HSA and Medicare
Agribusiness Blog
MARCH 14, 2022
There are two different Individual Retirement Account (IRA) that a farmer can choose each year. A regular IRA allows the farmer to put money into the IRA and take a deduction for their contribution. The farmer is then taxed on any distribution out of the IRA. No deduction is allowed to a farmer for a ROTH IRA, however, the farmer is not taxed on any distribution assuming that certain requirements are met (age 59.5 and held at least five years, etc.).
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