The Money Farm Team

You have until the due date (including extensions) of your business’s income tax return for that year to set up a SEP plan for that year. If I have a SEP, can I also have other retirement plans? You can have a SEP and another plan at the same time. You cannot use Form 5305-SEP […]

Starting at age 72, Roth IRAs are exempt from the required minimum distributions that apply to traditional IRAs and 401(k)s. How much money do you need to start a Roth IRA? According to IRS regulations, there is no minimum. The bad news is that some providers have account minimums to start investing, so if you

Children of any age are eligible to contribute to an IRA if they have earned revenue from a job, whether it is from an employer (such as a paper route or lifeguarding) or from their own small business. The lesser of $6,000 or your child’s taxable earnings for the year is the maximum contribution your

Earned income is required to start a Roth IRA for your grandchild. Your grandchild must have a wage-earning job. You won’t need any further papers to start a Roth IRA if she has a typical employment and her employer provides a W-2. You must retain receipts and file a tax return with the IRS if

WASHINGTON, D.C. — Contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return, according to the Internal Revenue Service. Taxpayers can claim the deduction now, before the donation is made, by filing their 2019 tax return. However, the payment

There’s only one week until federal income taxes are due on July 15, a three-month delay from the usual Tax Day deadline granted by the IRS due to the coronavirus outbreak. When the IRS pushed out the deadline for filing taxes to July 15, it simultaneously pushed back the deadline for contributing to individual retirement

That’s a good thing, because those extra few months at the start of next year offer you time to: You’ve recently learned about Roth IRAs and want to open one for the prior tax year. But what if your taxes were submitted in February and it’s now March or early April? It’s no problem. You

There is no age limit on making regular contributions to standard or Roth IRAs after 2020. If you’re 70 1/2 or older in 2019, you won’t be able to contribute to a traditional IRA on a regular basis in 2019. Regardless of your age, you can contribute to a Roth IRA and make rollover contributions

WASHINGTON, D.C. — Contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return, according to the Internal Revenue Service. Taxpayers can claim the deduction now, before the donation is made, by filing their 2019 tax return. However, the payment

Contribution restrictions for various retirement plans can be found under Retirement Topics – Contribution Limits. For the years 2022, 2021, 2020, and 2019, the total annual contributions you make to all of your regular and Roth IRAs cannot exceed: For any of the years 2018, 2017, 2016, and 2015, the total contributions you make to