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A PHILOSOPHY DERIVED FROM PERSONAL AND PROFESSIONAL GROWTH

Traditional IRA

$395

PER YEAR

$50 ESTABLISHMENT FEE

A Traditional Individual Retirement Account (IRA) is one of the most common types of retirement savings accounts, and a great way to increase the amount you are saving for retirement.

Income within the account grows tax-deferred. Only when the funds are withdrawn from the account as a distribution will there be a potential tax liability.

Better yet, contributions made into the account each year may provide a tax-deduction equivalent to the same amount contributed (subject to government guidelines and income limitations).

At the time of retirement, most individuals find themselves in a much lower tax bracket than they were while they were employed. This means that they pay a lower tax rate on those funds than they would have during the years they were placed in the account.

  • Investments within your Traditional IRA grow tax-deferred.
  • Contributions to the account may be tax deductible, provided you meet certain requirements
  • You can contribute the maximum annual amount per year to the Traditional IRA in addition to what you are contributing to any employer-sponsored plans you are participating in (e. 401K Plans, SEP IRAs).
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Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. Duis autem vel eum iriure dolor in hendrerit in vulputate velit esse molestie consequat, vel illum dolore eu feugiat nulla facilisis at vero eros et accumsan et iusto odio dignissim qui blandit praesent luptatum zzril delenit augue duis dolore te feugait nulla facilisi.

Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. Duis autem vel eum iriure dolor in hendrerit in vulputate velit esse molestie consequat, vel illum dolore eu feugiat nulla facilisis at vero eros et accumsan et iusto odio dignissim qui blandit praesent luptatum zzril delenit augue duis dolore te feugait nulla facilisi.

Roth IRA

$395

PER YEAR

$50 ESTABLISHMENT FEE

A Roth Individual Retirement Account (IRA) is a retirement account which lets you save and invest after-tax dollars. When you originally contribute funds into your Roth IRA account, they have already been taxed., As time goes on, the investments grow tax free and there are no additional taxes on regular distributions because you have already paid taxes on these funds.

In a Roth IRA, you can make investments to increase the value of your account and collect more money for your ideal retirement. The only limitations on the investments made in a Roth IRA are those restricted by the IRS and include a very limited number of items.

Unlike a Traditional IRA, there are no age restrictions on when you must stop contributing to your account. However, Roth IRA contributions must be made with earned income, and that income must fall within certain Adjusted Gross Income (AGI) limits.

  • Tax-free growth on all contributions placed into your account over time.
  • All annual contributions made to a Roth IRA can be withdrawn at any time (tax-free) as these contributions are already taxed at the time of contribution.
  • Distributions are penalty-free after age 59½.
  • Qualified account distributions also are tax-free, as long as certain requirements are met.
  • There is no minimum distribution requirement at age 70½.
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Up to $10,000 in earnings withdrawals can be made from your Roth IRA, tax free, if the money is used to acquire a principal residence for a first-time buyer. The owner must be the Roth IRA’s owner, their spouse, or their lineal ancestors and descendants and cannot have owned a home in the previous 24 months.

 

 

NOTE: Certain restrictions apply regarding prohibited transactions which must be reviewed before considering this option.

Inherited IRA

$395

PER YEAR

$50 ESTABLISHMENT FEE

An Inherited Individual Retirement Account (IRA) is an account that is opened when a beneficiary inherits an IRA or employee-sponsored retirement plan, after the death of the original owner.

A person who inherits their spouse’s IRA has a unique option, to make the account their own. They would not have to establish an “Inherited IRA.” Instead, they could establish a normal Traditional IRA or Roth IRA depending on the account type of the original owner.

As a beneficiary, you cannot make additional, annual contributions to an Inherited IRA, but the funds and assets in the account can continue to remain tax-deferred or tax-fee in some cases. Generally, distributions from these types of accounts do not incur a tax penalty.

As with any other IRA, funds within the account can be invested to increase the value of the Inherited IRA, hopefully increasing your retirement savings. The only limitations on the investments made within an Inherited IRA are placed by the IRS and include a very limited number of items.

  • Tax-free growth on all contributions placed into your account over time.
  • All annual contributions made to a Roth IRA can be withdrawn at any time (tax-free) as these contributions are already taxed at the time of contribution.
  • Distributions are penalty-free after age 59½.
  • Qualified account distributions also are tax-free, as long as certain requirements are met.
  • There is no minimum distribution requirement at age 70½.
  • Unable to make annual contributions to an Inherited IRA
  • Can only transfer to another Inherited IRA, inherited from the same party
  • Required Minimum Distributions (RMD’s) are mandatory

Within nine months after the original account owner’s death:

  • If you’re planning to disclaim the assets, your written disclaimer generally must be received no later than nine months after the date on which you become entitled to the assets, according to Federal regulations.

December 31 of the original account owner’s year of death:

  • If the account owner died on or after his or her required beginning date (RBD), the RMD for the year must be satisfied if it was not taken in full during the account owner’s lifetime.

December 31 of the year following the original account owner’s year of death:

  • If you are taking RMD based on the life-expectancy method, distributions must begin by this date. If you are one of multiple beneficiaries, all beneficiaries must have established separate inherited IRA accounts by this date to calculate distributions based upon each beneficiary’s own life expectancy.

September 30 of the year following the original account owner’s year of death:

  • Important for determining the beneficiary whose life expectancy may be used to calculate RMD (the designated beneficiary). If you’re one of multiple beneficiaries of varying ages, all beneficiaries must use the life expectancy factor of the oldest beneficiary who has not taken a lump-sum distribution or disclaimed his or her entire interest prior to this date. However, if all of the beneficiaries have established separate IRA accounts by December 31 of the year following the account owner’s death, then all beneficiaries may be able to use their own life expectancy factors to calculate their RMD. Check with your tax advisor to see if you are eligible for this benefit.

October 31 of the year following the account owner’s year of death:

  • Important if you are the trustee of a trust named as IRA beneficiary. The IRS mandates that trustees provide the fiduciary with a copy of the trust document or a summary list of the trust’s beneficiaries and conditions by this date. If this requirement is not met, or if the trust failed to meet certain other IRS requirements, it’s not considered a qualifying trust eligible for more favorable RMD calculations, usually based on the life-expectancy of the oldest trust beneficiary.

Do you Have Questions? Let us know!

Existing Clients
(888) 855-9856

Future Clients
(888) 662-0869

WHO WE ARE

With more than 34,000 clients in all 50 states, our elite team of professionals is the premier choice. We offer highly personalized service tailored to your needs, transforming your financial future.

CONTACT US

OUR ADDRESS

8880 W. Sunset Rd.,
Suite 250
Las Vegas, NV 89148

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FAX

(702) 253-7565

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EMAIL

info@trustprovident.com

Provident Trust Group, LLC is a BBB Accredited Management Consultant in Las Vegas, NV