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View answers to commonly asked questions about traditional, Roth, and Rollover Individual Retirement Accounts, organized by topic.

The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 impacts a variety of the IRS rules normally governing IRAs. Please consult with your tax advisor regarding the changes resulting from the CARES Act and their impact to your situation.

IRA FAQS

IRA Basics
  • What is an IRA?

    An Individual Retirement Account (IRA) is a custodial account created to provide individuals a simple tax-advantaged way to accumulate funds for retirement. There are two basic types of IRAs — traditional and Roth.

  • What is the contribution limit?

    The maximum contribution allowed if you are under age 50 is $6,000 for 2020 and 2021 (subject to subsequent annual increases for inflation in $500 increments, as published by the IRS). If you are age 50 or older, the maximum contribution increases by $1,000.

  • What is the difference between a traditional IRA and a Roth IRA?

    With a traditional IRA, you may contribute up to the maximum contribution limit for the year, and you may be able to deduct the contribution from taxable income. Taxes on investment earnings are generally deferred until the money is withdrawn. Withdrawals are taxed as ordinary income when received. Nondeductible contributions, if any, are withdrawn tax free. Withdrawals before age 59½ are assessed a 10% “early withdrawal additional tax” unless an exception applies. You are required to begin taking withdrawals from your traditional IRA after you reach age 72 (age 70½ for those born before July 1, 1949).

    With a Roth IRA, the contribution limits are essentially the same as for a traditional IRA, but there is no tax deduction for contributions. The annual maximum contribution limit for a Roth IRA is reduced by any contributions you make to a traditional IRA. You do not pay income taxes on qualified withdrawals from your Roth IRA, if certain requirements are met. Additionally, unlike a traditional IRA, there is no requirement that you begin making minimum withdrawals during your lifetime.

  • Which is better, a Roth IRA or a traditional IRA?

    This depends upon your individual situation. A contribution to a traditional IRA may be tax deductible, while a contribution to a Roth IRA is not deductible. Also, the benefits of a traditional IRA versus Roth IRA may depend upon a number of other factors including: your current income tax bracket vs. your expected income tax bracket when you make withdrawals from your IRA, whether you expect to be able to make nontaxable withdrawals from your Roth IRA, how long you expect to leave your contributions in the IRA, and how much you expect the IRA to earn in the meantime.

    We suggest that you consult with a financial or tax advisor to determine whether you should establish a traditional or Roth IRA or convert any or all of an existing traditional IRA to a Roth IRA. Your tax advisor can also advise you as to the state tax consequences that may affect whether a traditional or Roth IRA is better for you.

Eligibility Requirements
  • What are the eligibility requirements for a traditional IRA?

    You received compensation (or earned income, if you are self-employed) during the year for personal services you rendered. If you received taxable alimony, this is treated like compensation for IRA purposes if the payments are received under a divorce or separation instrument executed on or before December 31, 2018. Compensation also includes any differential wage payments paid with respect to service in the uniformed services and any taxable amounts paid to you in the pursuit of graduate or postdoctoral study. Compensation does not include amounts received as a pension or annuity, amounts received as deferred compensation, amounts derived from or received as earnings or profits from property, such as interest, dividends and rent, or any amount not includable in gross income. In addition, even if you do not have compensation for a year, you may be able to make nondeductible contributions to a traditional IRA if you receive qualified foster care payments that are difficulty of care payments.

  • What are the eligibility requirements for Roth IRA?

    You received compensation during the year for personal services you rendered (or earned income, if you are self-employed), subject to certain income limits. If you received taxable alimony, this is considered compensation for IRA purposes if the payments are received under a divorce or separation instrument executed on or before December 31, 2018. Compensation also includes any differential wage payments paid with respect to service in the uniformed services and any taxable amounts paid to you in the pursuit of graduate or postdoctoral study. Compensation does not include amounts received as a pension or annuity, amounts received as deferred compensation, amounts derived from or received as earnings or profits from property, such as interest, dividends and rent, or any amount not includable in gross income.

Rules and Tax Matters
  • How are my IRA contributions invested?

