Contributions
IRA owners must have this to make a contribution.
Earned income (W2-income) or Eligible Compensation
This type of distribution is not reported to the IRS.
Transfer
The deadline for taking the required minimum distribution.
December 31st.
The type of IRA Required Minimum Distributions apply to.
Traditional IRA.
The IRS code on Symitar for a normal withdrawal.
Code 7
The amount IRA owners can contribute for 2025.
$7,000, plus $1,000 catch up contribution if over age 50.
IRA owners can elect these amounts for federal withholding.
0-100%
January 31st.
This age is considered the age for a "normal" IRA withdrawal.
59 1/2
Three benefits of Traditional IRA's.
Income tax deduction (if eligible), tax-deferred earnings, tax credit (if eligible).
This contribution can be made by the tax filing deadline.
Prior-year contribution
If an IRA owner does not make a federal withholding election, or choose to waive it, the financial institution must withhold this amount.
10%
5498 Fair Market Value deadline.
May 31st.
60 days.
Three benefits of Roth IRA's
Tax-deferred earnings, Tax-free earnings for qualified distributions, Tax credit (if eligible)
The maximum age an IRA owner can make a contribution.
No age restriction.
IRA owners can perform one of these every 12 months.
Rollover
The date a required distribution can be delayed until for the first distribution.
April 1st.
The documents all IRA owners must receive.
Plan agreement, Disclosure statement, Financial Disclosure
When IRA owners convert Traditional funds to Roth funds, it is called this.
Conversion
The name of the phase-out ranges for Roth IRA's.
MAGI-Modified adjusted gross income
The penalty for taking a distribution before the normal distribution age for IRA's.
Early Distribution Penalty tax (10%)
The year the RMD age changed to 75.
2023
These items can make a Roth IRA distribution "qualified".
Five year waiting period and one of the following:Age 59 1/2 or older, death, disability, or first-time homebuyer
This type of contribution can be made by IRA owners who have little or no eligible compensation but are married to an individual who has eligible compensation.
Spousal Contribution