Ask This When Opening an IRA Account

You can set up an IRA for retirement purposes at any qualified financial institution. This is a way you can save money for retirement with possible tax-free growth or on a tax-deferred basis. The three main types of IRAs available are Rollover, Roth and Traditional. Each of them provides different advantages for retirement savings.

42 Comments

  1. AskThisWhen on June 22, 2015 at 1:19 pm

    What is the difference between the Roth, Traditional and Rollover IRAs?

    With a Traditional IRA, you can make contributions of money that may be tax deductible. These funds may be able to grow and be tax-deferred until they are withdrawn for retirement. The funds may be taxed at a lower rate until withdrawn. With a Roth IRA, you can save money you’ve already paid taxes on and may also grow tax-free. When certain conditions are met, the retirement withdrawal may remain tax-free. A Rollover IRA is designed to be a Traditional IRA for funds that are provided from a previous retirement plans. These are usually used with assets from employer-sponsored retirement plans like a 401(K) and others.



  2. AskThisWhen on June 22, 2015 at 1:20 pm

    Are there restrictions on contribution to an IRA?

    Currently, the yearly limit is $5,500 and $6,500 for people who are older than age 50. Some IRA contributions are limited based on a person’s income and filing status. If you’re covered by a retirement plan at your work, you are still eligible to make contributions to an IRA. If a married couple files a joint return, and each has taxable compensation, each spouse can contribute to their own separate IRA. Contributions to a Traditional IRA may be limited if you or your spouse is covered by a retirement plan at work, and your income exceeds specified levels.



  3. AskThisWhen on June 22, 2015 at 1:21 pm

    When can a person take withdrawals from an IRA?

    You can take an IRA distribution at any time. If you are under the age of 59 ½, the withdrawn funds may be subject to a 10 percent additional tax. It will also be required to be included in your taxable income. No matter what your age, when this is done, the amount of the IRA withdraw must be shown on your tax form. There are certain IRA distributions that are not taxable. Unless you qualify for an exception, the 10 percent tax must be paid for taking an early distribution. The only exception is a divorce situation, and the IRA’s interest is transferred to a former spouse as part of a separation or divorce order.



  4. AskThisWhen on June 22, 2015 at 1:22 pm

    Is there any requirement to take an IRA distribution?

    Yes, they are called required minimum distributions (RMDs). An RMD must be taken each year when a person reaches the age of 70 ½. The amount of the RMD is determined by dividing a person’s IRA account balance on December 31 of the previous year by the applicable distribution time and life expectancy. The RMD does not apply to a person’s Roth IRA. Even if a person is working or operating their business, they must still take the RMD when they reach 70 ½. There is no exception for anyone who is not retired. If a person does not take the required RMDs, or if the amounts are not large enough, they may have to pay a 50 percent excise tax on the amount not distributed.



  5. AskThisWhen on June 22, 2015 at 1:22 pm

    Can a qualified charitable contribution be made from an IRA?

    This is possible when an otherwise taxable IRA distribution is made by a person who is 70 ½, and the funds are paid directly from the IRA to the qualified charity. Currently, the last day it’s possible to make a qualified charitable distribution is on the 31st of December. This is done in many cases to satisfy all or part of the amount of a person’s RMD. This charitable distribution must be reported on the tax return of the IRA, account holder. A person is permitted to deduct up to $100,000 of gross income for donations paid from an IRA directly to a charity. Married people filing a joint return can deduct up to $100,000 each.



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