A Guide to Roth IRAs. Contribution Limits and Deadlines. Who Can Contribute to a Roth IRA? Retirement Planning
|
|
- Trevor Nichols
- 5 years ago
- Views:
Transcription
1 A Guide to Roth IRAs A Roth IRA is an individual retirement account named for the late Senate Finance Committee Chairman, William Roth, Jr. who championed its creation. Traditional and Roth IRAs are both designed for retirement savings. The tax incentives, however, are very different. Like a traditional IRA, earnings on Roth IRA contributions accumulate tax-deferred. Unlike a traditional IRA, contributions to a Roth IRA are never tax-deductible. The money you contribute to a Roth IRA can be withdrawn income tax-free at any time and if you qualify, you can also withdraw any earnings income tax-free as well. Who Can Contribute to a Roth IRA? Anyone can contribute to a Roth IRA if they have earned income and their Modified Adjusted Gross Income (MAGI) 1 does not exceed certain limits set by the IRS. Earned income is generally your wages or salary that you earn from working. It also includes combat pay, taxable alimony and separate maintenance payments. It does NOT include passive forms of income even if they are taxable, like earnings or profits from property such as rental income, interest or dividend income from your savings or investments, pensions, or annuity income. Contribution Limits and Deadlines You have until the due date for filing your federal income tax return to make Roth IRA contributions each year. Generally, this is April 15th. If April 15th falls on a weekend or a holiday, the due date is extended to the next business day. Tax extensions do not extend the contribution deadline. This annual contribution limit is a combined limit between any Roth or traditional IRAs in your name. For example, if you have both a traditional and Roth IRA, you cannot contribute $5,500 to each, but have $5,500 in total to contribute between the two. There is no limit to the number of Roth IRAs or traditional IRAs you can own, however, you will be limited to contributing no more than the annual contribution limit each year regardless of how many IRAs you have. The annual contribution limit is the lesser of: $5,500 for 2017 and 2018 ($6,500 if you are age 50 or older) or 100% of your earned income 1 Modified Adjusted Gross Income (MAGI) is determined by subtracting from your adjusted gross income any conversion from a traditional IRA to a Roth IRA and adding back certain deductions and exclusions you may have taken on your income tax return. Consult your tax professional for assistance in determining your MAGI. Page 1 of 6
2 You are eligible to contribute to a Roth IRA if: You (or your spouse if filing a joint tax return) earn income or compensation from employment, and Your MAGI (or the combined MAGI of you and your spouse if filing a joint return) is less than or within applicable IRS limits. See below for the current income eligibility limits. Roth IRA Income Limits Tax Filing Status Single or Head of Household Married, Filing Jointly Married, Filing Separately** Year Full Contribution i f MAGI * is at or below: $120,000 $118,000 $189,000 $186,000 $0 $0 Partial Contribution i f MAGI * is between: $120,000 - $135,000 $118,000 - $133,000 $189,000 - $199,000 $186,000 - $196,000 $0 - $10,000 $0 - $10,000 No Contribution i f MAGI * is at or above: $135,000 $133,000 $199,000 $196,000 $10,000 $10,000 * Modified Adjusted Gross Income ** If married filing separately, and did not live with your spouse at any time during the year, see MAGI for Single or Head of Household Participation in Your Employer s Retirement Plan Doesn t Limit Roth IRA Contributions Your participation in an employer s retirement plan does not affect your ability to contribute to a Roth IRA. You can fully fund your 401(k) at work and make Roth IRA contributions for the same tax year assuming your MAGI falls within the eligible limits above. Spousal Contributions For married couples where only one spouse works, a Roth IRA contribution can be made for the nonworking spouse, as long as a joint return is filed, MAGI does not exceed the annual income limit, and the amount contributed for both spouses does not exceed the lesser of compensation earned or the annual contribution amount. For example, if husband and wife combined only have $8,000 in earned income, then between the two Roth IRAs they cannot exceed $8,000 in contributions. They can split the amount any way they choose, as long as they do not exceed the $5,500 limit ($6,500 if they are age 50 or older) per Roth IRA. No Age Limits There is no minimum or maximum age requirement for opening a Roth IRA. Anyone of any age can have a Roth IRA, assuming the income requirements are met. This means if you are still earning income after the age of 70, you can still contribute to a Roth IRA as long as your income falls within the above limits. It also means that minor children can have Roth IRAs, if they are earning income. For example, if your teenager works part-time or just over the summer, 100% of their earned income up to $5,500 could be contributed to a Roth IRA. Although the minor child must have earned the income for the Roth IRA contribution, there is no requirement that the person earning the income must make the contribution. Parents or grandparents may make Roth IRA contributions on behalf of children or grandchildren. The adult will have to establish and make all investment decisions for the minor until they reach the age of majority for their state of residence. Page 2 of 6
