Types of Self-Directed Individual Accounts
Gain tax-free or tax-deferred benefits that a self-directed IRA provides. When seeking an account for individual purposes, Accuplan Benefits Services has an account type that will fit everyone’s needs. Invest in a wide variety of alternative assets, save money for the future, and do it all with confidence knowing that you are working with the best self-directed IRA provider.
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Roth individual retirement accounts provide savers the opportunity to contribute to a Roth with after-tax dollars, up to a specific amount each year. Distributions can be taken at age 59 ½ without penalty and tax-free.
- Contributions are not tax-deductible, and eligibility depends on income levels.
- Following all IRS laws will ensure all contributions are 100% tax-free.
- Once funds have been contributed into a Roth account for at least five years, the account holder may withdraw contributions plus principal earned with no tax or penalty.
- Roth IRAs have no RMD requirements.
Roth IRA Eligibility Requirements
A Roth IRA is similar to regular IRAs in that a taxable salary must have been received throughout the year. Roth tax advantages are provided to retirement savers if the following requirements are met:
- Taxable income was received
- The Modified Adjusted Gross Income (MAGI) of the contributor does not exceed the set Roth IRA income limits
If a married couple files a joint tax return, only one person is required to have a taxable salary and can contribute to an IRA on their non-working spouse’s behalf.
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Traditional IRA account contributions are made with pre-tax dollars, meaning the account holder will pay taxes when taking distributions upon retirement age 59 ½.
- The eligibility of contributions being tax-deductible is dependent on income level.
- Taxes are paid on earnings upon distributions being withdrawn from the IRA.
- If funds are withdrawn from a Traditional IRA before age 59 ½, those funds are subject to a 10% fee unless an exception applies to the withdrawal.
Traditional IRA Eligibility Requirements
Retirement savers are eligible for a Traditional IRA if a salary or compensation was received over the tax year. If the IRA owner and their spouse both receive a salary over the year, both can establish an IRA.
If a married couple files a joint tax return, only one person is required to have a taxable salary, and can contribute to an IRA on their non-working spouse’s behalf.
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Such as: SEP IRAs, SIMPLE IRAs, 401Ks and ESOPs