Individual Retirement Account: Difference between revisions
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(Created page with "Also known as IRA. When a spouse inherits it, new beneficiaries must be named, and you can do these 4 things: #Keep spouse's IRA #Move spouse's IRA assets into your own accoun...") |
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#Same as last point but convert IRA into Roth IRA | #Same as last point but convert IRA into Roth IRA | ||
#Discharge | #Discharge | ||
Now, if: | |||
*Traditional IRA: Contributions may be tax-deductible, and earnings grow tax-deferred. | |||
*Roth IRA: Contributions are made with after-tax dollars, but qualified withdrawals in retirement are tax-free. | |||
Revision as of 04:43, 11 April 2025
Also known as IRA. When a spouse inherits it, new beneficiaries must be named, and you can do these 4 things:
- Keep spouse's IRA
- Move spouse's IRA assets into your own account
- Same as last point but convert IRA into Roth IRA
- Discharge
Now, if:
- Traditional IRA: Contributions may be tax-deductible, and earnings grow tax-deferred.
- Roth IRA: Contributions are made with after-tax dollars, but qualified withdrawals in retirement are tax-free.