Good News!

Updated: Sep 11



If you did not fund an Individual Retirement Account in 2018 there's still time.

For 2019, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $6,000 ($7,000 if you’re age 50 or older), or

  • your taxable compensation for the year, if your compensation was less than this dollar limit.

For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $5,500 ($6,500 if you’re age 50 or older), or

  • your taxable compensation for the year, if your compensation was less than this dollar limit.

If you need help with these or any other Tax and or Investment related questions

please take advantage of our free consultation. 864-344-4438


The IRA contribution limit does not apply to:

  • Rollover contributions

  • Qualified reservist repayments

Distributions Taking withdrawals from your IRA - when and how much.

  • Required Minimum Distributions

  • Roth IRA Distributions

  • Tax on Early Distributions (and exceptions)

Beneficiaries Information for spousal and non-spousal IRA beneficiaries

Saver's Credit Individuals may be able to take a tax credit of up to $1,000 if they make eligible contributions to an IRA.

Reporting
  • Asset Information Reporting Codes for Form 5498

  • Form 5498 Errors by IRA Trustees, Issuers and Custodians May Cause Tax Trouble

SEP and SIMPLE IRA Plans

Payroll Deduction IRAs for Employers
Additional IRA Resources
As I was doing my research for this blog post I came across some interesting, helpful videos from the IRS...
Let's make some popcorn and enjoy the videos.


#taxadvice #FinancialPlan #retirementplanning #IRSvideo #Taxplanning #Investmentexperts #RequiredMinimumDistributionRetirementplan #portfoliomanagement #IRA #RothIRA

https://www.akininvestment.com

228-229-5020

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