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An author described the traditional IRA in 1982 as "the biggest tax break in history". [2] The IRA is held at a custodian institution such as a bank or brokerage, and may be invested in anything that the custodian allows (for instance, a bank may allow certificates of deposit, and a brokerage may allow stocks and mutual funds).
A traditional IRA is maintained by a custodian, such as a bank or investment firm. ... Traditional IRAs and self-directed IRAs both have advantages, and which one is a better choice depends on the ...
Traditional IRA. With a traditional IRA, a custodian is required to oversee the assets. They traditionally limit the types of investments you can hold. Self-Directed IRA.
The Difference Between a Custodial Roth IRA vs. Traditional IRA. A custodial Roth IRA is managed by a parent or guardian on behalf of a child until they reach the age of majority, either 18 or 21 ...
There are several types of IRAs: Traditional IRA – Contributions are mostly tax-deductible (often simplified as "money is deposited before tax" or "contributions are made with pre-tax assets"), no transactions within the IRA are taxed, and withdrawals in retirement are taxed as income (except for those portions of the withdrawal corresponding to contributions that were not deducted).
For example, in the context of the Individual Retirement Account (IRA), a brokerage firm distinguishes its custodial account IRAs from trust IRAs when seeking IRS tax approval for an IRA plan which is part of a brokerage account agreement. The treatment of a brokerage account based IRA as a trust for tax purposes is largely a legal fiction.
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