More information about:
Traditional IRA
Roth IRA
Converting To A Roth IRA
Rollover IRA
Employer Plans: SEP IRA
Employer Plans: SIMPLE IRA
Other information:
Withdrawal Exemptions
Prohibited Transactions
IRA Brochures & Forms:
IRA Brochure (.pdf)
SEP/SIMPLE Brochure (.pdf)
IRS Form 5305 (.pdf)
IRA Distribution Form (.pdf)
IRA Transfer Form (.pdf)
Prohibited IRA Transactions
The Internal Revenue Code prohibits certain transactions in any IRA. If you (or your beneficiary) complete any of these transactions, your IRA will lose its tax exemption and its fair market value must be included in your gross income fo rthat year. The amount of a prohibited transaction me be subject to an additional 15% pentaly tax.
- IRA assets may not be invested in life insurance or commingled with any other property except in a common trust fund or mutual fund
- Transactions between you (or your beneficiary) and the assets held in the account are not allowed. The specific prohibited transactions include selling or exchanging property with the account, or borrowing from the account.
- You may not pledge or use your IRA as security for a loan.
