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*IRS
Pub 590
The
Taxpayer Relief Act of 1997 created a variety of new IRA options.
Not only did it change rules for the traditional IRA, but
it also introduced the Roth and Education IRAs. These options
were improved by the Economic Growth and Tax Relief Reconciliation
Act of 2001.
Traditional IRAs are more attractive than ever because expanded
income limits mean more people will be able to make tax-deductible
contributions. In addition, penalty-free withdrawals are allowed
for qualified higher-education expenses and for a first-time
home purchase.
Contributions to the Roth IRA or Education IRA (now known
as the Coverdell Education Savings Account) are not tax-deductible,
but the accounts offer the opportunity for tax-free earnings.
Your tax adviser can offer more guidance on which type of
IRA may be best for your needs. Of course, we are always here
to answer your questions and assist you with opening an IRA.
Please call us today at (713) 993-0949 for more information.
Traditional, Roth, or Educational IRA? Which is best
for you? Download our IRA Brochure to get
more information.
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