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What is Compensation for Making an IRA Contribution?

We get this question a lot. I have income from _________(fill in the blank). Can I make an IRA contribution? Sometimes the answer is yes, and sometimes it is no. Click to read about the different scenarios.

5 Things To Know About Disability Exception to 10% Early IRA Distribution Penalty

There are a number of excuses, more formally known as exceptions, that you can use to get out of the 10% penalty and lessen your tax burden. One such exception is for disability. Below, we discuss five important facts you need to know about this exception if you plan on trying to use it to avoid the 10% penalty.

Disability Tax Code Benefits For Retirement Accounts

Whether it be from injury, illness or otherwise, being disabled can be physically trying and mentally challenging. It can also be tough on your wallet, as being disabled often carries with it additional medical costs, not to mention a possible loss of earning power. Certainly no one in their right mind would ever choose to be disabled, but if life has dealt you this hand, there are a few benefits available under the tax code to help you make the most of your retirement accounts. Below are three such benefits, discussed in greater detail.

Slott Report Mailbag: Can I Take an IRA Distribution Before Age 59 1/2 If I Am Disabled?

This week's Slott Report Mailbag includes questions on whether an employer plan allows for distributions and rollovers when an employee stops working for that employer, how to compute the taxes on an IRA and an inherited IRA and whether or not a disabled individual can take an IRA distribution before a certain age.

Disability Exception to the 10% Early Distribution Penalty

You are not yet 59 1/2 and have become disabled. You want to take funds out of your IRA. Can you escape the 10% early distribution penalty?

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Please contact Matt Smith at matt@irahelp.com or (516) 536-8282 with any questions.

 

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