|
gptkbp:instanceOf
|
Individual Retirement Account
tax-advantaged account
|
|
gptkbp:accessibleBy
|
individuals with earned income
|
|
gptkbp:beneficiaryDesignation
|
allowed
|
|
gptkbp:catchUpContributionLimit
|
$1,000 extra for age 50 and over (2023)
|
|
gptkbp:contribution
|
tax-deductible (subject to limits)
|
|
gptkbp:contributionDeadline
|
tax filing deadline (usually April 15)
|
|
gptkbp:conversionAllowedTo
|
gptkb:Roth_IRA
|
|
gptkbp:country
|
gptkb:United_States
|
|
gptkbp:earlyWithdrawalPenalty
|
10% before age 59½ (exceptions apply)
|
|
gptkbp:establishedBy
|
gptkb:Employee_Retirement_Income_Security_Act_of_1974
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
Traditional IRA
|
|
gptkbp:incomeLimitsForDeductibility
|
apply if covered by workplace retirement plan
|
|
gptkbp:investmentsAllowed
|
bonds
mutual funds
stocks
ETFs
CDs
|
|
gptkbp:maximumLoanAmount
|
$6,500 per year (2023)
|
|
gptkbp:notAllowedInvestments
|
life insurance
collectibles
|
|
gptkbp:regulates
|
gptkb:Internal_Revenue_Service
|
|
gptkbp:requiredMinimumDistributionsBegin
|
age 73 (for those turning 72 after 2022)
|
|
gptkbp:rolloverAllowedFrom
|
gptkb:401(k)
gptkb:403(b)
other IRAs
|
|
gptkbp:spousalIRA
|
allowed
|
|
gptkbp:subjectToBankruptcyProtection
|
yes (up to limits)
|
|
gptkbp:subjectToProhibitedTransactionRules
|
yes
|
|
gptkbp:subjectToRequiredMinimumDistributions
|
yes
|
|
gptkbp:taxationOnWithdrawals
|
taxed as ordinary income
|
|
gptkbp:taxDeferral
|
yes
|
|
gptkbp:bfsParent
|
gptkb:IRS_Form_8606
gptkb:SoFi_Invest
gptkb:Schwab_Intelligent_Portfolios
|
|
gptkbp:bfsLayer
|
6
|