    You control the investment and reinvestment of contributions to your Dodge & Cox Funds—UMB Bank, n.a. IRA. Investments must be in one or more of the Dodge & Cox Funds. You direct the investment of your IRA by giving your investment instructions to the Transfer Agent for the Fund(s) as described in the Fund prospectus. Since you control the investment of your IRA, you are responsible for any losses; neither the Funds, the Custodian, nor the Transfer Agent has any responsibility for any loss or diminution in value occasioned by your exercise of investment control. Transactions for your IRA will generally be at the next-determined net asset value per share for shares of the Fund(s) involved after the Transfer Agent receives proper investment instructions from you. You should consult the current prospectus for the Dodge & Cox Funds for additional information.

    Before making any investment, carefully read the current prospectus for any Fund you are considering as an investment for your traditional or Roth IRA. The prospectus will contain information about the Fund’s investment objectives and policies, as well as minimum initial investment requirements and any other charges.

    Because you control the selection of investments for your IRA and because mutual fund shares fluctuate in value, the growth in value of your IRA cannot be guaranteed or projected.

  • What IRA reports does the Custodian issue?

    The Custodian will report all withdrawals to the IRS and the recipient on the appropriate form. For reporting purposes, a direct transfer of assets to a successor custodian or trustee is not considered a withdrawal (except for a direct transfer that effects a conversion of a traditional IRA to a Roth IRA, or a recharacterization of a Roth IRA back to a traditional IRA).

    The Custodian will report to the IRS the year-end value of your account and the amount of any rollover (including conversions from a traditional IRA to a Roth IRA) or regular contributions made during a calendar year, as well as the tax year for which a contribution is made.

    Unless the Custodian receives an indication from you to the contrary, it will treat an amount received as a contribution for the tax year in which it is received. It is important that a contribution made between January 1 and April 15 for the prior year be clearly designated as such.

  • Are the earnings on my traditional IRA taxed?

    Any earnings on the investments held in your traditional IRA are generally exempt from federal income taxes and will not be taxed until withdrawn by you, unless the tax-exempt status of your traditional IRA is revoked.

Conversions
  • Can I convert an existing traditional IRA into a Roth IRA?

    Conversion may be accomplished in two ways. You can initiate a “direct transfer” from your traditional IRA to a Roth IRA, or you may choose to withdraw the amount you want to convert and roll it over to a Roth IRA.

    Caution: If you have reached age 72 (age 70½ for those born before July 1, 1949) by the year in which you convert a traditional IRA to a Roth IRA, be careful not to convert any amount that would be a required minimum distribution. Required minimum distributions may not be converted to a Roth IRA.

  • What are the tax implications of converting?

    The amount of your traditional IRA that you convert to a Roth IRA will be considered taxable income on your federal income tax return for the year of the conversion. All amounts converted from your traditional IRA are taxable except for your nondeductible contributions to the traditional IRA. Consult your financial advisor for more information.

  • Can I convert a SEP IRA or SIMPLE IRA to a Roth IRA?

    If you have a SEP IRA or a SIMPLE IRA, you may convert it to a Roth IRA. However, with a SIMPLE IRA, this can be done only after the SIMPLE IRA has been in existence for at least two years.

  • Should I convert my traditional IRA to a Roth IRA?

    Only you can answer this question, in consultation with your tax or financial advisor. A number of factors, including the following, may be relevant: Conversion may be advantageous if you expect to leave the converted funds in your Roth IRA for at least five years and would like to be able to withdraw the funds under circumstances that will not be taxable (see below). The benefits of converting will also depend on whether you expect to be in the same tax bracket when you withdraw funds from your Roth IRA as the one you are in now.

    Note: There are important differences in the tax rules for Roth IRA assets attributable to annual contributions vs. assets that were converted from a traditional IRA. Therefore, to simplify your record keeping for tax purposes, you may want to hold your Roth IRA annual contributions and Roth IRA conversion amounts in separate Roth IRA accounts.

Transfers and Rollovers
  • Can I transfer or roll over a distribution I receive from my employer’s qualified retirement plan into a traditional IRA?

    Almost all distributions from employer plans or 403(b) arrangements are eligible for rollover to a traditional IRA. The main exceptions are: payments over the lifetime or life expectancy of the participant (or participant and a designated beneficiary), installment payments for a period of 10 years or more, a loan treated as a distribution, required distributions from your retirement plan, and hardship withdrawals.

