Timothy Sumer

Traditional IRAs are a great retirement planning tool for many U.S. taxpayers. Traditional IRAs allow taxpayers to contribute funds to a retirement account , where the investment earnings will grow tax-deferred until the individual turns 65 and starts to draw retirement distributions from the account. A traditional IRA can be created by any U.S. person, regardless of income limits, or whether the person is already covered by a retirement plan at work. What individuals need to be mindful of is the deductibility of their contributions. View our video on Roth IRAs: Purchase our tax guides and tutorials here: Check out our website for more posts: Need more help? Schedule a consultation: Follow Jason here: Twitter: Instagram: TikTok: LinkedIn: Patreon: Quora: #IRS #IRA #TraditionalIRA DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor

What is a Traditional IRA? Why consider a Mountain West IRA self-directed IRA? We go over everything you need to know! O -You are eligible to deduct your contribution now and you anticipate your tax rate at retirement to be lower than your current tax rate. -You need a tax deduction, lowering your current tax bill. (Some investors contribute to an IRA account even without the tax deduction.) -You are looking for a larger choice of investment options for your funds. Traditional IRA eligibility: if you have earned income and want to save for retirement on a tax-deferred basis, you may contribute to a self-directed Traditional IRA. Funding your Mountain West IRA self-directed IRA with an IRA or 401(k) Rollover, Transfer, or Contribution: The most common technique to funding a self-directed IRA Traditional IRA is by making a contribution to your account. You may also rollover or transfer funds from an existing employer plan, such as a 401(k), TSA, 403(b), 475(b) defin