{"id":344,"date":"2015-05-06T13:51:06","date_gmt":"2015-05-06T17:51:06","guid":{"rendered":"http:\/\/blog.etax.com\/?p=344"},"modified":"2015-04-21T13:51:56","modified_gmt":"2015-04-21T17:51:56","slug":"what-to-expect-from-your-ira-at-tax-time","status":"publish","type":"post","link":"https:\/\/www.etax.com\/blog\/2015\/05\/06\/what-to-expect-from-your-ira-at-tax-time\/","title":{"rendered":"What to Expect From Your IRA at Tax Time"},"content":{"rendered":"

There are many different types of retirement savings available. An individual retirement arrangement, also known as an IRA<\/a>, is one type of personal savings which can be favorable at tax time. There are a few different kinds of IRA savings, including traditional and Roth IRAs. Typically, IRAs are arranged with a bank, insurance provider, or other financial institution.<\/p>\n

Some contributions to a traditional IRA may qualify for a deduction<\/a> at tax time. Also, you may qualify to receive a tax credit equivalent to a specific percentage of your contribution. Traditional IRAs generally are not subject to taxation until they are distributed. IRAs are individually owned, and cannot contain joint ownership, although you can list a beneficiary to receive amounts in the event of death.<\/p>\n

In order to make contributions to a traditional IRA, you have to be younger than 70 \u00bd by the end of the tax year. You are also required to have accrued taxable income, such as wages, salaries, commissions, tips<\/a>, bonuses, or net income from self-employment. Certain compensation payments, such as taxable alimony and other individual maintenance payments, are considered taxable income for IRA purposes.<\/p>\n

Certain income that does not count toward taxable compensation for IRAs include:<\/p>\n