Federal bankruptcy law applies to all bankruptcies and provides rules and protections for retirement assets and IRAs for the individual filing for bankruptcy.
To ensure benefits of a self-directed IRA are preserved, proper tracking of contributions and withdrawals is crucial. Learn the basic rules for self-directed IRA tax reporting.
For 2022, almost all the limits will be rising, except for the IRA contribution limit. However, the compensation thresholds for IRAs are increasing, so you may qualify to take a bigger tax deduction for a traditional IRA contribution or to contribute to a Roth IRA if you couldn’t in previous years based on the income restrictions.