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. Prepare a matrix comparing the differences among the following: a. IRA and Roth IRA. b. 401(k), SEP...

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Finance

. Prepare a matrix comparing the differences among thefollowing:

a. IRA and Roth IRA.

b. 401(k), SEP and ESOP.

Make sure to include the following:

Who or what organizations should use each plan?

What are the limitations?

What are the unique characteristics of each plan?

Who is eligible?

What are the provisions for loans and distributions?

Answer & Explanation Solved by verified expert
4.0 Ratings (762 Votes)
Differences between IRA traditional IRA IRA Roth IRA Nature this is an individual retirement plan this is also same like that of an Provided by financial institutions that traditional IRA The biggest Helps the taxpayers to purchase an annuity difference lies in how they are Or an endowment contract from an life Insurance company Limitations IRAs have strict contribution limits After in case of roth IRA if the modified 705 years you cant contribute to an IRA adjusted gross income exceeds a Account There are also penalties if you take certain level you cant contribute The amount before the retirement age amount can be withdrawn only If the account has been held for 5 Years reached 595 years of age Characteristics this plan has contributions that are fully distributions are tax free Tax deductible partly deductible or not participants must have income Deductible Distributions must start no later below certain limits there is no Than april 1 for 705 years of age or older Age limit contributions are not Distributions are taxed as ordinary income Deductible Loans a loan cant be taken on either a traditional investors who    See Answer
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Transcribed Image Text

. Prepare a matrix comparing the differences among thefollowing:a. IRA and Roth IRA.b. 401(k), SEP and ESOP.Make sure to include the following:Who or what organizations should use each plan?What are the limitations?What are the unique characteristics of each plan?Who is eligible?What are the provisions for loans and distributions?

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