3 Rollovers and Transfers Tax-free rollovers and transfers between your Roth IRAs are available. A rollover occurs when you take a distribution from your Roth IRA and you later decide to put it back into the same or another Roth IRA. Rollovers must be completed within 60 calendar days, otherwise taxes and IRS penalties may apply. You are allowed only one IRA-to-IRA rollover in a 12-month period, but an unlimited number of direct trustee-to-trustee transfers. A trustee-to-trustee transfer occurs when you instruct a financial institution to move your account directly to another financial institution. If your employer offers a retirement plan with Designated Roth Contributions, sometimes referred to as a Roth 401(k), Roth 403(b), or Roth 457(b), those balances may also be rolled into your Roth IRA tax-free when you retire or separate from service. However, you cannot roll over Roth IRA balances into an employer-sponsored retirement plan or other types of IRAs. Conversion Contributions Roth IRAs can also receive another type of rollover called a conversion contribution. A conversion allows you to move balances you currently maintain in a traditional IRA or your employer s retirement plan into a Roth IRA. Conversion contributions are not limited by your age or your income. However, you must pay income taxes on any deductible or pre-tax balances converted to the Roth IRA for the calendar year in which the conversion takes place. If the conversion is completed properly, there is no 10% IRS early withdrawal penalty on the taxable amount of the conversion, even if you are younger than age 59½. Conversions can be accomplished directly between financial institutions or you can receive a distribution and roll it/convert it to a Roth IRA within 60 calendar days. Conversions are not limited to one rollover per year. You may also convert as much or as little as you like. Because they create taxable income which could force you into a higher income tax bracket, make sure you review your situation with your tax professional before you do a conversion. You may want to consider converting to a Roth IRA over several years to spread out the tax liability over multiple years. If your IRA contains after-tax amounts (nondeductible contributions), any conversion to a Roth IRA will contain a pro-rata allocation of both pretax and after-tax amounts, even if the pre-tax and after-tax dollars are segregated in separate accounts. For example, if you have a rollover IRA and another IRA that has been funded solely with nondeductible contributions, you cannot elect to convert your after-tax IRA contributions to the Roth IRA tax-free and leave the taxable amounts in the IRAs. Your two IRAs would be treated as one IRA for determining the taxable amount of the conversion and each dollar converted - regardless of which account is making the distribution - would represent a pro-rata share of rollover contributions, non-deductible contributions, and earnings on those contributions. Only the portion that represents the distribution of after-tax dollars would be tax free. However, if you do not have any existing IRAs (traditional, rollover, SEP or SIMPLE IRAs), and you establish a traditional IRA, fund it only with non-deductible contributions, and then immediately convert it to a Roth IRA, your income tax liability would be limited to any earnings that accumulated in the traditional IRA between the time of contribution and the time of conversion. Page 3 of 6
4 This approach, if repeated annually, is sometimes referred to as funding a Roth IRA through the back door. If you are over age 70½, it is also important to note that you cannot convert your required minimum distributions to a Roth IRA. By converting to a Roth IRA before reaching age 70½, you can eliminate the need to take required distributions from your IRAs or employer retirement plans. If you completed a conversion in 2017, change your mind, and decide you do want to incur the tax liability, you have until October 15, 2018 to reverse it. This is called a recharacterization and if done properly will result in no tax liability or IRS penalties. If you later decide to redo the conversion, you must wait at least 30 days before converting again will be the last year to undo a conversion. Conversions completed in 2018 or later years cannot be recharacterized. Roth IRA Distributions You always have access to the money in your Roth IRA. However, under certain circumstances the distributions may not be income tax-free and could be subject to IRS penalties. Roth IRA distributions can come from one of three sources and must follow ordering rules. Each source must be exhausted before the next source is distributed. As the table below shows, how the distribution is taxed and if IRS penalties apply is dependent upon the source and when the withdrawal is made. It is important to keep proper records of your Roth IRA transactions so you or your tax professional can file the appropriate tax forms as needed. Source Ordering Rule Taxes 2 and Deadlines 1. Annual Contributions 2. Conversion Contributions and Rollover Amounts Are distributed first and can be taken at any time, for any reason. If applicable, are distributed only after all annual contributions have been distributed from all Roth IRAs you own. All taxable conversions and rollover amounts are distributed before any nontaxable amounts. Income tax-free Taxable amounts may be subject to a 10% early withdrawal penalty if taken within five years of the conversion contribution if you are younger than age 59½, unless certain exceptions apply Earnings Are distributed only after all annual contributions and conversion contributions have been withdrawn from all Roth IRAs you own. Qualified Distributions are income tax-free. A distribution is qualified only if: You have had the Roth IRA for five years AND it is for one of the following reasons: o You are age 59½ or older o You are disabled o You are a first-time home buyer ($10,000 limit) o You are a beneficiary taking distributions after death of the owner If a distribution is not qualified, earnings are subject to income tax and possibly the IRS 10% early withdrawal penalty, unless certain exceptions apply. 3 2) State taxes may also apply, even in situations where Roth IRA distributions are exempt from federal income taxes. Contact your tax professional or state department of revenue for information regarding taxation of Roth IRA distributions. 3) The IRS 10% early withdrawal penalty may be waived if the distribution is due to a first-time home purchase ($10,000 limit), disability, death, unreimbursed medical expenses that exceed 10% of AGI, a series of substantially equal periodic payments, qualified higher education expenses, medical insurance premiums when unemployed for 12 weeks or longer, IRS levy, qualified reservist distribution, or the amount is rolled over within 60 calendar days. Page 4 of 6
