Traditional IRA

GPTKB entity

Statements (54)
Predicate Object
gptkbp:instance_of gptkb:urban_area
gptkbp:beneficiary Can designate beneficiaries
gptkbp:benefits Tax benefits for retirement savings
gptkbp:contribution Earned income only
gptkbp:contribution_eligibility No age limit for contributions
gptkbp:conversion_to_roth Taxable event
gptkbp:custodian_requirement Must be held by a qualified custodian
gptkbp:early_withdrawal_exceptions Disability
Medical expenses
First-time home purchase
Qualified education expenses
Health insurance premiums during unemployment
gptkbp:eligible_contributors Individuals with earned income
gptkbp:features Requires account management and monitoring
gptkbp:financials Offered by banks and brokerage firms
Requires understanding of tax implications
gptkbp:funding $6,000
$7,000 (if age 50 or older)
gptkbp:future_goals Helps achieve financial goals for retirement
https://www.w3.org/2000/01/rdf-schema#label Traditional IRA
gptkbp:income_limits Phase-out for high earners
gptkbp:investment gptkb:Bonds
Stocks
Mutual funds
Market risk
ETFs
Inflation risk
gptkbp:investment_strategy Long-term investment strategy
gptkbp:iraaggregation_rule All IRAs counted for contribution limits
gptkbp:mentor Often recommended by financial advisors
gptkbp:migration Can transfer to another IRA
gptkbp:non-deductible_contribution Allowed if income exceeds limits
gptkbp:prohibited_transactions Certain transactions are prohibited
gptkbp:regulatory_compliance Subject to IRS regulations
gptkbp:replaces Annuity payments
Lump-sum withdrawal
Periodic withdrawals
gptkbp:required_minimum_distribution Age 72
gptkbp:retirement Important for retirement planning
gptkbp:rollover_option Can be rolled over to a Roth IRA
gptkbp:self-directed_ira Can be self-directed
gptkbp:spousal_ira Can be established for a non-working spouse
gptkbp:state_tax_treatment Varies by state
gptkbp:submission_deadline April 15 of the following year
gptkbp:tax_form gptkb:Form_1040
Form 5498
gptkbp:taxation_at_withdrawal Ordinary income tax
gptkbp:type Retirement savings account
gptkbp:type_of Tax-deferred growth
Tax-deductible contributions
gptkbp:withdrawal_age Withdrawals can begin at age 59½
gptkbp:withdrawal_penalty 10% penalty for early withdrawal
gptkbp:bfsParent gptkb:IRA
gptkbp:bfsLayer 5