An IRA is one of the most valuable savings tools available today. More people than ever before are able to contribute to IRAs and benefit from the great tax advantages. IRAs are no longer just a savings plan to supplement your retirement needs, but can also be used for a first-time home purchase or even qualified college education expenses.
Red Crown offers three types of IRAs:
– Earnings are tax-deferred
– Contributions may be tax-deductible, if you qualify
– Withdrawals are taxable
– Earnings are tax exempt
– Contributions are not tax-deductible
– Qualified distributions are tax-free
Coverdell Education Savings Accounts (ESA)
– Qualified elementary and secondary education expenses may be paid
– Earnings grow tax-free if distributions are used for qualified education expenses
For tax information and guidance, please contact a tax professional.
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