Retirement Accounts
Flashcard
•
Mathematics
•
12th Grade
•
Hard
Wayground Content
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14 questions
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1.
FLASHCARD QUESTION
Front
What is a Traditional IRA?
Back
A Traditional IRA (Individual Retirement Account) allows individuals to make tax-deductible contributions, with taxes deferred until withdrawal during retirement.
2.
FLASHCARD QUESTION
Front
What is a Roth IRA?
Back
A Roth IRA allows individuals to contribute after-tax income, meaning contributions are taxed upfront, but withdrawals during retirement are tax-free.
3.
FLASHCARD QUESTION
Front
What is the penalty for early withdrawal from a Traditional IRA?
Back
The penalty for early withdrawal (before age 59½) is typically 10% of the amount withdrawn, in addition to regular income tax.
4.
FLASHCARD QUESTION
Front
At what age can you start withdrawing from a Traditional IRA without penalty?
Back
You can start withdrawing from a Traditional IRA without penalty at age 59½.
5.
FLASHCARD QUESTION
Front
What is the maximum contribution limit for a Traditional IRA in 2023?
Back
The maximum contribution limit for a Traditional IRA in 2023 is $6,500, or $7,500 if you are age 50 or older.
6.
FLASHCARD QUESTION
Front
How much can you borrow from your 401(k)?
Back
You can borrow up to 50% of your vested balance or $50,000, whichever is less.
7.
FLASHCARD QUESTION
Front
What is the tax advantage of contributing to a Traditional IRA?
Back
Contributions to a Traditional IRA may be tax-deductible, reducing your taxable income for the year.
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