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

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.

A IRA is a retirement account to which up to $5,500 (6,500 if you are 50 or older) can be contributed. The contribution may be deductable or non-deductable depending whether you are covered by your employer's retirement plan and income limitations. There are various types of IRAs; there are traditional, Roth, Simple, and SEP IRAs.

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.

On Form W-2, box 15 will have an X in the box "retirement plan".
You are an active participant in a retirement plan if contributions are made or allocated to your account for the plan year that ends within your tax year.

On Form W-2, box 15 will have an X in the box "retirement plan". You are an active participant in a retirement plan if contributions are made or allocated to your account for the plan year that ends within your tax year.

A Roth IRA is a special, nondeductible IRA. Earnings are tax-deferred and tax-free upon withdrawal if certain requirements are met. (If requirements are not met, taxes and penalties may apply).
Contributions are not tax-deductible. You may continue making Roth IRA contributions after age 70 1/2 if you have earned income.
Your modified adjusted gross income must be below certain limits depending on your tax filing status and you or your spouse must have earned income. You are not required to take mandatory distributions at any age during your lifetime. Non-spouse beneficiaries are subject to minimum distributions rules.

A Roth IRA is a special, nondeductible IRA. Earnings are tax-deferred and tax-free upon withdrawal if certain requirements are met. (If requirements are not met, taxes and penalties may apply). Contributions are not tax-deductible. You may continue making Roth IRA contributions after age 70 1/2 if you have earned income. Your modified adjusted gross income must be below certain limits depending on your tax filing status and you or your spouse must have earned income. You are not required to take mandatory distributions at any age during your lifetime. Non-spouse beneficiaries are subject to minimum distributions rules.

A retirement plan that covers self-employed persons (sole proprietors or partners)is referred to as a Keogh or H.R. 10 plan. With partnerships, the Keogh must be set up by the partnership, not the partner. Employees who are at least 21 and have at least one year of service must be allowed to participate. Employer contributions are tax deductible subject to certain income limitations. Employees may be permitted to make nondeductible voluntary contributions. There are two types of Keogh plans. Different rules apply to both types of plan. A Keogh plan can be set up as a defined benefit plan or a defined contribution plan which includes 3 types: a Money Purchase plan, Profit Sharing and a Combination of the two.

A retirement plan that covers self-employed persons (sole proprietors or partners)is referred to as a Keogh or H.R. 10 plan. With partnerships, the Keogh must be set up by the partnership, not the partner. Employees who are at least 21 and have at least one year of service must be allowed to participate. Employer contributions are tax deductible subject to certain income limitations. Employees may be permitted to make nondeductible voluntary contributions. There are two types of Keogh plans. Different rules apply to both types of the plan. A Keogh plan can be set up as a defined benefit plan or a defined contribution plan which includes 3 types: a Money Purchase plan, Profit Sharing and a Combination of the two.