5 No Required Minimum Distributions (RMDs) Unlike traditional IRAs, there is no requirement to begin taking RMDs at any age. During your lifetime, withdrawals from Roth IRAs are a matter of choice. However, if you have named non- spouse beneficiaries - such as children or grandchildren - they must receive RMDs after your death. Generally, beneficiary RMDs begin in the year following your death, continue over the beneficiary s lifetime, and are income tax-free. Inherited Roth IRAs After your death, the fair market value of your Roth IRA will be included in your estate for estate tax purposes. If your beneficiary is your surviving spouse, he or she can roll over the Roth IRA and make it his or her own. If your beneficiary is not your spouse, he or she will be required to take distributions from the Roth IRA, generally over his or her lifetime, beginning in the year following your death. Although non-spouse beneficiaries are required to take distributions from a Roth IRA after your death, those distributions are generally income tax-free. If any earnings are distributed to your beneficiary before the end of the 5-year period that began with your first Roth IRA contribution, the earnings would be taxable to your beneficiary, but no 10% early withdrawal penalty will apply regardless of the beneficiary s age. Deciding Between a Traditional and Roth IRA Both traditional and Roth IRAs offer great opportunities to save for retirement. How do you decide which type of IRA is right for you? Start with identifying which IRAs you are eligible for. Are you eligible to receive a tax deduction for a traditional IRA? Are you eligible to contribute to a Roth IRA? If you are lucky enough to have both options available to you, these questions may help you decide which type of IRA to contribute to: How will you handle the tax deduction of a traditional IRA? Will you invest or spend the additional savings the tax deduction provides? If you do not have a disciplined approach to saving, the tax deduction a traditional IRA offers may be of little help in building your retirement assets. How soon will you need access to your retirement savings? If you anticipate needing your IRA for income before age 59½, the tax and penalty free access to contributions that the Roth IRA provides may be more desirable. Will your tax bracket during retirement be higher or lower than your current bracket? This is an important question when comparing the tax advantages of the two types of IRAs. The income tax deduction provides a tax advantage today for some traditional IRA owners, while the tax-free nature of withdrawals from a Roth IRA provide tax advantages in the future. Ask your Benjamin F. Edwards financial advisor for a free customized analysis to help you sort through your IRA alternatives. Page 5 of 6
6 IMPORTANT DISCLOSURES The information provided is based on internal and external sources that are considered reliable; however, the accuracy of this information is not guaranteed. This piece is intended to provide accurate information regarding the subject matter discussed. It is made available with the understanding that Benjamin F. Edwards & Co. is not engaged in rendering legal, accounting or tax preparation services. Specific questions on taxes or legal matters as they relate to your individual situation should be directed to your tax or legal professional. In providing this information to you, neither Benjamin F. Edwards & Co. nor our financial advisor, is acting as a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and it should not be considered individualized investment advice or an investment recommendation. One North Brentwood Blvd., Suite 850 St. Louis, Missouri benjaminfedwards.com Member SIPC EXP 02/28/2020 Page 6 of 6
Exploring Your IRA Options
Exploring Your IRA Options Traditional IRA Q & A.................. Page 2 Roth IRA Q & A...................... Page 5 Traditional vs. Roth IRAs............... Page 8 How does a Traditional IRA differ from
More informationIndividual Retirement Account (IRA) Information Kit
Individual Retirement Account (IRA) Information Kit (Effective January 1, 2013) Pear Tree Funds 55 Old Bedford Road Suite 202 Lincoln, MA 01773 1-800-326-2151 1117-03-0713 PEAR TREE FUNDS Individual Retirement
More informationJanus Universal IRA. Disclosure Statement & Custodial Agreement
Janus Universal IRA Disclosure Statement & Custodial Agreement Janus Universal Individual Retirement Account Disclosure Statement Part One: Description of Traditional IRAs SPECIAL NOTE State Street Bank
More informationchart RETIREMENT PLANS 8 RETIREMENT PLAN BENEFITS AVAILABLE RETIREMENT PLANS Retirement plans available to self-employed individuals include:
retirement plans Contributing to retirement plans can provide you with financial security as well as reducing and/or deferring your taxes. However, there are complex rules that govern the type of plans
More informationTable of Contents. Disclaimer Notice... 1 Roth IRAs... 2 Roth IRA Conversion - Factors to Consider...7
Table of Contents Disclaimer Notice... 1 Roth IRAs... 2 Roth IRA Conversion - Factors to Consider...7 ImportantNotice Thisreportisintendedtoserveasabasisforfurtherdiscussionwithyourotherprofessionaladvisors.
More informationRequired Minimum Distributions
Required Minimum Distributions What You Need To Know When It Is Time To Start Distributions From Your Retirement Accounts What Are Required Minimum Distributions? Required minimum distributions (RMDs)
More informationRoth IRA 2018 YOUR PARTNERS IN BUILDING WEALTH AND SECURITY
1 Roth IRA 2018 YOUR PARTNERS IN BUILDING WEALTH AND SECURITY 111.1111 2 Roth IRA A Roth Individual Retirement Account (IRA) can help you save for retirement by offering tax-free earnings accumulation
More informationUMB Bank, n.a. Universal IRA Information Kit
UMB Bank, n.a. Universal IRA Information Kit INTRODUCTION: What is the Difference between a Traditional IRA and a Roth IRA? With a traditional IRA, an individual may be able to deduct the contribution
More informationIndividual Retirement Account (IRA) Information Kit
Individual Retirement Account (IRA) Information Kit (Effective January 1, 2018) Pear Tree Funds 55 Old Bedford Road Suite 202 Lincoln, MA 01773 1-800-326-2151 PEAR TREE FUNDS Individual Retirement Account
More informationTraditional and Roth IRAs. Information Kit, Disclosure Statement and Custodial Agreement
Traditional and Roth IRAs Information Kit, Disclosure Statement and Custodial Agreement UMB Bank, n.a. Universal Individual Retirement Account Disclosure Statement (EFFECTIVE DECEMBER 1, 2016) Part One:
More informationRoth Individual Retirement Account Disclosure Statement and Custodial Agreement Effective November 11, 2016
Roth Individual Retirement Account Disclosure Statement and Custodial Agreement Effective November 11, 2016 544260 (Rev 17-06/17) Page 1 of 25 Table of Contents Section I: Disclosure Statement A. Introduction...
