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Information and Advice on IRA Contribution Limits for 2012

walter — Fri, 20 Jan 2012 15:15:29 +0000

Individual Retirement Accounts (“IRAs”) remain the most popular investment vehicle for many individuals and married couples. 401(k)s are certainly popular, but they’re usually much less flexible than IRAs, and many people don’t like going through the hassle of moving or rolling over their accounts when they change employers. IRAs are generally subject to lower contribution limits than 401(k)s and other investment vehicles. Furthermore, in order to receive the tax advantages of a traditional IRA, your income (or your joint income if you file a joint tax return) must be below a certain level. Here is some information and advice about...

Roth IRA Overview

admin — Mon, 22 Mar 2010 15:33:00 +0000

Roth IRAs and traditional IRAs have some significant differences. Roth IRA distributions are tax-free as long as you begin withdrawing funds after you are 59 1/2 and have had the account for at least five years. However, unlike traditional IRAs, contributions are not tax-deductible when you make them. Traditional IRA contributions are deductible if you meet certain criteria, but distributions are taxable at the rate in effect for ordinary income and must begin by April 1sfollowing the year you turn 70 1/2. Because of the significant economic turmoil in 2009 Congress waived the Required Minimum Distributions (RMDs) for 2009. With a...

IRA Information

admin — Tue, 21 Jul 2009 18:45:16 +0000

With pensions becoming less and less common, and Social Security’s future in question, it’s never been more important to think about retirement well in advance. For those whose employers offer 401K plans, they are usually the easiest and most convenient way to save for retirement. But will your 401K yield enough money to see you through your golden years? And what if there is no 401K plan available to you? Whether you have yet to set up a retirement plan or need to supplement your 401K, an Individual Retirement Account, or IRA, can help. Available from many financial institutions, IRAs are...

Convert your Traditional IRA to a Roth IRA?

admin — Thu, 05 Mar 2009 14:34:00 +0000

Given the significant market downturn it may not be a bad time to convert your traditional IRA to a Roth IRA. Right now, anyone with modified adjusted gross income of less than $100,000 a year (individual or joint income) can convert a traditional IRA account to a Roth IRA. Higher-income Americans are scheduled to get the same break in 2010. Remember that when you do a conversion, you must pay income tax on the amount you are converting, which can be all of the funds in the traditional IRA or just a portion of those assets. But, subject to...