IRAs and CDs

• What is an IRA?
• Who is eligible to open an IRA account?
• How much can be deducted as contribution to an IRA account?
• What is the final date in which I can contribute to my IRA?
• What is the tax relief in my income tax return by contributing to an IRA account?
• When can a person begin to receive the accumulated amount in an IRA account?
• Can a person begin to receive the accumulated amount in an IRA account before reaching sixty (60) years of age?
• Are there exceptions to the Treasury Department tax penalty for receiving a disbursement before reaching 60 years of age?
• How will I receive the funds from my disbursement?
• Can I withdraw or receive disbursements only of the accumulated interest in my IRA account?
• I am 60 years old, I am single, and I received a total distribution from my IRA accounts. How do I report this income in my income tax return?
• My IRA account gained income tax-exempt interests. Do I have to report the disbursements of my IRA account in my income tax return?
• Are taxes paid over interests earned in an IRA account?
• When I was a resident of Puerto Rico, I opened an IRA account. Now I am a resident of the United States and I received a disbursement from my IRA in Puerto Rico. Do I have to pay taxes on this income in Puerto Rico?
• What happens to my IRA account if I die?
• I retired from a company in Puerto Rico and would like to transfer the funds to an IRA. Can I rollover these funds to an IRA account?
• Do I have to begin to withdraw my money from an IRA account at a particular age?
• Can a person open an IRA even if he/she has a retirement plan or pension, whether private Government or Social Security?