More informationIRAs: The Purpose. Allowable Contributions
IRAs: The Purpose Individual retirement accounts (IRAs) allow income earners and in certain cases, their unemployed spouses to save for retirement on a tax-deferred basis. No taxes are due until the IRA
More informationTRANSAMERICA PREMIER FUNDS. Disclosure Statement and Custodial Agreement for IRAs. Table of Contents
TRANSAMERICA PREMIER FUNDS Disclosure Statement and Custodial Agreement for IRAs Table of Contents IRA DISCLOSURE STATEMENT Part One: Description of Traditional IRAs 1 Special Note 1 Your Traditional IRA
More informationIRAs. Your Retirement Advisor
Your Retirement Advisor 508-798-5115 lynnt@yourretirementadvisor.com www.yourretirementadvisor.com IRAs March, 2017 Page 1 of 8, see disclaimer on final page Both traditional and Roth IRAs feature tax-sheltered
More informationUMB Bank, n.a. Universal Individual Retirement Account Disclosure Statement
UMB Bank, n.a. Universal Individual Retirement Account Disclosure Statement PART ONE:DESCRIPTION OF TRADITIONAL IRAs Part One of the Disclosure Statement describes the rules applicable to traditional IRAs.
More informationIRA AND EDUCATION SAVINGS. Retirement and Education Savings Accounts. TRADITIONAL IRAs Who is Eligible for a Traditional IRA?
Retirement and Education Savings Accounts This booklet is designed to highlight traditional individual retirement accounts (IRAs), Roth IRAs, and Coverdell Education Savings Accounts (CESAs). It is not
More informationRoth Individual Retirement Account Disclosure Statement and Custodial Agreement
Wells Fargo Clearing Services, LLC Roth Individual Retirement Account Disclosure Statement and Custodial Agreement Effective November 11, 2016 Table of Contents Section I: Disclosure Statement A. Introduction...3
More informationP A R N A S S U S F U N D S
PARNASSUS FUNDS P A R N A S S U S F U N D S Useful information about IRAs What is a Traditional IRA? A traditional IRA is an Individual Retirement Account that allows you to put away money for your retirement
More informationTo Roth or Not Revised September 2013
Introduction To Roth or Not Revised September 2013 Tax law allows all taxpayers (without income limitation) to convert all or part of their traditional IRAs to Roth IRAs. Even though conversion to Roth
More informationSelect Portfolio Management, Inc May 20, 2016
Select Portfolio Management, Inc 26800 Aliso Viejo Parkway Suite 150 Aliso Viejo, CA 92656 949-975-7900 800-445-9822 info@selectportfolio.com www.selectportfolio.com Understanding IRAs Page 1 of 5, see
More informationRoth IRAs The Roth IRA
Roth IRAs The Roth IRA 2017 and 2018 Questions & Answers What is a Roth Individual Retirement Account (Roth IRA)? A Roth IRA is a type of tax-preferred savings and investment account authorized by Internal
More informationMilitary Benefit Association Roth IRA Conversions. 11/4/2015 Page 1 of 12, see disclaimer on final page
Military Benefit Association mba@militarybenefit.org Roth IRA Conversions 11/4/2015 Page 1 of 12, see disclaimer on final page Roth Conversions: Easier after 2009 What changed? Before 2010 you could only
More informationTraditional Individual Retirement Account Disclosure Statement and Custodial Agreement
Traditional Individual Retirement Account Disclosure Statement and Custodial Agreement Effective November 11, 2016 Page 1 of 26 Table of Contents Section I: Disclosure Statement A. Introduction... B. Contributions
More informationAddendum to the Traditional IRA Custodial Agreement and Disclosures
Effective January 1, 2018 Addendum to the Traditional IRA Custodial Agreement and Disclosures This Addendum changes the Traditional IRA Custodial Agreement and Disclosures ( Agreement ) document and uses
More informationFinancial Advisor. Understanding IRAs. January 15, 2019 Page 1 of 5, see disclaimer on final page
Financial Advisor Understanding IRAs Page 1 of 5, see disclaimer on final page Understanding IRAs An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits.
