Broker Check

Account Types/Registrations

Qualified Accounts for Employers or Employees

These account types have tax advantages that meet certain IRS Codes.

Employer Sponsored Plans - 401(k), 403(b), 401(a), SIMPLE IRA
(Note - You can usually obtain free non-specific advice on these accounts
through your plan administrator).

Self Employed Plans - SEP IRA, Keogh

See IRS publication 560 for Retirement Plans for Small Businesses.
http://www.irs.gov/publications/p560/

Qualified Accounts for Individuals

These account types have tax advantages that meet certain IRS Codes.

IRA** (Individual Retirement Account)
Contributions are tax deductible based on AGI phase out limits
Tax Deferred Growth
Required Minimum Distributions must start at age 72 1/2
In most cases cannot contribute after age 72 1/2
2021
Max yearly contribution (2021) (no increase from 2020)
–$6,000 or $7,000 @ age 50
Max Adjusted Growth Income (AGI) phase out tax deductibility
(2021)
–$105,000 to $125,000 Joint / $66,000 to $76,000 Single
Required Minimum Distributions must start at age 72 1/2
2020
Max yearly contribution (2020) (no increase from 2019)
–$6,000 or $7,000 @ age 50
Max Adjusted Growth Income (AGI) phase out tax deductibility
(2020)
–$104,000 to $124,000 Joint / $65,000 to $75,000 Single
Required Minimum Distributions must start at age 72 1/2
ROTH IRA**
Contributions are NOT tax deductible and contributions are restricted by income levels
Tax Free Growth
NO Required Minimum Distributions
Ok to contribute after age 72 1/2
2021
Max yearly contribution (2021) (no increase from 2020)
–$6,000 or $7,000 @ age 50
Max Adjusted Growth Income (AGI) phase out allowing contributions (2021)
–$198,000 - $208,000 Joint / $125,000 - $140,000 Single
2020

Max yearly contribution (2020) (no increase from 2019)
–$6,000 or $7,000 @ age 50
Max Adjusted Growth Income (AGI) phase out allowing contributions (2020)
–$196,000 - $206,000 Joint / $124,000 - $139,000 Single

**See IRS publication 590 for ROTH IRA and IRA qualifications. https://www.irs.gov/uac/About-Publication-590A

**See qualified plan Contribution Limits for details.

Non-Qualified Accounts

  • Individual - one owner
  • Joint - more than one owner
    • (JTWROS) Joint with Rights of Survivorship
    • (TIC) Tenants in common
  • Accounts for Minors
    UGMA - Uniform Gifts to Minors Act
    UTMA - Uniform Transfers to Minors Act
  • Trust - Revocable vs Irrevocable

Other Account Types

• 457(b) Deferred Compensation Plan - (Government and Non-Government).

Risk for each category varies.

Please contact Doleman Wealth Management, LLC, for more details.

Some assets held in various Account Types/Registrations may or may not offer tax benefits. Investors should consult with their tax advisor or Certified Public Accountant for their own personal situation.

*please see below for important disclosure