IRAs: Kinds of IRAs and Prohibited Transactions
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Explore the various types of Individual Retirement Accounts (IRAs) and understand the rules surrounding prohibited transactions. This guide details different IRAs, including Traditional, Roth, SEP, SIMPLE, and deemed IRAs, highlighting their unique features and benefits. It also covers what constitutes a prohibited transaction, including borrowing from an IRA or using it as loan security, and the potential tax consequences of such actions.
Highlights:
• Traditional IRAs: Requirements and features, including tax-deductible contributions and mandatory distribution rules.
• Roth IRAs: Tax-free withdrawals on qualified distributions, income limits for contributions, and differences from designated Roth accounts.
• SEP and SIMPLE IRAs: Employer-sponsored plans offering simplified retirement options, including recent provisions for Roth contributions.
• Prohibited Transactions: Definition and examples, such as borrowing from the IRA or using it to buy personal assets, and the tax penalties for engaging in such transactions.
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