    All or part of an eligible rollover distribution may be transferred directly into your traditional IRA. This is called a “direct rollover.” Alternatively, you may receive the distribution and make a regular rollover to your traditional IRA within 60 days. By making a direct or regular rollover, you can defer income taxes on the amount rolled over until you make withdrawals from your traditional IRA.

    Note: A qualified retirement plan administrator or 403(b) sponsor must withhold 20% of your taxable distribution for federal income taxes unless you elect a direct rollover. Your plan sponsor is required to provide you with information about direct and regular rollovers and withholding taxes before you receive your distribution and must comply with your directions to make a direct rollover.

    The rules governing rollovers are complicated. Be sure to consult your financial or tax advisor or IRS Publication 590 if you have questions about rollovers.

  • Can I make a regular rollover from my traditional IRA to another traditional IRA?

    Yes, if you have not rolled over the assets from another traditional IRA within the previous 365 days. A regular rollover from one traditional IRA to another must be completed within 60 days after the withdrawal from the first traditional IRA. After making a rollover from one traditional IRA to another, you must wait one full year (365 days) before you can make another such rollover. However, at any time you may instruct a traditional IRA custodian to transfer assets directly to another traditional IRA custodian; this is called a “direct transfer” and is not considered a regular rollover. Accordingly, a direct transfer is not subject to the 365 day waiting period described above.

  • How do rollovers affect my traditional IRA contribution or deduction limits?

    Rollovers, if properly made, do not count toward the maximum contribution limits. Also, rollovers are not deductible and they do not affect your deduction limits as described above.

  • Can I transfer or roll over a taxable distribution from my employer’s qualified retirement plan into a Roth IRA?

    Yes, taxable distributions from qualified retirement plans or 403(b) arrangements are eligible for rollover or direct transfer to a Roth IRA. Under certain circumstances it may also be possible to make a direct transfer or rollover of a taxable distribution to a traditional IRA and then convert the traditional IRA to a Roth IRA. Consult your tax or financial advisor for further information.

  • Can I transfer or roll over a nontaxable distribution I receive from my employer’s qualified retirement plan into a Roth IRA?

    You may currently transfer or rollover after-tax deferrals from a Roth account under an employer’s 401(k) plan or 403(b) arrangement to a Roth IRA. If such amounts are rolled over to a Roth IRA, they are subject to standard rules for the start date and holding period that apply to the owner’s Roth IRA(s).

  • Can I make a rollover from my Roth IRA to another Roth IRA?

    Yes, if you have not received and rolled over the assets from another Roth IRA within the previous 365 days. Such a regular rollover must be completed within 60 days after the withdrawal from your first Roth IRA. After making a rollover from one Roth IRA to another, you must wait one full year (365 days) before you can make another such rollover. However, at any time you may instruct a Roth IRA custodian to transfer assets directly to another Roth IRA custodian; this is called a “direct transfer” and is not considered a rollover. Accordingly, a direct transfer is not subject to the 365 day waiting period described above.

  • How do rollovers affect my Roth IRA contribution limits?

    Rollovers, if properly made, do not count toward the maximum contribution limits. Also, you may make a rollover from one Roth IRA to another even during a year when you are not eligible to contribute to a Roth IRA.

Contributions and Deductions
  • Can I contribute to a traditional IRA for my spouse?

    If you have compensation, you may contribute to a separate traditional IRA for your spouse, regardless of whether your spouse had any compensation or earned income in that year. This is called a “Spousal traditional IRA.” To make a contribution to a Spousal traditional IRA, you and your spouse must file a joint tax return for the year in which the contribution applies. For a Spousal traditional IRA, your spouse must establish his or her own traditional IRA, separate from yours, to which you contribute.

    Of course, if your spouse has compensation or earned income, your spouse can establish his or her own traditional IRA and make contributions to it in accordance with the rules and limits described in Part One of the IRA Disclosure Statement.

  • When can I make contributions to a traditional IRA?

    You may make a contribution to your existing traditional IRA or establish a new traditional IRA for a taxable year by the due date (not including any extensions) for your federal income tax return for the year. Usually this is April 15 of the following year. Contributions are voluntary and do not have to be made every year.

  • How much can I contribute to my traditional IRA?

