IRAs - Traditional

The trustee custodial fees paid to set up and manage your IRA are investment expenses listed as an miscellaneous itemized deduction, subject to the 2% AGI limitation on IRS Schedule A.

As the surviving spouse who receives a lump-sum IRA distribution upon your spouse's death, you may avoid the tax on this distribution if you made a tax-free rollover into your own IRA account.
Beneficiaries other than the surviving spouse may not use the tax-free rollover option.

Prohibited transactions generally include the following transactions: a transfer of plan income or assets to, or use of them by or for the benefit of, a disqualified person; any act of a fiduciary by which plan income or assets are used for his or her own interest; the receipt of consideration by a fiduciary for his or her own account from any party dealing with the plan in a transaction that involves plan income or assets; the sale, exchange, or lease of property between a plan and a disqualified person; lending money or extending credit between a plan and a disqualified person; and furnishing goods, services, or facilities between a plan and a disqualified person.

IRA Annual Report Form 5498 must be sent to you from the bank by January 31st. It must include the market value of the account as of December 31st. A statement showing contributions for the year must be sent by May 31st.

You can contribute up to $5,500 ($6,500 if you are 50 or older) provided you have at least $5,500 / 6,5000 of wages, salary or net self-employment earnings in 2013 and in the case of a traditional IRA (deductible IRA) , you have not reached age 70 1/2 by the end of the year.

The annual $5,500 ($6,500 if age 50 or older) per spouse annual contribution is deductible on your tax return. Distributions at age 70 and a half are required. Contributions past age 70 and a half are not allowed. Premature distributions are subject to penalty. Distributions are taxable in your current tax return. IRA minimum distribution rules do apply.

Contributions to your 401(k) plan are not the same as an IRA deduction.
The amount you contributed to the 401(k) plan reduces the taxable wages reported in box 1 of your W-2 form.

You are permitted to roll your money over into an IRA, 401(k) or 403(b) when you retire or change jobs. This portability gives you more options and control over your money.

No. Anybody can be the beneficiary of your IRA(even your trusted local CPA). Unlike retirement plans sponsored by an employer, an individual can choose anyone he wishes to be the recipient of his IRA.