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Retirement Home » Retirement Plan FAQs

Retirement Plan FAQs

Traditional IRA Roth IRA
What are the benefits of a Traditional IRA? What are the benefits of a Roth IRA?
How do I know if I am eligible to make a contribution? How do I know if I am eligible to make a contribution?
How much can I contribute? How much may I contribute?
Can individuals 50 or older make additional contributions? Can individuals 50 or older make additional contributions?
How much of my contribution can I deduct? Is my contribution deductible?
What is the contribution deadline? What is the deadline for making any contribution?
When may I access the funds in my Traditional IRA? Can I convert the funds in my Traditional IRA to a Roth IRA?
Am I required to take money out of my IRA? Can I reverse a conversion?
Are IRA distributions taxable? When can I access the funds in my Roth IRA?
Can I move assets from my Roth IRA accounts at other Institutions to my to a new Roth account? Is there an age when I am required to take money out of my Roth IRA?
What investment options are available to me? Can I move assets from my Roth IRA accounts at other Institutions to my to a new Roth account?
Are IRAs subject to any restrictions? What investment options are available to me?
What happens to my Traditional IRA if I die? What happens to my Roth IRA if I die?

What are the benefits of a Traditional IRA?

  • Deductible contributions - You may receive a federal tax deduction for the amount of your contribution leaving more money in your pocket. Learn more below about deducting your IRA contribution.
  • Tax-deferred earnings - All interest is tax deferred until you take distribution, allowing your investment to grow faster.

How do I know if I am eligible to make a contribution?

You can contribute to a Traditional IRA if you have earned income and are under the age of 70 . If you are not employed, but have a spouse who is, your spouse may be able to make a contribution on your behalf.

How much can I contribute?

You can contribute up to the annual limit as indicated by the IRS or 100% of compensation, whichever is lower, each tax year to your IRA (less any contribution made to a Roth IRA). If your spouse is not employed, you can also contribute to an IRA in his/her name, as long as you have the combined compensation.

IRS annual contribution limits for Traditional IRAs are indicated below: (remember contributions are limited to the annual limit or 100% of compensation whichever is less.)

  2001   $2000
  2002 - 2004   $3000
   2005 - 2007   $4,000
  2008   $5,000
   2009 and forward Contribution limits subject to Cost of Living Adjustments

Individuals 50 or older may also be able to make additional "Catch-up" contributions, find out more below.

Can individuals 50 or older make additional contributions?

Yes. Effective January 2002, individuals 50 and older may be able to make an additional contribution in excess of the annual IRA contribution limit.

  2002-2005   $500
  2006 and forward   $1,000

How much of my contribution can I deduct?

Whether any or all of your contribution is deductible from your taxable income depends on several factors including your income, your filing status, and if you are covered by a retirement plan at work.

Generally, if you are single and not covered by a retirement plan at work or if you are married filing jointly and neither of you are covered by a retirement plan at work, you can deduct your entire contribution regardless of your income. Even if you are covered by a retirement plan at work, you may be able to take a deduction for your annual contributions.

What is the contribution deadline?

Contributions can be made to your Traditional IRA at any time during the year, up until your tax-filing deadline for that year, not including extensions. Generally, this means you can still make a contribution until April 15th for the prior tax year.

Can I deposit funds disbursed from my employer-sponsored plan to my Traditional IRA?

Employer retirement plan defined as a qualified plan under 401(a) or 403(a) as well as 403(b) plans, governmental 457(b) plans and Federal Employee's Thrift Savings Plans can all be rolled over to a Traditional rollover IRA. Funds retain their tax-deferred status and you enjoy the flexibility that a Traditional IRA offers -- such as the ability to access the funds when needed.

When may I access the funds in my Traditional IRA?

After you have reached the age of 59 , you may withdraw funds from your IRA at any time penalty-free. Before the age of 59 , you may still be able to withdraw funds from your IRA penalty-free, as long as you meet the certain criteria. Contact your tax advisor to review your specific situation.

Am I required to take money out of my IRA?

Although you may withdraw funds penalty-free after the age of 59 , you are not required to take any money out of your IRA until you reach age 70 . These distributions are required to be withdrawn each year no later than December 31st of that year. However, the IRS allows the first required withdrawal to be delayed until April 1st of the year following the year 70 , is attained. Please keep in mind that the distributions are generally considered taxable income and are reportable. Therefore postponing the first distribution would result in two distributions in the same year.

Are IRA distributions taxable?

All distributions are reported to the IRS on form 1099-R. It is the responsibility of the IRA participant to report all distributions on their annual tax return. To determine if the distribution will be taxable we recommend consulting a professional tax consultant.

Can I move assets from my IRA accounts at other institutions to a new IRA Account?

Yes. By simply signing an IRA transfer form, and contacting the current custodian/trustee of your IRA and request funds be transferred directly to your new IRA account. Funds transferred in this manner are not taxable nor are they reportable.

If you have already received a check from your current custodian for the proceeds of your IRA, these funds can still be deposited to your an IRA, within sixty (60) days of the date you received the distribution. This is considered a "rollover" which is required to be reported to the IRS. There is a restriction on how often a rollover may occur.

What investment options are available?

There is a wide range of investment options to help meet your financial goals. Call us at National Quotes Online at (888-653-6232)

Are IRAs subject to any restrictions?

Yes. The IRS does prohibit certain transactions on Traditional IRAs. Examples include: borrowing money from your IRA, contributing over your annual limit, rolling funds over from another IRA after the sixty (60) days has expired, or forgetting to take an annual distribution after you have reached 70 . As the IRS penalties on these transactions can be severe, it is best to review your situation with your tax advisor.

