Terms of Use The IRS uses MAGI to determine if any or all of your IRA contribution is deductible and if you are eligible for premium tax credits. The higher your MAGI, the fewer deductions you can take on IRA contributions. There is a maximum MAGI when if met, IRA deductions aren't allowed. While you can still contribute to an IRA, but you won't be able to deduct any of the contributions on your tax return. Adjusted Gross Income (AGI) AGI represents your taxable income. AGI is defined as  More...

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: Fully or  More...

Terms of Use: There are a variety of pension plans offered by private sector employers today. This information offers an explanation of traditional defined benefit pension plans insured by Pension Benefit Guaranty Corporation (PBGC): what they are, how they operate, and the rights and options of the workers covered by them. Table of Contents Traditional Pension Plans Predictable, Secure Lifetime Benefits Trends Pension Plan Provisions Federal Insurance For Your Pension Pension Checklist Other   More...

Terms of Use Yes , you can have as many Roth IRAs as you wish, but there are strict limits on how much you can contribute to these accounts during any given tax year. No matter how many IRAs you have or what type (Traditional, Roth or SEP) you can contribute no more than $7,000 per year for tax year 2025 ($8,000 if you're age 50 or over). Roth IRA contributions are only allowed if your income (technically your Modified Adjust Gross Income or MAGI ) is below a certain level: 2025 Income li  More...

Terms of Use A rollover is when you withdraw funds from an IRA or plan, and you 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 y  More...

Terms of Use Yes, you can access the money in a traditional IRA before you retire, but in most cases there are penalties associated with doing so. If you withdraw funds prior to age 59-1/2 from a traditional IRA, they will be taxed at ordinary income tax rates. Withdrawals prior to age 59-1/2 will also be subject to a 10% penalty from the IRS. Any funds withdrawn after age 59-1/2 are penalty-free. The 10% penalty for withdrawing funds prior to age 59-1/2 is waived for any withdrawals d  More...

Terms of Use Yes, IRAs can be opened and owned only by individuals, so a married couple cannot jointly own an IRA. Traditional IRA rules allow normal contributions even if only one spouse is earning income, so long as you meet the income limitations.

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...

Terms of Use These are the primary types of IRAs: Traditional IRA Roth IRA SEP IRA Non-deductible IRA Self-directed IRA Spousal IRA Simple IRA Please refer to the related articles on IRAs for more information.

Terms of Use The benefits within your IRA will pass directly to your named beneficiaries without being subject to the estate probate process. Investments in a Traditional IRA or 401(k) retain most of their character as an IRA or 401(k), but they generally must be withdrawn from those accounts over time. The timing of withdrawals depends on whether your spouse inherits it or another beneficiary (such as your child). If your primary beneficiary is your spouse, they have the option of assuming   More...