Timothy Sumer

Terms to help taxpayers better understand Individual Retirement Arrangements Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don't know how IRAs help them save for retirement. People can set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. Here's a list of basic terms to help people better understand their IRA options. Contribution. The money that someone puts into their IRA. There are annual limits to contributions depending on their age and the type of IRA. Distribution. The amount that someone withdraws from their IRA. Required distribution. There are requirements for withdrawing from an IRA: Someone generally must start taking withdrawals from their IRA when they reach age 70½. Per the 2019 SECURE Act, if a person's 70th birthday is on or after July 1, 2019, they do not have to take withdrawals until age 72. Special distribution rules apply for IRA benefic...

We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments while teaching you all about your money. ---Ready to subscribe--- For more information visit: --- Instagram @jazzWealth --- Facebook --- Twitter @jazzWealth Business Affairs 📧Support@JazzWealth.com... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA The Internal Revenue Service (IRS) has recently launched a new program to help taxpayers who owe a significant amount of money. This new option, known as the "Taxpayer Relief Initiative," provides relief for those facing hardship due to outstanding tax debt. Under the initiative, taxpayers who owe up to $250,000 in back taxes can set up an installment agreement without the need for a financial statement or complex documentation. This allows taxpa...