More informationT. Rowe Price Traditional and Roth IRA Disclosure Statement and Custodial Agreement T. Rowe Price Privacy Policy
T. Rowe Price Traditional and Roth IRA Disclosure Statement and Custodial Agreement T. Rowe Price Privacy Policy Effective November 2016 TABLE OF CONTENTS DISCLOSURE STATEMENT Introduction 3 Section I
More informationINFORMATION KIT GABELLI FUNDS
STATE STREET BANK AND TRUST COMPANY UNIVERSAL INDIVIDUAL RETIREMENT ACCOUNT INFORMATION KIT -------------- GABELLI FUNDS State Street Bank and Trust Company Universal IRA Information Kit Supplement to
More informationDISTRIBUTION PLANNING
DISTRIBUTION PLANNING In 5 Easy Steps 2.5 Million Baby Boomers Will Turn Age 70 in 2016 Get the Definitive Guide to RMD Planning at: www.irahelp.com/rmd-guide Calculating the Pro-Rata Rule in 5 Easy Steps
More informationU.S. Global Investors Mutual Funds-Forms 1099R and 1099Q Guide for Tax Year 2009
U.S. Global Investors Funds U.S. Global Investors Mutual Funds-Forms 1099R and 1099Q Guide for Tax Year 2009 U.S. Global Investors is committed to providing accuracy in reporting tax information related
More informationUMB BANK, N.A INFORMATION KIT
UMB BANK, N.A UNIVERSAL INDIVIDUAL RETIREMENT ACCOUNT INFORMATION KIT (EFFECTIVE DECEMBER 1, 2016) 600 University Street, Suite 2412 Seattle, WA 98101 Main: 206.838.9850 Toll Free: 877.701.2883 Fax: 206.838.9851
More informationTRADITIONAL IRA DISCLOSURE STATEMENT
TRADITIONAL IRA DISCLOSURE STATEMENT RIGHT TO REVOKE YOUR IRA ACCOUNT The W-2 form will have a check in the "retirement plan" box if you are covered by a retirement plan. You can also obtain IRS Notice
More informationROTH IRA DISCLOSURE STATMENT
ROTH IRA DISCLOSURE STATMENT The Roth Individual Retirement Account ( Roth IRA ) presented with this Disclosure Statement is a retirement plan made available to individuals. An individual who establishes
More informationStreet Address. City, State, ZIP
ROTH IRA CUSTODIAL APPLICATION PACKET (FORM ) Please Print or Type CUID (Credit union will complete.) - - IRA Owner s Social Security Number IRA Owner s Name (First, Initial, Last) Street Address IRA Owner
More informationConverting or Rolling Over Traditional IRAs to Roth IRAs
Cole FInancial Consulting Jennifer J. Cole, CFA, MBA P.O. Box 1109 Sandia Park, NM 505-286-7915 JCole@ColeFinancialConsulting.com ColeFinancialConsulting.com Converting or Rolling Over Traditional IRAs
More informationUniversal Individual Retirement Account
December 30, 2017 Universal Individual Retirement Account Baron Asset Fund Baron Discovery Fund Baron Durable Advantage Fund Baron Emerging Markets Fund Baron Energy and Resources Fund Baron Fifth Avenue
More informationINDIVIDUAL RETIREMENT ARRANGEMENT
INDIVIDUAL RETIREMENT ARRANGEMENT Save more with our IRA options. Account inquiries, purchases and servicing 1-888-842-6328 If overseas, call collect at 1-703-255-8837 For a list of international numbers,
More informationGabelli Funds IRA Information Guide
The Gabelli Funds IRA Information Guide Contains: IRA Q & A Disclosure Statement Custodial Agreement Distributed by Gabelli & Company, Inc. One Corporate Center Rye, New York 10580 This material must be
More informationUniversal Individual Retirement Account Information Kit
Universal Individual Retirement Account Information Kit Universal Individual Retirement Custodial Account Instructions for Opening Your Traditional IRA or Roth IRA 1. Please review the applicable sections
More informationTRADITIONAL VS. ROTH IRA. Presented for Valued Client
Presented for Valued Client Presented by John M. Webster HMS Insurance Associates, Inc. johnwebster@financialguide.com 443-632-3436 Page 1 of 8 IRAs: The Purpose Individual retirement accounts (IRAs) allow
More informationRetirement Plans Guide Facts at a glance
Retirement Plans Guide Facts at a glance Retirement Plan Limits for 2013 and 2014 The Internal Revenue Service has released cost-of-living adjustments applicable to dollar limits for retirement plans.
