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Printable Form 5498 Sugar Land Texas: What You Should Know

For further information contact the nearest IRS office or visit the IRS' Taxpayer's Taxpayer Assistance Center (ARC) online. IRA (Individual Retirement Arrangement). This is an individual retirement arrangement (IRA) under section 408(q). It is used to pay income taxes. Generally, the amount paid to you can be from cash or depreciable property, and it must be at least as much as the IRA balance; however, the IRA may include certain other types of investment income. An IRA is “retirement-eligible” until the following time as described in paragraph D below: (1) The balance in the account is at least 5,000 at the time of death; (2) The account balance is at least 5,000 if it has less than 1,000 in investments; or (3) The account balance is at least 7,500 if it has more than 1,500 in investments. Roth IRA. This is an individual retirement arrangement (IRA) under section 408(q). A Roth IRA is available to any individual and can be used to pay both tax and investment income.

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