Top 15 IRA Tax Facts to Know
Related: Top 12 RMD Tax Facts to Know
Individual retirement plans have long acted as tax-favored personal savings arrangements that allow clients to set aside money for retirement. A traditional individual retirement plan generally allows an individual to contribute both deductible (where eligible) and nondeductible payments to receive the benefit of tax-deferred buildup on income. But rules regarding contributions, withdrawals and taxation can create confusion, depending on the individual client's situation. Are you advising your clients correctly when it comes to their IRAs? In the gallery above are 15 important tax and financial planning questions and answers advisors should be aware of regarding IRAs, according to ALM's Tax Facts Online. (Graphics: Chris Nicholls/ALM) ___________________
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