Site Title

Sub-heading text.

Anyone with taxable compensation can make a contribution to a conventional IRA. These contributions are not tax deductible but the money contributed grows tax deferred until it is withdrawn from the account. If you or your spouse have reached the age of 70 ½ then required distributions will be taxed as ordinary income at that time and any withdrawals prior to this age will also be taxed as ordinary income plus an additional 10% federal penalty.

Copyright 2021 Finance Informar - All Rights Reserved. Privacy Policy