|
gptkbp:instanceOf
|
gptkb:financial_services_company
retirement savings account
|
|
gptkbp:abbreviation
|
gptkb:IRA
ISA
|
|
gptkbp:age
|
16 for Cash ISA
18 for Innovative Finance ISA
18 for Lifetime ISA
18 for Stocks and Shares ISA
under 18 for Junior ISA
|
|
gptkbp:alternativeName
|
Individual_Savings_Account
retirement_account
retirement_savings_plan
|
|
gptkbp:annualContributionLimit
|
£20,000 (2023/24)
|
|
gptkbp:annualReport
|
gptkb:IRS_Form_1099-R
gptkb:IRS_Form_5498
|
|
gptkbp:benefit
|
no capital gains tax
designated by account holder
no income tax on interest
|
|
gptkbp:canTransferBetweenTypes
|
true
|
|
gptkbp:catchUpContributionLimit
|
$1,000 per year (age 50+)
|
|
gptkbp:contribution
|
earned income
|
|
gptkbp:contributionDeadline
|
tax filing deadline
|
|
gptkbp:countryOfOrigin
|
gptkb:United_Kingdom
gptkb:United_States
|
|
gptkbp:creditorProtection
|
varies by state
|
|
gptkbp:custodian
|
gptkb:bank
brokerage
mutual fund company
|
|
gptkbp:deductibility
|
depends on income and employer plan
|
|
gptkbp:earlyWithdrawalPenalty
|
10%
|
|
gptkbp:eligibility
|
UK resident
|
|
gptkbp:establishedBy
|
gptkb:Employee_Retirement_Income_Security_Act_of_1974
|
|
gptkbp:hasType
|
gptkb:Cash_ISA
gptkb:Innovative_Finance_ISA
gptkb:Lifetime_ISA
gptkb:Stocks_and_Shares_ISA
gptkb:Junior_ISA
|
|
gptkbp:introducedIn
|
1999
|
|
gptkbp:investedIn
|
bonds
mutual funds
stocks
ETFs
|
|
gptkbp:maximumLoanAmount
|
$6,500 per year (2023)
applies to Roth IRA
|
|
gptkbp:owner
|
single
|
|
gptkbp:penalty
|
disability
first-time home purchase (up to $10,000)
qualified education expenses
medical expenses (over 7.5% of AGI)
|
|
gptkbp:prohibitedTransaction
|
self-dealing
borrowing from account
using as collateral
|
|
gptkbp:purpose
|
retirement savings
tax-free savings
|
|
gptkbp:regulates
|
gptkb:Internal_Revenue_Service
gptkb:HM_Revenue_&_Customs
|
|
gptkbp:relatedTo
|
gptkb:Help_to_Buy_ISA
gptkb:Child_Trust_Fund
gptkb:Personal_Savings_Allowance
|
|
gptkbp:replacedBy
|
gptkb:Personal_Equity_Plan
|
|
gptkbp:requiredMinimumDistributions
|
no (Roth IRA)
yes (Traditional IRA)
|
|
gptkbp:rolloverAllowed
|
yes
|
|
gptkbp:rolloverTimeLimit
|
60 days
|
|
gptkbp:rolloverType
|
direct rollover
indirect rollover
|
|
gptkbp:spousalIRA
|
allowed
|
|
gptkbp:taxStatus
|
gptkb:IRS_Form_8606
tax-deferred
tax-free (Roth IRA)
|
|
gptkbp:type
|
gptkb:SIMPLE_IRA
gptkb:Roth_IRA
gptkb:SEP_IRA
gptkb:Traditional_IRA
|
|
gptkbp:website
|
https://www.gov.uk/individual-savings-accounts
|
|
gptkbp:withdrawalAge
|
59½
|
|
gptkbp:withdrawalRestriction
|
Lifetime ISA withdrawal penalty
|
|
gptkbp:bfsParent
|
gptkb:Thrift_Savings_Plan
gptkb:Personal_Equity_Plan
|
|
gptkbp:bfsLayer
|
6
|