Retirement and Taxes

Banks and other financial institutions send out Form 5498 to report information about individual retirement accounts, health savings accounts and other types of tax-preferred savings accounts. This tax form is for information reporting purposes only, and most of the information on Form 5498 is probably already reported on your tax return. Tips...

Investment losses inside an individual retirement account could produce a tax deduction, if you're willing to cash out your IRAs. Here's an overview of how IRA losses are handled for tax purposes, and some tips for making of the most of an IRA loss.

If you withdraw money from a traditional individual retirement account (IRA), 401(k), 403(b), or other qualified retirement plan before you turn age 59 1/2, you may be subject to an early distribution penalty of 10%. There are exceptions. Here's what you need to know about the 10% early distribution penalty.

An individual retirement account is a savings plan offering tax benefits. Some types of IRAs provide a tax deduction, reducing your current income. Other IRAs provide no deduction, but offer tax-free distributions. Learn about the different types of IRAs available.

You can save for retirement using a number of tax-deferred or tax-free retirement plans.

If you have been saving for retirement in a traditional IRA, you are eligible to convert some or all of your traditional IRA funds into a Roth IRA. Beginning in the year 2010, all restrictions on converting to a Roth IRA have been removed. Prior to 2010, individuals were not allowed to convert to a Roth IRA if their income exceeded 100,000. Is...

Roth individual retirement accounts provide potentially tax-free savings and distributions. Unlike a traditional IRA, you don't get a deduction for your contributions. Instead, savings grow inside of the Roth IRA without needing to pay any taxes on the earnings and growth. Distributions from a Roth IRA are completely tax-free, as long as you...

For the year 2011, people can contribute up to $16,500 as an elective deferral to their employer's 401(k) plan. Additionally, if you are age 50 or older, you can contribute an additional catch-up contribution of $5,500.

For the year 2011, people can contribute up to $16,500 as an elective deferral to their employer's 403(b) retirement savings plan. Additionally, if you are age 50 or older, you can contribute an additional catch-up contribution of $5,500.

For the year 2011, people can contribute up to $16,500 as an elective deferral to their employer's 457 deferred compensation plan. Additionally, if you are age 50 or older, you can contribute an additional catch-up contribution of $5,500.

Americans working in foreign countries may able to set money aside in a IRA. However there are some technical rules that call for close scrutiny to ensure that your savings achieve the maximum tax savings. In particular, the foreign earned income exclusion coordinates with the rules for IRA eligibility, and this creates a very narrow range of...