    For each year you are eligible, you may contribute up to the lesser of the maximum dollar amount allowed for the year or 100% of your compensation (or earned income, if you are self-employed). However, under the tax laws, all or a portion of your contribution may not be deductible.

    The maximum contribution allowed if you are under age 50 is $6,000 for 2020 and 2021 (subject to subsequent annual increases for inflation in $500 increments, as published by the IRS). If you are age 50 or older, the maximum contribution increases by $1,000.

    If you make contributions to both traditional and Roth IRAs, the combined limit on contributions for a single calendar year is the maximum dollar amount indicated above.

    If you are married and file a joint tax return, you and your spouse can each make IRA contributions even if only one of you has taxable compensation. The amount of your combined contributions can’t be more than the taxable compensation reported on your joint return. It doesn’t matter which spouse earned the compensation.

  • How do I know if my contribution is tax deductible?

    The deductibility of your contribution depends upon whether you were an active participant in any employer sponsored retirement plan during the year for which the contribution was made. If you were not an active participant in such a plan, the entire contribution to your traditional IRA is deductible..

    If you were an active participant in an employer sponsored retirement plan, your traditional IRA contribution may still be completely or partly deductible on your tax return. The amount you may deduct depends on the amount of your “modified adjusted gross income,” or Modified AGI. For single taxpayers covered by a workplace retirement plan, the phase-out range is $66,000 to $76,000 for 2021, up from $65,000 to $75,000. For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $105,000 to $125,000 for 2021. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple's income is between $198,000 and $208,000 for 2021.

    Updated limits are published annually in IRS Publication 590-A.

  • How do I determine my or my spouse's active participant status?

    Your (or your spouse’s) Form W-2 should indicate if you (or your spouse) were an active participant in an employer-sponsored retirement plan during the year. If you have a question about your status, you should consult your employer or plan administrator.

    In addition, regardless of income level, your spouse’s active participant status will not affect the deductibility of your contributions to your traditional IRA if you and your spouse file separate tax returns for the taxable year and lived apart at all times during the taxable year.

  • What are the deduction restrictions for active participants?

    If you (or your spouse) are an active participant in an employer-sponsored retirement plan during a year, the contribution to the active participant’s traditional IRA for the year may be completely, partly, or not deductible depending upon your filing status and your Modified AGI.

  • How do I calculate my deduction if I fall in the “partially-deductible” range?

    If your modified AGI falls in the partially deductible range, (i.e., between the lower and upper limits) you must calculate the portion of your contribution that is deductible. To do this, see IRS Publication 590-A. The section “How much can you deduct” provides an explanation of how to determine your modified AGI, your coverage and filing status for purposes of deductibility, and a worksheet to help you figure if your IRA contribution is partly deductible or not deductible.

    Even if part or all of your contribution is not deductible, you may still contribute to your traditional IRA (and your spouse may contribute to your spouse’s traditional IRA) up to the IRA Contribution Limit for the year. When you file your tax return for the year, you must designate the amount of non-deductible contributions to your traditional IRA for the year. See IRS Form 8606 and IRS Publication 590-A for more details.

  • How do I determine my Modified AGI?

    Instructions to calculate your Modified AGI are provided in IRS Publication 590-A.

  • Can I contribute to a Roth IRA for my spouse?

    For each year you are eligible, you may contribute up to the lesser of the maximum dollar amount allowed for the year or 100% of your compensation (or earned income, if you are self-employed). The maximum contribution allowed if you are under age 50 is $6,000 for 2021 (subject to subsequent annual increases for inflation in $500 increments, as published by the IRS). If you are 50 or older, the maximum contribution increases by $1,000.

    If you are married and file a joint tax return, you and your spouse can each make IRA contributions even if only one of you has taxable compensation. The amount of your combined contributions can’t be more than the taxable compensation reported on your joint return. It doesn’t matter which spouse earned the compensation.

    For taxpayers with high income levels, the contribution limits may be reduced or eliminated.

  • When can I make contributions to a Roth IRA?

    You may make a contribution to your existing Roth IRA or establish a new Roth IRA for a taxable year by the due date (not including any extensions) for your federal income tax return for the year. Usually this is April 15 of the following year. Contributions are voluntary, and do not have to be made every year.

  • How much can I contribute to my Roth IRA?

