Form Rev-636 Po - Retirement - Traditional Iras And Roth Iras printable pdf download

CONTACT INFORMATION

RETIREMENT

TRADITIONAL IRAs

Withdrawals are generally not taxable after

•

Online Customer Service Center

TRADITIONAL IRAs and

a taxpayer reaches retirement age and

Traditional IRAs are federally allowed accounts

ROTH IRAs

retires.

taxpayers may set up to save for retirement.

Taxpayer Service & Information Center

Contributions to traditional IRAs provide for

Payments

employers

make

for

the

•

Personal Taxes: 717-787-8201

federal income tax deductions, however tax-

benefit of employees directly to IRA

trustees or issuers may be excluded from

Business Taxes: 717-787-1064

payers may also make IRA contributions with-

compensation.

out claiming deductions and when deductions

e-Business Center: 717-783-6377

are not permitted.

IRA contributions made by, on behalf of or

•

1-888-PATAXES (728-2937)

attributable to an employee or self-

Contributions must be made before a taxpay-

employed person – regardless of whether

Touch-tone service is required for this automated

er becomes 70 ½ years old, and minimum dis-

the contributions were made directly or

24-hour toll-free line. Call to order forms or check the

tributions from an IRA are required once a tax-

status of a personal income tax account or property

indirectly; through a payroll deduction or a

payer reaches that age. A retired taxpayer

tax/rent rebate.

salary reduction agreement; or otherwise –

between 59 ½ and 70 ½ years of age may

may not be excluded or deducted from

choose whether or not to receive distributions.

Automated Forms Ordering Message Service

income for PA personal income tax

For Federal income tax purposes, contributions

purposes.

1-800-362-2050

to traditional IRAs lower taxable income and

Income on assets held in an IRA is not

•

grow tax-free until withdrawn.

Service for Taxpayers with Special Hearing and/or

taxable.

Speaking Needs

ROTH IRAs

•

Distributions can be considered income for

1-800-447-3020

PA personal income tax purposes to the

Roth IRAs are also federally allowed accounts

extent distributions exceed the contribu-

taxpayers may set up to save for retirement.

Call or visit your local

tions to the plan when distributions are

However, contributions to Roth IRAs are not

Department of Revenue district office, listed in the

made before the IRA owner reaches 59 ½

tax-deductible for federal income tax purpos-

government pages of local telephone directories.

years of age.

es, and there is no age limit for making contri-

butions.

The cost-recovery method is used to deter-

•

mine the portion of distributions to be

Generally, Roth IRA withdrawals are not tax-

included in income.

able for federal income tax purposes, if the

individual has had the retirement account for

Must all distributions from IRAs be

Individual Retirement Accounts (IRAs) are

reported for PA personal income tax

more than five years and has reached 59 ½

special accounts that offer tax advantages

purposes?

years of age.

to help taxpayers save for retirement.

Yes. All IRA distributions should be reported on

What are Pennsylvania’s rules

Schedule

W-2S,

Wage

Statement

regarding IRAs?

Summary, whether or not some or all of the

Following are the most commonly applicable

distributions are taxable. If a taxpayer

personal income tax rules with regard to tradi-

receives distributions before he/she reaches

tional and Roth IRAs.

59 ½ years of age, some of the distributions

Contributions are not tax deductible.

may be taxable. The cost-recovery method is

•

REV-636 PO (02-12)

Form Rev-636 Po - Retirement - Traditional Iras And Roth Iras

Related Articles

Related forms

Related Categories