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IRA Distributions

What is a distribution? IRA distributions are withdrawals from a self-directed IRA, 401(k), or health savings account (HSA). Distributions can be taken in cash or in kind (in which case the actual asset would become your personal property). Distributions may involve taxes or penalties depending on your account type and your age. New Direction Trust Company will report annual distribution activities via Form 1099-R, which will be issued to you and directly to the IRS.

Traditional IRA Distributions

Distributions are added to your income and taxed accordingly once you reach age 59½.

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Roth IRA Distributions

Qualified Roth IRA distributions can be 100% tax-free.

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SEP IRA Distributions

Self-employed individuals can enjoy the same tax benefits as Traditional IRA holders.

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SIMPLE IRA Distributions

Distributions from a SIMPLE IRA will mirror those of a Traditional or SEP IRA.

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Solo 401(k) Distributions

A Solo 401(k) can accept Traditional or Roth contributions; distributions will reflect this.

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HSA Distributions

HSA distributions can be 100% tax-free as long as they cover qualified medical expenses.

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Coverdell ESA Distributions

ESA distributions can be 100% tax-free if they cover qualified education expenses.

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