Individual Retirement Arrangement
GPTKB entity
Statements (54)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
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
|
| https://www.w3.org/2000/01/rdf-schema#label |
Individual Retirement Arrangement
|
| 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 |
single
|
| gptkbp:penalty |
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
|