Traditional
What is an Individual Retirement Account?
An Individual Retirement Account is a retirement savings account with tax advantages.
What is the age cut off for this account?
18
What is the 2020 Total contribution limit if you are 49 and younger?
$6000
It's always best to consult with a _____ ___________ before making any decisions about tax withholdings on your distribution.
Tax professional
At what age can you no longer make contributions?
There are no age restrictions, as long as they still have earned income they can make contributions.
At what age can you no longer make contributions?
No age limit
What is your total contribution for 2020 if your age 50 or older?
$7000
True or False: IRS requires us to withhold 10%
True- unless the member signs stating they do not want to withhold or they want additional withholding.
In most cases, contributions are ___ _______.
Tax Deductible
What is the RMD (Required Minimum Distribution) for a Roth?
No RMD
What is the cutoff date for contributions into an IRA?
April IRA filing due date
One
RMD (Required Minimum Distributions) start at what age?
72
Contributions are not ____ _______.
tax deductible
True or False: A member can make a contribution into an IRA Certificate at anytime?
False
Moving funds directly from one trustee or custodian account to another (meaning from one institution to another without the member touching the funds).
You must pay taxes on ______ in retirement.
withdrawals
You are not ____ on qualified withdrawals in retirement
taxed
Can I contribute to an IRA if I have a retirement plan with my employer?
Yes
Traditional, Roth, SEP IRA (Simplified Employee Pension) & Coverdale Education Savings Accounts