    For each year you are eligible, you may contribute up to the lesser of the maximum dollar amount allowed for the year or 100% of your compensation (or earned income, if you are self-employed). The maximum amount allowed if you are under age 50 is $6,000 for 2021 (subject to increases for inflation in $500 increments). An additional catch-up contribution amount of $1,000 is allowed for individuals aged 50 and over. The overall annual limit for contributions to traditional and Roth IRAs combined (but not SEP or SIMPLE IRAs) is the maximum amount indicated above.

    If you are married and file a joint tax return, you and your spouse can each make Roth IRA contributions even if only one of you has taxable compensation. The amount of your combined contributions can’t be more than the taxable compensation reported on your joint return. It doesn’t matter which spouse earned the compensation.

    For taxpayers with high income levels, the contribution limits may be reduced or eliminated.

  • Are contributions to a Roth IRA tax deductible?

    Contributions to a Roth IRA are not tax deductible. This is one of the major differences between Roth IRAs and traditional IRAs.

Withdrawals
  • When can I make withdrawals from my traditional IRA?

    You may withdraw amounts from your traditional IRA at any time. However, withdrawals before age 59½ may be subject to a 10% early withdrawal additional tax, in addition to regular income taxes.

  • When must I start making withdrawals?

    You must take your first required minimum distribution (RMD) from your traditional IRA for the calendar year you reach age 72 (age 70½ for those born before July 1, 1949) by April 1 of the following calendar year. RMDs must continue to be taken annually by December 31 of each year subsequent to the year you reach age 72 (age 70½ for those born before July 1, 1949). Therefore, if you elect to defer your first year’s RMD to April 1 of the following year you also must take your second year’s RMD by December 31 of that same year. If you maintain more than one traditional IRA, you may withdraw the required aggregate amount from any of the traditional IRAs. It is your responsibility to ensure that the required aggregate amount is taken each year.

    Your annual RMD amount is determined by dividing the prior year-end balance in your traditional IRA(s) by the combined deemed life expectancy of you and another hypothetical person who is 10 years younger than you. If you are married and your spouse is more than 10 years younger than you, the actual combined life expectancy of you and your spouse will be used if your spouse is your sole IRA beneficiary. The Custodian will calculate your RMD for you based on life expectancy tables published by the IRS. If you wish to take your RMD from your Dodge & Cox Funds—UMB Bank, n.a. traditional IRA, call 800-621-3979 or request or download an IRA Required Minimum Distribution Form on this website.

  • What happens if I do not take my Required Minimum Distribution?

    The Internal Revenue Code imposes a severe 50% penalty on the difference between your RMD amount and your actual distributions during a given year. This penalty is applied each year you fail to take your RMD. The IRS may waive or reduce the penalty if you can show that your failure to receive your RMD was due to reasonable cause and that you are taking reasonable steps to remedy the problem.

    Because you may maintain other traditional IRAs in addition to a Dodge & Cox Funds—UMB Bank, n.a. traditional IRA, it is your responsibility to ensure that your distributions are timely and in amounts which satisfy the IRS requirements. The RMD rules are complex; you may wish to consult your financial or tax advisor for assistance.

  • Can I donate to a charitable organization in place of my RMD?

    Yes, you can donate up to $100,000 per individual as long as you are over the age 70½ on the date of the distribution. The charity to which funds are transferred from your IRA must qualify as a 501(c)(3) organization and be eligible to receive tax-deductible contributions. The maximum annual exclusion for a qualified charitable organization may be reduced based on deductible IRA contributions you make after age 70½.

  • How are withdrawals from my traditional IRA taxed?

    Withdrawals of previously untaxed amounts are includable in your gross income in the taxable year that you receive them and are taxable as ordinary income. If you have made both deductible and non-deductible contributions, please refer to the question below. Amounts withdrawn will be subject to income tax withholding by the Custodian unless you elect not to have withholding. (See Part Three of this Disclosure Statement for additional information on withholding.) Amounts withdrawn before you reach age 59½ will be subject to a 10% early withdrawal additional tax, unless an exception applies. See IRS Publication 590-A for more details.

  • How are nondeductible contributions taxed when they are withdrawn?

