Tax Considerations
Tax-Deferred (Traditional IRA)
- Contributions are often tax-deductible
- Reduces current year taxable income
- Taxes are deferred until withdrawal
- Distributions taxed as regular income
Tax-Free (Roth IRA)
- Contributions made with after-tax income
- No immediate tax deduction
- Qualified withdrawals are tax-free
- Must meet 5-year holding period
Reporting Requirements
- Year-End Statements: Provided by iTrustCapital
- Individual Trades: Not reported on personal taxes
- Early Withdrawals: May incur penalties
Important Note:
Always consult a tax professional regarding your personal circumstances. Tax laws can be complex and may change over time.