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Traditional IRA

 A traditional IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement.

  • Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances and

  • Generally, amounts in your IRA (including earnings and gains) are not taxed until distributed.

IRS Publication 590 explains the nuts and bolts of IRAs including:

  • Setting up an IRA

  • Contributing to an IRA

  • Transferring money or property to and from an IRA

  • Handling an inherited IRA

  • Receiving distributions (making withdrawals) from an IRA

  • Taking a credit for contributions to an IRA

  • A comparison of traditional and Roth IRAs

It also explains the penalties and additional taxes that apply when the rules are not followed. To assist you in complying with the tax rules for IRAs, Publication 590 contains IRA worksheets, sample forms, and tables.

Investing your traditional IRA in a way that makes the most sense for your circumstances is easier with the information from the Securities and Exchange Commission (SEC).

Taxation of pension income - including distributions from traditional IRAs - is covered at Link and Learn Taxes, a self study course on the IRS web site.

More Traditional IRA Resources

For Professional Consultation Services Contact:
Executive Benefit Plans, Inc.
Suite 1188
1186 Route 56 East
Apollo, PA 15613-9725 USA

Phone: 800-622-2411 or Fax: 724-478-1688
E-mail -
info@benefitplans.com

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