    Withdrawal of nondeductible contributions (not including earnings) are tax free and are not subject to the 10% early withdrawal additional tax. However, if you made both deductible and nondeductible contributions to your traditional IRA, then each withdrawal will be treated as partly a distribution of your nondeductible contributions (not taxable) and partly a distribution of deductible contributions and earnings (taxable). The nontaxable amount is the portion of the amount withdrawn which bears the same ratio as your total nondeductible traditional IRA contributions bear to the total balance of all your traditional IRAs (including SEP IRAs, but not including Roth IRAs).

    To simplify your record keeping for tax purposes, you may want to hold your traditional IRA annual deductible contributions and nondeductible contributions in separate traditional IRA accounts.

  • When can I make withdrawals from my Roth IRA?

    You may withdraw amounts from your Roth IRA at any time. If the withdrawal meets the requirements discussed below, it is tax free. Therefore, you pay no income tax on the withdrawal even though the withdrawal may include earnings on your contributions while they were held in your Roth IRA.

  • When must I start making withdrawals from my Roth IRA?

    In contrast to a traditional IRA, there are no requirements on when you must start making withdrawals from your Roth IRA or on minimum required withdrawal amounts during your lifetime.

  • What are the requirements for a tax-free Roth IRA withdrawal?

    To be tax free, a withdrawal from your Roth IRA must meet two requirements to be considered a “qualified withdrawal.” First, the withdrawal must occur more than five years after the year for which you first made a contribution to your Roth IRA.

    Second, at least one of the following conditions must be satisfied:

    • You are age 59½ or older when you make the withdrawal.
    • The withdrawal is made to your beneficiary or estate after your death.
    • You are disabled (as defined in the tax code) when you make the withdrawal.
    • You are using the withdrawal to cover eligible “first-time homebuyer” expenses. These are the costs of purchasing, building or rebuilding a principal residence (including customary settlement, financing or closing costs). The purchaser may be you, your spouse, or a child, grandchild, parent or grandparent of you or your spouse. 

    See IRS Publication 590-B for more details.
  • How are withdrawals from my Roth IRA taxed if the tax-free requirements are not met?

    If the qualified withdrawal requirements are not met, the tax treatment of a withdrawal depends on the character of the amounts withdrawn. To determine this, all your Roth IRAs are treated as one, including any Roth IRAs you may have established with other Roth IRA custodians. Amounts withdrawn are considered to come out in the following order:

    1. All annual contributions.
    2. All traditional IRA conversion and rollover amounts (on a first-in, first-out basis), with the taxable portion first and then the nontaxable portion.
    3. Earnings on contribution.

    A withdrawal treated as prior annual contributions to your Roth IRA will not be considered taxable income in the year you receive it, nor will any premature withdrawal penalty apply. A withdrawal that is treated as any other amounts may be includible in income and could be subject to the early withdrawal additional tax and a recapture tax. These ordering rules are complex, so see IRS Publication 590-B for more details on how to figure the taxes on a nonqualified withdrawal from your Roth IRA.

  • Which withdrawals are subject to withholding?

    Traditional IRAs
    Federal income tax will be withheld at a flat rate of 10% from any withdrawal from your traditional IRA, unless you elect not to have tax withheld. State withholding may also apply.

    Roth IRAs
    Qualified distributions from your Roth IRA are generally not subject to the 10% withholding that applies to traditional IRAs.

Rules and Requirements
  • What happens to my IRA when I die?

    The assets remaining in your IRA will be distributed upon your death to the beneficiary(ies) that you designate when you establish your Dodge & Cox Funds—UMB Bank, n.a. IRA. You may change your beneficiary(ies) at any time by completing a written IRA Beneficiary Designation form. If there is no beneficiary designated for your IRA in the Custodian’s records, upon your death your IRA will be paid to your estate (unless otherwise required by the laws of your state of residence). If there is no primary beneficiary(ies) living and you did not elect per stirpes designation at the time of your death, payment of your IRA will be made to the surviving alternate beneficiary(ies) designated by you.

    There are IRS rules on the timing and amount of distributions required after the IRA owner’s death. These rules are complex and periodically change, please consult with your tax advisor.

If you have any additional questions, please call a Dodge & Cox Funds Client Services Representative at 800-621-3979.

If you require specific information concerning your individual financial situation, please consult with a financial planner or tax advisor. Dodge & Cox Funds do not offer financial planning or tax advice.

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