How Does An IRA Retirement Plan Work?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaAn individual IRA retirement plan is a qualified defined contribution under ERISA, the Employee Retirement Income Security Act of 1974. The plan allows tax deductible contributions up to $5,500 for 2013 and an addition $1,000 under the catch up provision for those over age 50. An IRA accumulates tax deferred and upon distributions is taxable as ordinary income. Keep in mind that distributions before age 59½ will also be subject to a 10% penalty.Answered on July 25, 2013+01+1 this answer
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