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If my income comes from Social Security or something besides a paycheck, can I still join MarylandSaves?
No, to qualify for any IRA under IRS regulations you need earned income.
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Investments
WorkLife Account Investment Options Most of us don’t have the time or expertise to pick and choose among the many investment options. MarylandSaves did the work for you: We picked a limited number of professionally managed investment options, including funds that invest in US and international...
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IRA Custodial Agreement
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Is investing in MarylandSaves WorkLife Savings Account the same as putting money in a bank?
No, there are important differences. Banks offer checking services and loans that MarylandSaves does not. Banks do offer savings and investment accounts; however, these generally have higher fees than MarylandSaves. Furthermore, bank savings and investment accounts don’t offer the special...
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Is my account safe from cyber threats?
MarylandSaves has processes in place to protect the security of accounts and protect your personal information. Our program administrator uses various technologies to protect sensitive information in accordance with industry and regulatory standards, including encryption, two-factor authentication,...
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Is my contribution pre-tax or post-tax?
Contributions to WorkLife Accounts are made on a post-tax basis. The percentage contributed is based on your gross income earned (the amount you make before any taxes or deductions have been taken out) with your facilitating employer. If you also contribute to a Traditional IRA, those contributions...
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Is my employer required to offer the MarylandSaves WorkLife Savings program?
NO, but under Maryland law, most Maryland employers will soon be required to offer their employees some sort of retirement savings. This can be a traditional pension, a 401(k) plan, a 403(b) plan, a SEP plan, a SIMPLE IRA plan, a governmental deferred compensation plan — or a WorkLife Account from...
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Is my personal information reported to government agencies to determine immigration status?
No. Your information is not reported to immigration agencies or law enforcement. It is reported to the Internal Revenue Service for tax purposes.
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Is the contribution rate based on gross or net income?
Your contribution rate is based on your gross income (total income before taxes and other regular deductions are taken).
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Is there a maximum amount or percentage of income that can be contributed?
There is no upper limit on the percentage of income that can be contributed; however, IRAs have annual dollar contribution limits. For 2024, the contribution limits are $7,000 per year ($8,000 per year if you are age 50 or older), as long as you earn at least $7,000 in wages. Roth IRA contributions...