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Need to Withdraw from Your IRA?

其他書名	What You Need to Know!
出版	Independently Published, 2019-09-04
主題	Self-Help / General
ISBN	16910007019781691000708
URL	http://books.google.com.hk/books?id=lKtBzQEACAAJ&hl=&source=gbs_api

註釋Individual retirement accounts (IRAs) were clearly intended to be used to save on your own for retirement. Generally, Traditional (including SEP and SIMPLE) IRAs are tax-deferred and distributions (withdrawals) from Roth IRAs, the after-tax IRA, are potentially tax-free at retirement, if all the rules are followed. Throw in some nondeductible (after-tax) contributions to your Traditional IRA, and now you have basis. Did you know that the basis (the after-tax portion of Traditional IRAs) must be prorated, in most cases, when it is distributed from your Traditional IRAs? Or that the contribution portion of your Roth IRAs can be distributed at any time and at any age tax- and penalty-free? Or that if you are under age 591⁄2, Congress has created a number of exceptions to the IRS 10% early distribution penalty that allows you to tap your IRA penalty-free for some specific situations, such as for a first-home purchase?Understanding how Traditional and Roth IRA distributions are taxed before you take that IRA distribution can prevent headaches later on when you have to file a federal income tax return for the year. Plus, knowing the exceptions to the IRS 10% early distribution penalty can give you the peace of mind that you may be eligible to use your IRA funds in specific situations while minimizing the federal tax consequences."Need to Withdraw from Your IRA?" explains in detail and with examples the federal taxation of Traditional and Roth IRA distributions, when the 10% early distribution penalty applies to each type of IRA distribution if you are under age 591⁄2, and the exceptions to the IRS 10% early distribution penalty. With current and dependable information, this booklet gives you the information you need to stay on course when navigating the rules for IRA distributions.