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ROTH IRA Maximum Contribuiton for 2009
$5,000 into a REGULAR IRA is the max for a single individual UNDER age 50 who does not participate in an employer sponsored retirement plan and still receive a tax deduction. Add $1,000 if over age 50. Can contribute till April 15th, 2010 for 2009. Note: There is NO tax deduction for contributing to a ROTH IRA. The…
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2009 Simple IRA Maximum Contribution
If you participate in an Employer sponsored Simple IRA, you can put an max of $11,500 in 2009 PLUS $2,500 for being over age 50. That total is $14,000 maximum as an employee deferral. Additionally, the employer has some matching options. By far we have found the most popular Employer matching option to be… the…
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Health Insurance goes on W2 in 2011!
There is a lot of mis-information out there about Health Insurance being taxable…….. Starting in 2011, (next year folks), your W-2 tax form sent by your employer will beincreased to show the value of whatever health insurance you are given by the company. It does not matter if that’s a private concern or governmental body…
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Alimony can be used as Compensation for IRA purposes.. yup!
Taxable alimony and separate maintenance payments received by an individual are treated as compensation for IRA purposes. For a summary of what compensation does and does not include, see Publication 590 – Table 1-1 on page 4. […]Read More… from Alimony can be used as Compensation for IRA purposes.. yup!
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Compensation for IRA purposes is what exactly?
To contribute to a traditional IRA, you must be under age 70 1/2 at the end of the tax year. You, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self–employment. Taxable alimony and separate maintenance payments received by an individual…