Designated financial institution (DFI)
Definition A financial institution ( such as a bank , insured credit union, savings and loan, or IRS approved non-bank custodians-such as a brokerage firm)
Roth IRAs
Scroll down for Roth IRA content: A Roth IRA is an individual retirement account that is funded with amounts that have already been taxed. Earnings grow tax-deferred and qualified distributions are tax-free. This category includes various content that focuses on Roth IRAs. Please check back often as we add more content.
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Modified Adjusted Gross Income (MAGI)
Definition Modified Adjusted Gross Income (MAGI) is an individual’s adjusted gross income without taking into account any of the following amounts. IRA deduction. Student loan
Ordering rules-Roth IRA
Definition The order in which amounts attributed to contributions, conversions and earnings are considered to be distributed from a Roth IRA. The ordering rules are
Roth IRA
Definition A retirement savings vehicle, wherein earnings accrue on a tax-deferred basis and distributions are tax-free if qualified. A Roth IRA can be either of
Roth IRA Conversion
Definition The converting of assets from a Traditional, SEP or SIMPLE IRA to a Roth IRA. Roth conversions can be accomplished in the following ways:
Roth 401(k) Program
Definition A 401(k) plan under which elective deferral contributions are made to a section 401(k) plan. The contributions must satisfy the following requirements: Has been
