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This retirement account allows you to defer taxes on your earnings made and deductibility of your contribution is based on your IRS guidelines. All earnings of your traditional IRA remain tax deferred until you make withdrawals, which are taxed as ordinary income during the tax year of their withdrawal.
An IRA is a non-deductible retirement account that features tax-free withdrawals for certain distribution reasons after five years. To qualify for a Roth IRA, you must have earned income (or your spouse must have earned income). You may contribute any amount up to 100% of your compensation or $6,000 (whichever is less), as long as your Modified Adjusted Gross Income is within the limits established by the government (last set in 2019). An additional $1,000 is allowed to be contributed for those over 50.
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February 18, 2025
Today’s Chart of the Day has data from the Journal of Personality and Social Psychology used by our partners at BlackRock (the company that owns...
February 13, 2025
Today’s Chart of the Day from Bloomberg shows the percentage of assets and revenue by ETFs (Exchange Traded Funds), which we use extensively in...
