For population 25 years and over in Kite: 1  High school or higher: 63.8%. 2  Bachelor's degree or higher: 3.0%. 3  Graduate or professional degree: 2.0%. 4  Mean travel time to work (commute): 30.5 minutes.
If the annuity is in a Roth IRA, all of the withdrawals will be tax-free as long as youâve had the Roth for five years and are older than 59Â½. Taxes are just one issue to consider when deciding whether or not to convert your annuity into a income stream, however.
IRA contributions for tax year 2013 can be made until April 15, 2014, and often result in a big tax savings. You are able to defer paying income tax on the amount you contribute to a traditional IRA, which lowers your tax bill almost immediately.Workers can defer taxes on contributions of up to $5,500 to an IRA for 2013.Individuals age 50 and older can contribute an additional $1,000 per year in catch-up contributions.or example, a worker in the 25 percent tax bracket who contributes $5,500 to an IRA would save $1,375 on his current tax bill. A 55-year-old worker in the 15 percent tax bracket who contributes $6,500 would save $975.