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Form 5305-SIMPLE for Carlsbad California: What You Should Know
C. The Retirement Plan There are three options for your retirement plan. To make the best choice, you must understand these three plans. (1) The Traditional IRA. A Traditional IRA is the only option when you meet the requirements, and you know what you want. There is a huge number of things you do NOT need to know before purchasing a Traditional IRA, but don't feel bad if you don't understand. In most cases, you already know exactly what you want once you know the three options. (2) A Roth IRA. The only way you can put your funds into a Roth IRA is if you meet at least one of the following requirements: (a) Your gross income does not exceed 133,000 for 2015, or 133,000 for 2014, which applies to joint filers (or spouses) (b) You do not own a Traditional IRA or a SIMPLE IRA with any assets in cash value of more than 10,000 held in a cash value account under 10,000. This means that you are required to take a tax deduction of the amount included in these accounts. You do NOT own any stock in a corporation that is an HSA donor or an IRA donor. (2a) You are an employee at least one year in each of the 5 calendar years prior to the year your Roth IRA is started. This is not just a one-time requirement — if you don't meet this requirement you may be able to use a rollover to a Roth IRA at the same time. It is recommended that you only have one Roth IRA account. (3) A SEP IRA. A SEP IRA allows you to put your assets into tax-deferred government-guaranteed retirement accounts. This is a low-cost way to save. In addition to this, there is the “Mosaic IRA”, also known as “Retirement Target Date”, “T4” plan with the IRS, which allows you set in the future the income you will receive and how much income your assets will be taxed when you turn 59 ½ and are able to withdraw. SEP and SIMPLE IRA's have an important place in your portfolio, but the real money is with the Traditional IRA. It is the only IRA that is not subject to the federal income tax when you turn 59 ½.
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