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2 mentions found


☆ How a Retirement Withdrawal Can Lead to a Perjury Conviction
  + stars: | 2024-06-01 | by ( Ron Lieber | ) www.nytimes.com   time to read: +1 min
Sometimes, it’s illegal to spend money that you set aside for yourself. When you save money in many types of workplace retirement accounts, the Internal Revenue Service doesn’t collect income taxes on that money until it’s time to take it out, when you’re older. But you must have a very good reason, and you definitely can’t lie about it. Last week, a sentencing hearing took place after a rare case involving this sort of legal violation. Ms. Mosby will spend up to 12 months in home confinement, absent a successful appeal or a presidential pardon, which she has requested.
Persons: Marilyn Mosby, Freddie Gray, Mosby Organizations: Internal Revenue Locations: Baltimore, Florida
☆ What Is a Roth IRA and How Does It Work?
  + stars: | 2023-08-16 | by ( Tanza Loudenback | ) www.wsj.com   time to read: +13 min
How does a Roth IRA work? “A Roth IRA offers investors a lot of flexibility which, in my opinion, is its biggest benefit,” says Eric Presogna, a financial planner in Erie, Pa.How is a Roth IRA different from a traditional IRA and from a 401(k)? The annual limits apply to traditional and Roth IRAs, in aggregate—meaning you can’t add more than the allowed amount to your traditional and Roth IRAs combined. High-income workers can use the “backdoor Roth” strategy to get money into a Roth IRA. How to fund a Roth IRAA Roth IRA typically needs to be funded before you can start choosing investments.
Persons: Roth, “ Roth, ”, David Edmisten, Internal Revenue Service doesn’t, you’re, Roth IRAs, we’ll, “, Eric Presogna, Nick Cantrell, don’t, posttax Roth, Cantrell, Zach Teutsch, brokerages, IRA —, ” Teutsch Organizations: IRA, Internal Revenue Service, Roth IRA, Washington , D.C, Fidelity, Vanguard, IRS, Financial Locations: Prescott, Ariz, Erie, Pa, Massachusetts, Washington ,
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