More informationTraditional Individual Retirement Account (Trust) Disclosure Statement
Traditional Individual Retirement Account (Trust) Disclosure Statement This Disclosure Statement contains important information about traditional Individual Retirement Accounts ( traditional IRA ) described
More informationWhat You Need To Know When It Is Time To Start Distributions From Your Retirement Accounts
Retirement Planning Required Minimum Distributions What You Need To Know When It Is Time To Start Distributions From Your Retirement Accounts WHAT ARE REQUIRED MINIMUM DISTRIBUTIONS? Required minimum distributions
More informationDesignating a Beneficiary for Your IRA
Retirement Planning Designating a Beneficiary for Your IRA You have likely named beneficiaries many times over the years for things like your life insurance policies, annuity contracts, IRAs, company pension
More informationTRADITIONAL IRA DISCLOSURE STATMENT
TRADITIONAL IRA DISCLOSURE STATMENT The Traditional Individual Retirement Account ( Traditional IRA ) presented with this Disclosure Statement is a retirement plan made available to individuals. An individual
More informationRoth Individual Retirement Account (Trust) Disclosure Statement
Roth Individual Retirement Account (Trust) Disclosure Statement This Disclosure Statement contains important information about traditional Individual Retirement Accounts ( traditional IRA ) described in
More informationRoth Individual Retirement Account Disclosure Statement
Roth Individual Retirement Account Disclosure Statement This Disclosure Statement contains important information about traditional Individual Retirement Accounts ( traditional IRA ) described in Section
More informationRetirement plans guide Facts at a glance
Retirement plans guide Facts at a glance Contents 1 What s your plan? 2 Small business/employer retirement plans 4 IRAs 5 Retirement plan distributions 7 Rollovers and transfers 9 Federal tax rates and
More informationTraditional Individual Retirement Account Disclosure Statement
Traditional Individual Retirement Account Disclosure Statement This Disclosure Statement contains important information about traditional Individual Retirement Accounts ( traditional IRA ) described in
More informationPreserving and Transferring IRA Assets
Preserving and Transferring IRA Assets september 2017 The focus on retirement accounts is shifting. Yes, it s still important to make regular contributions to take advantage of tax-deferred growth potential,
More informationRoth IRA Owner Resource Book
Roth IRA Owner Resource Book A benefit under the Issued February 2018 Defined Contribution Retirement Accounts of the Pension Fund of the Christian Church (Disciples of Christ) ("DCRA") TABLE OF CONTENTS
More informationT. Rowe Price Traditional and Roth IRA Disclosure Statement and Custodial Agreement T. Rowe Price Privacy Policy
T. Rowe Price Traditional and Roth IRA Disclosure Statement and Custodial Agreement T. Rowe Price Privacy Policy March 2018 TABLE OF CONTENTS DISCLOSURE STATEMENT Introduction 3 Section I Revocation 3
More informationRoth IRA Owner Resource Book
Roth IRA Owner Resource Book A benefit under the Issued May 2017 Defined Contribution Retirement Accounts of the Pension Fund of the Christian Church (Disciples of Christ) ("DCRA") TABLE OF CONTENTS INTRODUCTION...
More informationCaution: Special rules apply to certain distributions to reservists and national guardsmen called to active duty after September 11, 2001.
LPL Financial Sims & Karr Financial Solutions Roger C. Sims Jason R Karr, Alex M. Means 304 North Main Street Greer, SC 29650 864-879-0337 simsandkarr@lpl.com www.simskarr.com Roth IRAs Page 1 of 13, see
More informationRoth Recharacterizations
Private Wealth Management Products & Services Roth Recharacterizations Factors to Consider When Unwinding a Roth Conversion A Roth Recharacterization is the process of unwinding a Roth contribution, conversion
More informationYOUR GUIDE TO IDENTIFYING YOUR TAX RETURN OPPORTUNITIES
YOUR GUIDE TO IDENTIFYING YOUR TAX RETURN OPPORTUNITIES 2 At Transamerica, we re committed to providing you with the tools and information you need to make the right financial decisions. IRS Form 1040
More informationSIMPLE Individual Retirement Account Disclosure Statement
SIMPLE Individual Retirement Account Disclosure Statement This Disclosure Statement contains important information about a savings incentive match plan for employees of small employers Individual Retirement
More informationPERSONAL FINANCE. individual retirement accounts (IRAs)
PERSONAL FINANCE individual retirement accounts (IRAs) 1 our purpose To lead and inspire actions that improve financial readiness for the military and local community. table of contents The Basics Of IRAs...
More informationConverting or Rolling Over Traditional IRAs to Roth IRAs
LPL Financial Sims & Karr Financial Solutions Roger C. Sims Jason R Karr, Alex M. Means 304 North Main Street Greer, SC 29650 864-879-0337 simsandkarr@lpl.com www.simskarr.com Converting or Rolling Over
More informationRoth I R A s. General Informa tion and Instr uctions:
General Informa tion and Instr uctions: Roth I R A s The Roth IRA was created in 1998. Roth IRAs provide an alternative method of saving for retirement, allowing individuals to contribute aftertax monies
More informationDistributions Options Guide
Distributions Options Guide A Guide to Your Options When Separating from Service Including the Special Tax Notice Retirement Savings, Simplified Your Distribution Options Upon separation of service and
More informationDISCLOSURE STATEMENTS AND CUSTODIAL ACCOUNT AGREEMENT
Traditional and Roth Individual Retirement Account Informational Booklet DISCLOSURE STATEMENTS AND CUSTODIAL ACCOUNT AGREEMENT 15810M REV 01-18 TABLE OF CONTENTS THE LIVEWELL MUTUAL FUND TRADITIONAL INDIVIDUAL
More informationRoth IRA Disclosure Statement
Roth IRA Disclosure Statement Mail or fax completed form to: P.O. Box 1555, Des Moines, IA 50306-1555 Fax: 866 709 3922 Contact us: Annuity Customer Contact Center Tel: 888 266 8489 www.atheneannuity.com
More informationConverting or Rolling Over Traditional IRAs to Roth IRAs
Cole FInancial Consulting Jennifer J. Cole, CFA, MBA P.O. Box 1109 Sandia Park, NM 505-286-7915 JCole@ColeFinancialConsulting.com ColeFinancialConsulting.com Converting or Rolling Over Traditional IRAs
More informationThe statutory requirements for a traditional IRA, which are described in section 408(a) of the Internal Revenue Code (Code), are as follows:
Page 1 of 9 This Disclosure Statement is provided in accordance with the tax laws applicable to your individual retirement account (IRA). It provides only a summary of the rules that apply to your IRA.
