This MarketWatch article by Bill Bischoff is very informative and should be a must read for those that aren’t that familiar with rules regarding their own IRA!
The articles expands on the following topics:
- Who is eligible for traditional IRAs
- Who is eligible for Roth IRAs
- How much you can contribute
- Taxes due after age 59 1/2
- Early Withdrawal (before 59 1/2) for higher education expenses
- Early Withdrawal (before 59 1/2) for first time home purchase
- Early Withdrawal (before 59 1/2) for death or disability
- Early Withdrawal (before 59 1/2) for other reasons
- SEP & SIMPLE IRAs for self employed folks and small business owner
- Eligibility
- Contribution limits for 2015
- Withdrawals after age 59 1/2
- Withdrawals before age 59 1/2
- What is AGI?
- What is earned income?
To read the full article, click on the web link below.
Everything You Need To Know About Your IRA
Click below to read related articles:
1. IRA accounts are tax-smart and better than ever
2. Benefits of IRA Accounts & Some of The Rules
3. Understanding the IRA mandatory withdrawal rules