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7 Cards in this Set
- Front
- Back
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List the 3 types of IRAs
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TRADITIONAL
ROTH EDUCATIONAL |
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What are the characteristics of a Traditional IRA
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-Tax Deferred
- Deferred until withdrawn - MAX contrib $4000 - Deductible from gross income - Tax deferred until withdrawal - Earliest withdraw 59 1/2 - Mandatory payout 70 1/2 - Penalty early withdraw. |
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What are the chracteristics
ROTH IRA |
- NOT deductible from gross income.
- Earnings Tax deferred - MAX contrib. $4000 - Earliest withdraw 59 1/2 - NO MANDATORY PAYOUT |
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EDUCATIONAL - IRA - Coverdell ESA
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- Only interest is deferred
- $2000 MAX - up until age 18 for beneficiary - Mandatory withdraw age 35 |
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List 2 CB IRA Products
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1. Add On IRA
2. CD IRA |
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What are the features of a Add on IRA?
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1. $100 MINIMUM DEPOSIT
2. Additional minimum deposit $25 |
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What are the features of a CD IRA
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1. $250 to open
2. 6 - 60 months 3. Compound interest. |
