Meridian Idaho Form 5498 2024-2025

Meridian Idaho Form 5498: What You Should Know

What Are IRA Funds Available For? If you are covered under an individual retirement plan (IRA), you can use IRA funds to save for anything:  • your first home — this has a ceiling of 200,000 • college expenses — this has a ceiling of 100,000 • first car — this has a ceiling of 25,000 When you open an IRA, you have two options. You can open a designated Roth account for this purpose, or you can  “earn” your own money. Either way, you can use 3,000 annually from your IRA, which is up to five times higher than the annual limits for this investment. This annual amount is shown in the IRA statement on your tax return. What If You Don't Have Any IRA Funds Yet? You can put your IRA, as long as you meet IRS filing requirements and maintain a high enough total asset level, into an “earn” account for you to earn that amount. These “earn” accounts are separate from the IRA that you might open with your employer. An “earn” account is a separate account from your IRA, meaning you don't have to make a contribution to it. The rules for earning account amounts are described below, under “What It Means to Have an IRA.” How much IRA money you can put in an “earn” account depends only on your IRA income, not the size of your IRA total. For example, if your IRA has 1 million in total assets, you can contribute the maximum amount in an “earn” account. You can also pay income tax on whatever you earn that amount in, which is the maximum. (However, if you have the annual ceiling of 250,000, you have nothing to contribute.) What You Can Do With IRA Funds After They're There, if You Want To In addition to contributing funds to an account, there are a few things you can do with these funds. Keep in mind, the rules for using your IRA funds, if you want to do any of the following, are different from the rules for withdrawing those funds: • withdraw IRA contributions from your Roth IRA — You can withdraw these funds at any time, but you may not claim the earnings on the withdrawn funds as a contribution (as noted below).

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