Since 1880
 |
| HOME |
| > Administration |
| > Directory |
| > PNA History |
| > Our Logo |
| > Presidents |
| > Conventions |
| > News |
| > Events |
| > Photo Stories |
| > Archives |
| > Zgoda |
| > Sports |
| > Scholarships |
| > Agents |
| > Insurance |
| > Our Mission |
| > Change Address |
| > Privacy Policy |
| > Contact Us |
| > Lodges By City |
| > Lodges Online |
| > Lodge Homes |
| > Dance Groups |
| > Polish Schools |
| PNA Intranet |
| Production Credits |
Copyright 2005
Polish National Alliance
of U.S. of N.A.
All rights reserved
|
PNA |
COMPARISON OF
|
|||||||||||||||||||||||
|
|
|
(Reduced by any contributions made to a Roth IRA)
Maximum Annual and *Catch-up Contribution
|
YEAR |
AMOUNT |
*Individuals who attain the age of 50
before the end of the taxable year are eligible.
Roth IRA
SAME AS TRADITIONAL IRA
(Reduced by any contributions made to a Traditional IRA)
Who is eligible?
Traditional IRA
Anyone under age 70 1/2 with earned income, regardless of income level. A non-working spouse may also contribute up to the maximum amount allowable, as stated above.
Roth IRA
The allowable contribution limit, as stated above, is phased out for individuals with adjusted gross incomes between $99,000 - $114,000 (single) and $156,000 - $166,000 (joint).
Traditional IRA
Tax-deferred investment growth and possible tax deduction for contributions. Taxes not paid on deductible contributions and all earnings until money is withdrawn.
Roth IRA
Tax-free investment growth if the account has been open and funded for five years and certain requirements are met.
Is my contribution deductible?
Traditional IRA
It depends on an IRA holder's active participation in an employer retirement plan. Marital status and modified adjusted gross income (MAGI), based on the IRS Form 1040 information may also affect the deductibility of contributions
Is the IRA holder an active participant?
| No | Yes |
|
Is the IRA holder married to an active |
The deductibility of |
|
|
|
|
No |
Yes |
|
The eligible contribution is deductible |
The deductibility of the contribution depends on MAGI |
Financial organizations do not determine or track deductible contributions. The deductibility of an IRA contribution is determined by the IRA holder (and/or a competent tax advisor).
Roth IRA
Your contribution is not tax-deductible.
Traditional IRA
Yes, you must be under age 70-1/2 to contribute. Distributions must begin at 70-1/2.
Roth IRA
No, these contributions can continue beyond age 70 1/2 so long as there is earned income.
|
2007 IRA DEDUCTIBILITY THRESHOLD |
||
| Tax Year | Single Filer | Married Filing Joint Return |
| 2007 | 52,000-62,000 | 83,000-104,000 |
Traditional IRA
Withdrawals can be made penalty-free prior to age 59 1/2 to help pay for purchase of a first home or for education (taxes apply to all earnings and all deductible contributions withdrawn).
Certain withdrawal amounts made prior to age 59 1/2 may be subject to additional 10% penalty tax.
Roth IRA
Similar to regular IRA provision. However, the account must be open and funded for at least five years to qualify for a tax-free withdrawal of investment earnings upon reaching age 59 1/2; becoming disabled; purchasing a first home; or due to death.
Traditional IRA
You may transfer to and from other IRAs. You may roll-over from employer plans.
Roth IRA
You may transfer a traditional IRA to a Roth IRA (if adjusted gross income is no more than $100,000). Taxes must be paid on deductible contributions and all earnings when a Traditional IRA is converted to a Roth IRA, but 10% penalty tax does not apply.
* If you have any questions on taxes or eligibility for these plans, please see your tax or financial advisor.
The PNA is supervised by various Insurance Departments within the states it operates.
PNA is on the legal reserve system and is audited annually by an independent CPA firm.
This plan may not be available in all states For any questions on taxes or eligibility for an IRA, please see your tax or financial advisor. |