Origin of the name Kenneth: Of Scottish origin, Kenneth is the Anglicized form of the Gaelic Cinaed and Cionaed (born of fire), and Coinneach and Caoineach (comely, handsome). Short: Ken. Pet: Kenny.
An IRA disbursement must always be reported as income on your tax return, but it won't always be taxable. The taxability depends on whether your taking disbursements from a Roth or traditional IRA and whether you're taking qualified or nonqualified distributions.
Is a Roth IRA right for you? A Roth IRA is an individual retirement account that offers the opportunity for tax-free income in retirement. Annual contributions are taxed upfront and all earnings are federal tax-free when they are distributed according to IRS rules. This is much different than a Traditional IRA, which taxes withdrawals. Contributions can be withdrawn any time you wish and there are no required minimum distributions after age 70Â½. If you are in a lower tax bracket today than you will be during retirement, a Roth IRA may be a smart choice. Benefits of a Roth IRA Withdrawals of earnings are free from federal income tax, provided the Roth IRA has been in existence for five years and you are at least 59Â½. Contributions can be withdrawn anytime without federal income taxes or penalties.