What happens to my Traditional IRA if I die?

The benefits within your IRA will pass directly to your named beneficiaries without being subject to the estate probate process. If your primary beneficiary is your spouse, he/she has the additional option of "assuming" the IRA (taking over ownership). This option could continue to defer taxes on the IRA even longer. You should consult your tax professional for additional information.

How do I open a Traditional IRA?

Opening your Traditional IRA couldn't be easier. Simply call us at 1-888-653-6232, or E-mail us at CS@NationalQuotesOnline.com.

What are the benefits of a Roth IRA?

All earnings are potentially tax-free. Interest earned on your Roth IRA is tax-free provided you withdraw your funds under certain "qualified distribution" rules. This allows for more flexibility in planning your future needs. You are not required to take mandatory withdrawals, at any age, thus allowing the full balance of your Roth IRA to be distributed to your beneficiary (ies).

How do I know if I am eligible to make a contribution?

Anyone can contribute to a Roth IRA as long as their income falls within the IRS income guidelines as described below:

If you are single and have a modified adjusted gross income (MAGI) of no more than $95,000.00 or are married filing jointly and have a modified adjusted gross income of no more than $150,000.00, you are eligible to contribute to a Roth IRA.

If your income is over these guidelines you may still be able to make a partial contribution to a Roth IRA. *Reduced contributions are allowed if you are single and your modified adjusted income is between $95,000.00 and $110,000.00 or are married filing jointly and your modified adjusted gross income is between $150,000.00 and $160,000.00

How much may I contribute?

In general contributions may be made up to the IRS annual limit or 100% of compensation, whichever is lower, each tax year to a Roth IRA. This amount is reduced by any contributions you make to a Traditional IRA and income eligibility requirements. Also, if your spouse is not employed, you may be able to make contributions to a Roth IRA in their name, as long as you have the combined compensation and meet eligibility requirements.

IRS annual contribution limits for Roth IRAs are as indicated below: (remember Roth IRA contribution amounts are limited by IRS annual limits or 100% of compensation - whichever is less).

  2001   $2000
  2002 - 2004   $3000
   2005 - 2007   $4,000
  2008   $5,000
   2009 and forward Contribution limits subject to Cost of Living Adjustments
Individuals 50 or older may also be able to make additional "Catch-up" contributions, find out more below.

Can individuals 50 or older make additional contributions?

Yes. Effective January 2002, individuals 50 and older may make an additional contribution in excess of the annual IRA contribution limit.
  2002-2005   $500
  2006 and forward   $1,000

Is my contribution deductible?

No. However, interest earned on a Roth IRA is tax-free when withdrawn as a "qualified distribution." If you are interested in a potential tax deduction please review information on Traditional IRAs.

What is the deadline for making my contribution?

Contributions can be made to your Roth IRA at any time during the year, until the tax filing deadline for that year, not including extensions. Generally, this means contributions can still be made through April 15th for the prior tax year.

Can I convert the funds in my Traditional IRA to a Roth IRA?

You may convert your Traditional IRA to a Roth IRA if your adjusted gross income does not exceed $100,000.00. This limit applies if you are single or married filing a joint return. Since a conversion is a taxable event, please consult with your tax advisor.

Can I reverse a conversion?

You may reverse, or re-characterize, your conversion. For example, if your adjusted gross income for the year exceeds the allowable income of $100,000, you may transfer your original amount, and any earnings, back to a Traditional IRA. Certain restrictions may apply.

When can I access the funds in my Roth IRA?

Distributions from a Roth IRA may be taken at any age. For withdrawals to be tax free, "qualified distribution", the Roth IRA must be in existence for five years and you must be at least age 59 , disabled, be the beneficiary of a deceased IRA participant or use the distribution for a first time home purchase (up to $10,000.00).

Is there an age when I am required to take money out of my Roth IRA?

No. Unlike a Traditional IRAs, you are not required to take any money out of your Roth IRA when you reach the age of 70 .

Can I move assets from my IRA accounts at other institutions to a new Roth IRA Account?

Yes. By simply signing an IRA transfer form, and contacting the current custodian/trustee of your IRA and request funds be transferred directly to your new IRA account. Funds transferred in this manner are not taxable nor are they reportable.

If you have already received a check from your current custodian/trustee for the proceeds of your IRA, these funds can still be deposited to your new Roth IRA, within sixty (60) days from the date you received the distribution. This is a "rollover". A rollover is not taxable, however, it is required to be reported and the same funds may not be rolled over within a 12-month time period.

What investment options are available?

No. There is a wide range of investment options to help meet your financial goals. Call us at National Quotes Online at (888-653-6232).

What happens to my Roth IRA if I die?

Another advantage of your Roth IRA is that you are able to direct the distribution of the funds after your death. You name the beneficiaries and upon your death the funds will pass directly to your beneficiary(ies) without being subject to probate.

If your primary beneficiary is your spouse, he/she is given the added options of either assuming your Roth IRA or rolling it over to a Roth IRA in his/her name.

This is not an offer of securities in any jurisdiction, nor is it specifically directed to a resident of any jurisdiction. As with any security, request a prospectus from your registered representative. Read it carefully before you invest or send money. Securities products are limited to residents of NY, NJ, CT.

A representative from Premiere Brokerage Services, Inc. will contact you to provide requested information.

Securities and advisory services offered through Ameritas Investment Corp. (AIC). Member FINRA/SIPC. AIC and Premiere Brokerage Services, Inc. are not affiliated.

Representatives of AIC do not provide tax or legal advice. Please consult your tax advisory or attorney regarding your situation.





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