More informationIndividual Retirement Accounts Roth & Traditional. IRAs Guidebook
Individual Retirement Accounts Roth & Traditional IRAs Guidebook 2016 IRA Roth & Traditional Individual Retirement Accounts At-a-Glance Eligibility Contents IRAs At-a-Glance... 1 Roth IRA... 2... 3 Roth
More informationAFPlanServ 403(b) Plan Distribution Authorization Form
AFPlanServ 403(b) Plan Distribution Authorization Form Participant Instructions The AFPlanServ 403(b) Distribution Authorization Form must be submitted to AFPlanServ to approve a distribution or plan-to-plan
More informationDisclaimer. Securities are offered through Signator Investors, Inc., Member FINRA, SIPC, 380 Stuart Street, Boston, MA 02116
Disclaimer This is an educational and financial analysis tool to assist you by providing concise financial information. This report is a needs analysis of your current situation. It is comprised of separate
More informationRollover Distribution Notice
Rollover Distribution Notice GENERAL INFORMATION This notice contains important information you need before you decide how to receive your retirement plan benefits. This notice is provided to you by your
More informationIn-plan Roth Rollovers
REGULATIONS In-plan Roth Rollovers By Susan D. Diehl, ERPA On November 26, 2010, the IRS published much-needed guidance regarding in-plan Roth rollovers (IRRs) in the form of Notice 2010-84. As a result
More informationConverting or Rolling Over Traditional IRAs to Roth IRAs
LPL Financial Sims & Karr Financial Solutions Roger C. Sims Jason R Karr, Alex M. Means 304 North Main Street Greer, SC 29650 864-879-0337 simsandkarr@lpl.com www.simskarr.com Converting or Rolling Over
More informationSupplement to the Traditional and Roth Individual Retirement Account (IRA) Disclosure Statement
BNY MELLON INVESTMENT SERVICING TRUST COMPANY Supplement to the Traditional and Roth Individual Retirement Account (IRA) Disclosure Statement Deadline Extension for 2016 Contributions to a Traditional
More informationThe following pages contain the plan document, disclosures and agreements, including disclosures required by federal law, governing your SRA/IRA.
SIMPLE RETIREMENT ACCOUNT PROGRAM PLAN DOCUMENT, DISCLOSURES AND AGREEMENTS CONTENTS PROTOTYPE SIMPLE RETIREMENT ACCOUNT PLAN 3 IRS APPROVAL 6 DISCLOSURE 7 ABOUT YOUR SRA/IRA 7 Revoking Your SRA/IRA 7
More informationRetirement 4: Individual Retirement and Small Business Plans
Personal Finance: Another Perspective Retirement 4: Individual Retirement and Small Business Plans Updated 2017/06/23 Objectives A. Understand Individual Retirement Accounts (IRAs) B. Explain when it is
More informationIRA Plan Document and Disclosure
Privacy The Capital One privacy notice does not cover any relationship you may have with an agent, broker, consultant, or others. Please refer to their privacy notices to learn more about their privacy
More informationPreserving and Transferring IRA Assets
january 2014 Preserving and Transferring IRA Assets Summary The focus on retirement accounts is shifting. Yes, it s still important to make regular contributions to take advantage of tax-deferred growth
More informationStreet Address. PRIMARY Beneficiary(ies) % Column MUST total 100% % Name Mailing Address Relationship Birth Date SS #
TRADITIONAL IRA CUSTODIAL APPLICATION PACKET (FORM ) Please Print or Type CUID (Credit union will complete.) - - IRA Owner s Social Security Number IRA Owner s Name (First, Initial, Last) Street Address
More informationUSAA TRADITIONAL / ROTH IRA
USAA TRADITIONAL / ROTH Disclosure Statements and Custodial Agreements 49630-1215 Table of Contents USAA Traditional Disclosure Statement 2 USAA Roth Disclosure Statement 11 USAA Traditional Custodial
More informationWESTERN CONFERENCE OF TEAMSTERS PENSION PLAN ROLLOVER DISTRIBUTION ELECTION FORM
WESTERN CONFERENCE OF TEAMSTERS PENSION PLAN ROLLOVER DISTRIBUTION ELECTION FORM Participant s Name (First) (M.I.) (Last) Customer ID Social Security Number - - Benefit Effective Date Benefit Type Payable
More informationRecent Changes to IRAs
Recent Changes to IRAs Federal legislation and new IRS regulations have created several changes to IRAs in the past year. Prohibition on recharacterization of IRA conversions: Effective for taxable years
More informationPreparing for Your Retirement: An IRA Review
Preparing for Your Retirement: An IRA Review How much of your earning power will be available for your use when you retire? What will happen to your standard of living when your income ceases at retirement?
