An individual decides to open a traditional IRA to save for retirement. Each year, they contribute a portion of their income to the IRA, benefiting from tax deductions on those contributions. The funds within the IRA grow tax-deferred until retirement, when the individual begins to make withdrawals, at which point the withdrawals are taxed as ordinary income.
After consulting with her financial advisor, Maria opened an IRA to start saving for her retirement and take advantage of the tax benefits.
Deferred's AI 1031 Research Assistant is trained on 8,000+ pages of US tax law and outperforms human CPAs by 22%+
CHAT NOW