job, self-employment, dividends and interest from a bank account minus specific deduc  More...
  • 3. What is the difference between a Traditional IRA and a Roth IRA? Views: 111 Public
    Terms of Use IRAs are a great way for you to save for the future. Your IRA can consist of a range of investments from savings accounts, stocks, bonds, and certificates of deposit or share certificates. You can contribute up to a certain limit each year into your IRA and if you're over 50, you are allowed an additional catch up contribution. The tax advantages of a Traditional or Roth IRA depend on your annual income and whether you are covered by your company's retirement plan. B  More...
  • 4. What is a Roth IRA? Who can contribute and what are the limits? Views: 108 Public
    Terms of Use What is a Roth IRA? The purpose of a Roth IRA is to put away money for retirement. To be classified a Roth IRA, the account or annuity must be designated as a Roth IRA when it is set up. An IRA can be a Roth IRA, but neither a SEP IRA nor a SIMPLE IRA can be designated as a Roth IRA. Roth IRAs are funded with after-tax dollars; the contributions are not tax deductible but qualified distributions are tax-free. You may be able to take a Saver's Tax Credit of 10% to 50% of the co  More...
  • 5. What is a Traditional IRA? Who can contribute and what are the limits? Views: 101 Public
    Terms of Use An IRA is an Individual Retirement Account that provides several tax benefits . IRA accounts can be comprised of fixed income instruments, such as CDs/share certificates, bonds, stocks and mutual funds, to name just a few options. A Traditional IRA enables individuals to save money in a tax-deferred account. What that means is that the earnings from your IRA account will not be taxed until you begin taking money out of the account. Traditional IRA Snapshot Contributions: Tax-dedu  More...
  • 6. How do I transfer my IRA from one financial institution to another? Views: 98 Public
    Terms of Use A rollover is when you withdraw funds from an IRA or plan and contribute those funds to the same or another IRA or plan. A trustee-to-trustee transfer (often called a direct transfer or direct rollover) is when you never receive the IRA or plan funds. They are transferred directly from one financial institution to another without you ever touching the money. The general rule is that when you take a distribution from an IRA (or other tax-deferred retirement account) that you in  More...
  • 7. Can I deduct my Roth IRA contribution? Views: 89 Public
    Terms of Use: No, contributions to a Roth IRA are not tax deductible. A Roth IRA allows you (if you do not exceed certain income limits) to invest money by making non-deductible contributions that grow tax-deferred.
  • 8. How should I go about defining my investment goals? Views: 88 Public
    Terms of Use Define Your Goals This knowledge article is part of a series of knowledge articles aimed to help you define your roadmap to savings and investing. To review the table of contents for the articles, click here . What are the things you want to save and invest for … A home? A new car? Your education or that of a child? A comfortable retirement? The needs of your parents? All of these goals will cost money. To make sure that you will have enough money when you need it, follo  More...
  • 9. Can I roll over a 401(k) distribution to a Roth IRA? Views: 88 Public
    Terms of Use Not directly, but you can roll over a 401(k) distribution to a Traditional IRA and then convert to a Roth IRA.
  • 10. What should I know before making any investment? Views: 79 Public
    Terms of Use Never invest in a product that you don't fully understand. Consult information sources such as business and financial publications. Information regarding the fundamentals of investing and basic financial terminology can be found at your local library. Ask your sales representative for the prospectus, offering circular, or most recent annual report – and the Options Disclosure Document if you are investing in options. Read them. If you have questions, talk with your   More...

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