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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 federal income tax returns are normally due on April 15th. This year, the 15th falls on a Sunday, so the due date should be Monday the 15th. However, Monday the 16th is Emancipation Day so the due date is Tuesday 17th. Some people aren't prepared to file. Others may be waiting for Form K-1's from their investments. Either way, if the return is not filed on … 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.