Sentences with phrase «nondeductible penalty»
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In addition, you can withdraw nondeductible contributions (but not earnings on those contributions) at any time without triggering taxes or penalties.
http://www.traditionalira.com/
Contributions are nondeductible — therefore, unlike the Traditional IRA, distributions from an Educational IRA are penalty free and tax - free
In addition, you can withdraw nondeductible contributions (but not earnings on those contributions) at any time without triggering taxes or penalties.
Note that withdrawals from deductible and nondeductible traditional IRAs are subject to ordinary income taxes and if withdrawn prior to age 59 1/2 may be subject to an additional 10 percent federal income tax penalty (for nondeductible traditional IRAs, only the portion of the withdrawal attributable to earnings is taxable).
Unfortunately, payments of any fines or penalties to the government are nondeductible from taxable income even if it was connected to a business purpose.