Traditional IRA General
What is a traditional IRA
Retirement account that is available regardless of income level, although tax benefits may vary.
What is a Roth IRA?
A post tax contribution retirement account
How are traditional IRA's taxed?
Taxed as ordinary income
What age are individuals eligible to take distributions?
59 1/2
What is the penalty for early withdrawls?
10%
How are roth IRAs taxed?
Tax free
What age are individuals required to take distributions?
Age 73
$242,000-$252,000
Who is Nicks favorite pokemon?
Infernape
What is the annual contribution limit?
$7,500
At what income level are you no longer able to contribute to a roth IRA on an individual level?
$153,000-$168,000
What is Ryans legal first name?
James
If someone is over 50, how much can they contribute?
$8,600
What expenses are exempt from taxation when you withdraw funds early
First Time home purchase, emergency medical, disability
What is Adams Favorite Food
Sushi