More information2018 Year-End Tax Planning for Individuals
2018 Year-End Tax Planning for Individuals There is still time to reduce your 2018 tax bill and plan ahead for 2019 if you act soon. This letter highlights several potential tax-saving opportunities for
More informationROTH IRA CONVERSION FREQUENTLY ASKED QUESTIONS
ROTH IRA CONVERSION FREQUENTLY ASKED QUESTIONS Brian Dobbis QPA, QKA, QPFC Director, Retirement Solutions 888-522-2388 A Roth IRA is a tax-deferred and potential tax-free retirement account available to
More informationConverting or Rolling Over Traditional IRAs to Roth IRAs
Brian Krawiec, CFP, ChFC, CLU CERTIFIED FINANCIAL PLANNER 4061 Powder Mill Road Suite 705 Calverton, MD 20705 301-595-8600 brian.krawiec@raymondjames.com www.potomacfinancialgroup.com Converting or Rolling
More informationWithdrawals from Individual Retirement Accounts (IRAs)
October 2006 FR/Financial Fitness/2006-01 Withdrawals from Individual Retirement Accounts (IRAs) Barbara R. Rowe, Ph.D. Professor and Family Resource Management Extension Specialist Utah State University
More informationTraditional Individual Retirement Account and Roth Individual Retirement Account Disclosure Statement and Custodial Account Agreement
Traditional Individual Retirement Account and Roth Individual Retirement Account Disclosure Statement and Custodial Account Agreement Table of Contents I. Voya express Mutual Fund Traditional and Roth
More informationPreserving and Transferring IRA Assets
AUGUST 2016 Preserving and Transferring IRA Assets SUMMARY The focus on retirement accounts is shifting. Yes, it s still important to make regular contributions to take advantage of tax-deferred growth
More informationTraditional Individual Retirement Account and Roth Individual Retirement Account
ING EXPRESS MUTUAL FUND IRA Traditional Individual Retirement Account and Roth Individual Retirement Account Disclosure Statement and Custodial Account Agreement Table of Contents I. ING express Mutual
More informationDeferred Compensation Plan Request for Distribution of Funds
Deferred Compensation Plan Request for Distribution of Funds 1. Personal Information Name Social Security # Address City State Zip Code Date of Birth Telephone Number (day) (night) 2. Eligibility Termination
More informationTraditional IRA/Roth IRA
PREMIERE SELECT Traditional IRA/Roth IRA Invest in your retirement today. Saving for your retirement is important in any market. If you re planning for your future, an IRA can offer you more choices than
More informationTraditional IRA Owner Resource Book
Traditional IRA Owner Resource Book A benefit under the Issued May 2017 Defined Contribution Retirement Accounts of the Pension Fund of the Christian Church (Disciples of Christ) ("DCRA") TABLE OF CONTENTS
More informationExtending Retirement Assets: A Stretch IRA Review
Extending Retirement Assets: A Stretch IRA Review Are you interested in the possibility of using the funds in your traditional IRA to provide income to one or more generations of family members? Table
More informationIRAs & Roth IRAs. Spousal IRA Contributions. Questions & Answers
IRAs & Roth IRAs Spousal IRA Contributions Questions & Answers Purpose. This brochure explains the special rules and considerations applying to spousal contributions made to a traditional IRA and/or Roth
More informationCHAPTER 16 INDIVIDUAL RETIREMENT ACCOUNTS
CHAPTER 16 INDIVIDUAL RETIREMENT ACCOUNTS Introduction Through the enactment of the Employee Retirement Income Security Act of 1974 (ERISA), Congress established individual retirement accounts (IRAs) to
More informationTRADITIONAL IRA AND ROTH IRA. Plan Today for a Secure Tomorrow
TRADITIONAL IRA AND ROTH IRA Plan Today for a Secure Tomorrow INVESTMENT-LED. INVESTOR-FOCUSED. As an investment-led firm, we evaluate every decision from an investment perspective in an effort to achieve
More informationSPECIAL TAX NOTICE REGARDING PLAN PAYMENTS
SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement plan savings in the Plan and contains important information you will
More informationQUALIFIED RETIREMENT PLAN AND 403(b)(7) CUSTODIAL ACCOUNT DISTRIBUTION REQUEST FORM
QUALIFIED RETIREMENT PLAN AND 403(b)(7) CUSTODIAL ACCOUNT DISTRIBUTION REQUEST FORM The Employee Retirement Income Security Act of 1974 (ERISA) requires that you receive the information contained in this
More informationSPJST ROTH INDIVIDUAL RETIREMENT ANNUITY DISCLOSURE STATEMENT
SPJST ROTH INDIVIDUAL RETIREMENT ANNUITY DISCLOSURE STATEMENT This disclosure statement explains the rules governing a Roth IRA. The term IRA will be used in this disclosure statement to refer to a Roth
More information29. Retirement 4: Understanding Individual and Small-Business Plans
29. Retirement 4: Understanding Individual and Small-Business Plans Introduction Whether you work for a large or a small company or are self-employed, you need to plan for retirement. This chapter will
More informationSIMPLE Individual Retirement Account Disclosure Statement and Custodial Agreement Effective November 11, 2016
SIMPLE Individual Retirement Account Disclosure Statement and Custodial Agreement Effective November 11, 2016 550308 (Rev 15-06/17) Page 1 of 26 Table of Contents Section I: Disclosure Statement A. Introduction...
More informationPreparing for Your Retirement: An IRA Review Prepared for: Great Southern Bank
Preparing for Your Retirement: An IRA Review Prepared for: Great Southern Bank Presented by: Marketing Financial Advanced Case Design 2960 E. Battlefield Springfield, MO 65804 Office: (800) 677-1087 Dennis@marketingfinancial.com
More information