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Gold Roth IRA Rules
https://www.regalassets.com/a/1237/
Do not confuse the Roth IRA (or traditional IRA) with an investment. It is an investment
account and you are able to place your money into many different things like mutual funds,
stocks, bonds and the like. The unique thing about a Roth-IRA is that the dividends, interest
and capital gains you glean from the account are not taxed. Of course, you must first meet
some specific criteria and know the specific Roth-IRA rules in order to enjoy the tax-free
gains.
Roth IRA Rules when Opening an Account
You have many options in brokerage firms where you can open a Roth-IRA. Where you choose
to open one will have very little impact on the investment opportunities and types you
will have access to. It would be advantageous to focus on the low cost options with great
customer service.
Roth-IRA Rules regarding Limits in Income and Contributions
As of 2010, the maximum amount that you able to contribute to a Roth IRA IS $5000; this
goes up to $5000 if you are 50 years of age or older. The eligibility for making the maximum
contribution will depend greatly on your income, though. For a single person the rule is that
you must have a modified gross income of less than $106,000 annually. For the married couples
who file jointly, the modified gross must be less than $167,000 a year.
Withdrawing Money from a Roth IRA
One of the benefits of a Roth IRA, and the main thing that attracts investors, is the
fact that funds can be withdrawn from the account at any time without penalty and free
from taxation. Of course you will still have to jump through some hoops in order to enjoy
this benefit.
The reason for the circus act is simple. An IRA is designed for people to save and invest;
if you simply want a hold to hold and spend your money they make savings and checking
accounts for that. But, there are times and situations when people need the money and
IRAs are flexible to meet those needs. The money placed in a Roth IRA can be taken at
any time without penalties or taxes.
Roth IRA Rules regarding Earnings Distributions
Things can get exceedingly complicated when talking about the rules for distribution of
earnings.
You must meet certain criteria and have reasons that qualify you for distribution. You can
distribute earnings if you meet one of these specific criteria:
1.Reach the age of 59 1/2 years. 2.Have the money distributed to a beneficiary following your death. 3.Become
disabled. 4.Use your distribution to make a qualified first-time home buyer payment.
The Rule of 5-Years
If you decide to claim a distribution from earnings before reaching the first day of
year five after opening the first of your Roth accounts then you will be taxed on it
as you would ordinary income at your current tax rate. There are exceptions to every one
of these Roth IRA rules, this one included. You will not be taxed or penalized according
to the five-year rule if you use the money for expenses incurred from qualified higher learning. Other exceptions include
distributions as a result of an IRS levy, being a qualified reservist, accepting recovery
assistance (including disaster recovery). Luckily, all of your Roth accounts are viewed
as one; if you've met the five years on one, you've met it on all
of them.
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https://www.regalassets.com/a/1237/
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Gold Roth IRA Rules
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