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
|