IRA Plans

If you are talking about my brave country's army, that question will not be answered, if you have a reason to come fight to free old Ireland once again come join us, don't ask! Tiocfaidh ar la mo chara!

You can contribute until you're the 70.5 years old

1. Traditional IRA contributions are tax deductible on both state and federal tax returns for the year you make the contribution, while withdrawals in retirement are taxed at ordinary income tax rates. Roth IRAs provide no tax break for contributions, but earnings and withdrawals are generally tax-free.

You can contribute as much as you want to an IRA, but you would pay an excess contribution tax on the amount over $5,000. If you are over 50 you can contribute an additional $1,500 ($6,500 total) without penalty.

Upon the passing of your parents, the money inside the IRA becomes yours by inheritance. Assuming that it is under the "Death tax" limit, you will pay income tax at your rate upon withdrawal. You are allowed to keep the money inside the IRA to defer taxes, but the rate at which it is withdrawn it subject to the income tax bracket in which you are in, not your parents.

The "original IRA" were formed from an organisation called the Irish Republican Brotherhood (IRB) in the early part of the the 20th Centuary. The IRA were one of the protagonists in the Irish War of Independence post the 1916 Easter Rebellion , the other of course being the British.

Following the truce , the island of Ireland was partitioned by the British with the Treaty of Dec.6 1920. The Treaty was signed by the Irish delegation under the threat of all out war in Ireland by the British. Michael Collins felt it was the best he could achieve at that time and to prevent further bloodshed , he signed. He is reported to have said at the time of signing " In signing this Treaty I know I'm signing my own death warrant" They proved to be prophetic words as he was assinated in County Cork during the civil war which erupted after the Treaty with pro and anti treaty sides fighting a bitter war. Brother against brother in many cases.

After the civil war ended , the Northern Ireland state became very difficult for the sizeable Catholic minority to live in , with widespred discrimination in housing and employment. The areas were gerrymanderd to ensure that there was always a Protestent majority on the councils.

The "time bomb" that was ticking for almost 50 years exploded in the late 1960's when Civil Rights Organisations were baton charged and attacked by British Security forces during peaceful protest marches.

The IRA , who had largely disappeared from the scene , now became the protectors of the Catholic population after being accused of deserting them. IRA " I Ran Away" was often used.

During the Sinn Fein ( political wing of the IRA ) Annual Conference in 1970 , a huge split occured in the organisation. Certain elements wanted to go down the political route but others wanted a military and armed response. The supporters of the armed and military response stormed out of the meeting and formed what became known as the Provisional IRA. The name Provisional refers back to 1916 , when the leaders of the Easter Rebellion stood on the steps of the General Post Office in Dublin , and declared themselves as the Provisional Government of the Irish Republic. The Provisional IRA claimed that they were the legitimate army of this Provisional Govenment.

A Roth IRA is funded with after-tax money and you do not pay taxes when you withdraw the money. A Traditional IRA is funded with pre-tax money and you pay taxes when you withdraw the money.

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Keogh plan is a qualified tax-deferred retirement plan targeted to the self-employed. Administrative fees are generally higher on Keogh plans than on individual retirement accounts, because Keoghs are more complex. Yet Keoghs typically allow higher contribution amounts. Therefore, self-employed people who make good money often find that a Keogh's benefits outweigh its costs. When they sell, incorporate or retire, they may choose conversion to a lower-cost IRA.

Definitions:

Earned income - is received from services performed. For example, wages, commisions, tips, and business income.

Unearned income - is generally income that the does meet the definition of earned income. Examples include interest, dividends, rents, and royalties. Pensions and IRA distributions would fall into this category.

Yes, you can take your IRA Required Minimum Distribution (RMD) in January. However, keep in mind that RMDs must be taken by December 31 each year, except for your first RMD, which can be delayed until April 1 of the following year. If you choose to take your RMD in January, it will count for that tax year. Always consult with a financial advisor to ensure compliance with IRS rules.

Required Minimum Distribution or RMD is the amount you have to withdraw from you IRA or 401K, etc. beginning at age 70 1/2 per year (it can be divided into 12 monthly payments per year) or the IRS will charge you a 50% penalty for not withdrawing the RMD amount. The reason is the IRS wants you to pay taxes on your IRA or 401K by age 70 1/2 or you will be penalized a 50% penatly for not using that money. You cannot just leave it there forever. This applies only on pre-tax products that you have never paid any taxes on. A Roth IRA is not included because taxes were paid on that money before it was set aside for retirment. It is not Pre-tax but Post-tax. There is a formula you have to use to calculate and RMD by IRS rules and regulations. You can access such a calculator at the following: https://www3.troweprice.com/retailtools/rmdcalc/public/rmdStart.do?distYear=2011&beneDob=

Yes

Converting an IRA (traditional, rollover, SEP or SIMPLE[1]) or other eligible qualified retirement plan to a Roth IRA may be more attractive and accessible than ever before. As of January 1, 2010, all investors have an opportunity to convert their retirement assets to a Roth IRA as income restrictions are going away.

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you can withdraw your earnings once your 59.5 old without paying a penalty. screw plato

Traditional IRAs can be sponsored by various financial institutions, including banks, credit unions, brokerage firms, and mutual fund companies. These institutions offer the accounts and manage the investments within them, allowing individuals to contribute pre-tax income for retirement savings. Contributions to a traditional IRA may be tax-deductible, depending on the individual's income and participation in other retirement plans.

No, the annuity has to be liquidated and rolled.