IRAs

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

If you have a Roth 401(k) and want to convert it to a Roth IRA, the process is simple. The transferred money are all made up of after-tax dollars and have the same tax basis. This is not a taxable event, as defined by the IRS. If your 401(k) is a Roth 401(k), you can

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

Employees do not pay tax on stock held in their ESOP accounts until they receive distributions, at which point they are taxed. If they are under the age of 591/2 (or 55 if they have terminated employment), they, like all employees in qualified plans, are subject to not only applicable taxes but also a 10%

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

If you’re quitting your job, you’ll need to decide on a pension plan that’s good for you. You have the option of cashing out the money or rolling them over to an IRA or a new employer’s retirement plan. Each of these options may have tax consequences, and you may be compelled to pay income

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

A regular IRA can be converted into a Roth IRA in whole or in part. You can conduct a Roth conversion, sometimes known as a “backdoor Roth IRA,” even if your income exceeds the contribution restrictions for a Roth IRA. You’ll have to pay taxes on the money you convert, but you’ll be able to

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