A PLAN THAT HELPS RETIREES - AND MARYLAND CONVERTING 401(K) ACCOUNTS INTO ANNUITIES COULD BE MUTUALLY BENEFICIAL

Money accumulated in qualified retirement plans is not subject to federal or state income tax at the time it was earned, but is subject to income tax at the time it is withdrawn. [...] each time a retiree takes rollover money from his or her IRA for personal use in retirement, he or she must report...

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Bibliographic Details
Published inThe Sun (Baltimore, Md. : 1837)
Main Author Magid, Richard J
Format Newspaper Article
LanguageEnglish
Published Baltimore, Md Tribune Publishing Company, LLC 12.08.2011
Subjects
Financial planners
Investment advisors
Personal finance
Retirees
Savings banks
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Summary:Money accumulated in qualified retirement plans is not subject to federal or state income tax at the time it was earned, but is subject to income tax at the time it is withdrawn. [...] each time a retiree takes rollover money from his or her IRA for personal use in retirement, he or she must report such money as income and pay state and federal income tax.\n
ISSN:1943-9504
2573-2536