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If the Roth IRA account is open for at least 5 years and the taxpayers is over age 59 1/2, then all of the distributions from the Roth IRA are tax-free.
Unlike a Regular (or Traditional) IRA, contributions to a Roth IRA are not income tax deductible. Because the contribution is not … Continue reading »
The IRA (Individual Retirement Arrangement) is one of the more underutilized tools for retirement planning. The primary benefit to an IRA is tax-deferred investing. Income taxes are not paid until taxable distributions are made. With limited exceptions, distributions made prior to age 59½ are subject to a 10% penalty in addition to income taxes.
You've just finished filing your 2009 income tax returns, or you were too rushed and filed for an extension. And here I am talking about 2010 tax planning? Yes…I am.
The Roth 401(k) plan is becoming a more popular retirement plan option offered by employers. This has become the foundation for many people's retirement plan. Unlike a traditional 401(k) plan where contributions are made pre-taxed, contributions to a Roth 401(k) plan are made after tax.
Many employers will offer a 401(k) to their employees. A 401(k) plan offers many advantages to employees. The biggest advantage is tax-deferred investing. These accounts are not taxed until distributions are made.