Who: All employers interested in retirement plans (this is what we do) What: Simple IRA’s When: Can sign up until September 30, 2014 for new plans and fund later. Why: Cause you are going to want to retire someday. It is never too early nor too late to start. How Much Can an Employee Contribute: Up to $12,000 per employee […]
Category: Retirement Accounts
2014 & 2013 Simple IRA Contribution Limit
THE AMOUNTS ARE THE SAME for 2014 and 2013. The Simple IRA contribution limit for employees is $12,000 for 2014 (up from 2012 of $11,500). If over age 50, the limit for 2014 is $14,500 (up from 2012 of $14,000). […]
Regular IRA Maximum Contribution 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. Can file your tax return WITH the Regular IRA as if it has […]
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 […]
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 […]
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. […]
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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 […]
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ROTH IRA in 2010
Some confusion out there about Roth changes. The following are effective in 2010…. The tax that has to be paid when you CONVERT a REGULAR IRA to a ROTH IRA can be paid either all in 2010 all in 2011 OR 1/2 in 2011 and 1/2 in 2012 Additionally, the limits on Roth contributions do not […]