|
gptkbp:instanceOf
|
gptkb:Individual_Retirement_Account
|
|
gptkbp:abbreviation
|
gptkb:IRA
|
|
gptkbp:advantage
|
tax-deferred growth
tax-free growth (Roth IRA)
|
|
gptkbp:annualReport
|
gptkb:IRS_Form_1099-R
gptkb:IRS_Form_5498
|
|
gptkbp:benefit
|
individuals
|
|
gptkbp:catchUpContribution
|
$1,000 (age 50 or older)
|
|
gptkbp:contributionDeadline
|
tax filing deadline (typically April 15)
|
|
gptkbp:contributionEligibility
|
earned income required
|
|
gptkbp:country
|
gptkb:United_States
|
|
gptkbp:deductibility
|
depends on income and participation in employer plan (Traditional IRA)
|
|
gptkbp:earlyWithdrawalPenalty
|
10% before age 59½ (exceptions apply)
|
|
gptkbp:employerContribution
|
allowed (SEP, SIMPLE IRAs)
|
|
gptkbp:establishedBy
|
gptkb:Employee_Retirement_Income_Security_Act_of_1974
|
|
gptkbp:inheritance
|
yes
|
|
gptkbp:investedIn
|
bonds
mutual funds
stocks
ETFs
CDs
|
|
gptkbp:maximumLoanAmount
|
$6,500 (2023, under age 50)
$7,500 (2023, age 50 or older)
applies to Roth IRA contributions
|
|
gptkbp:ownedBy
|
gptkb:single
|
|
gptkbp:penalty
|
gptkb:disability
first-time home purchase (up to $10,000)
qualified education expenses
substantially equal periodic payments
unreimbursed medical expenses
|
|
gptkbp:prohibitedInvestment
|
life insurance
collectibles
|
|
gptkbp:prohibits
|
self-dealing
borrowing from IRA
using IRA as collateral
|
|
gptkbp:purpose
|
retirement savings
|
|
gptkbp:regulates
|
gptkb:Internal_Revenue_Service
|
|
gptkbp:requiredMinimumDistributions
|
begin at age 73 (Traditional IRA)
not required for Roth IRA during owner's lifetime
|
|
gptkbp:rolloverAllowed
|
yes
|
|
gptkbp:rolloverFrom401k
|
allowed
|
|
gptkbp:rolloverFrom403b
|
allowed
|
|
gptkbp:rolloverFromOtherIRA
|
allowed
|
|
gptkbp:spousalIRA
|
allowed
|
|
gptkbp:taxationOnWithdrawal
|
tax-free (Roth IRA, qualified)
taxable (Traditional IRA)
|
|
gptkbp:transferOnDeath
|
beneficiary designation
|
|
gptkbp:type
|
gptkb:SIMPLE_IRA
gptkb:Roth_IRA
gptkb:SEP_IRA
gptkb:Traditional_IRA
|
|
gptkbp:bfsParent
|
gptkb:IRS_Form_8606
|
|
gptkbp:bfsLayer
|
6
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
Individual Retirement Arrangement
|