Traditional IRAs allow you to save for retirement on a tax deferred basis, while Roth IRAs are funded with after-tax contributions.
If you are a sole proprietor, you may be able to offer health care coverage to your spouse if your spouse is a bona fide employee of your business.
The “Understanding Taxes” website is designed to teach students about the mystery behind the U.S. tax system.
Once you reach 70½, you are required to withdraw from your IRA. How much do you withdraw? The IRS has simplified the calculation with Life Expectancy Tables to help you calculate your withdrawal.
Use Table III if you are the IRA owner, unless your spousal beneficiary is more than 10 years younger than you are.