John Bullis
For the Nevada Appeal

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January 22, 2013
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John Bullis: Some regular IRA questions, answers

The Individual Retirement Account, known as IRA, is a wonderful thing. It allows you to get an income tax deduction on page 1 of form 1040 (U.S. Individual Income Tax Return). And, the money is still yours!

When you withdraw money from the regular IRA account, it is taxable as ordinary income. By waiting to withdraw money, you postpone taxation, sometimes for many years. In the meantime, the money is invested and the size of the account grows.

Unfortunately, there are many special tax rules about regular IRA accounts. Some of those tax rules are illustrated by the following questions …

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The Nevada Appeal Updated Jan 22, 2013 02:57AM Published Jan 22, 2013 02:55AM Copyright 2013 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.