IRAs

In 2017, the maximum amount you can contribute to a conventional or Roth IRA is $5,500 (or 100% of your earned income, if less), which is the same as in 2016. For those aged 50 and up, the maximum catch-up contribution remains $1,000. (In 2017, you can contribute to both a regular and a Roth […]

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

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

According to the SECURE Act of 2019, any retirees who earn money can contribute to regular IRAs. Unearned income, such as capital gains, dividends, or investment interest, cannot be used to make contributions. You can’t contribute more than your earnings, and you can only contribute up to the annual contribution limits set by the IRS.

If one spouse earns enough money to contribute to an IRA for the nonworking spouse, that spouse can do so. The contribution limits for traditional and Roth IRAs are the same, but the eligibility restrictions are different. Can I contribute to my wife’s traditional IRA if she doesn’t work? A spousal IRA is a great

If one spouse earns enough money to contribute to an IRA for the nonworking spouse, that spouse can do so. The contribution limits for traditional and Roth IRAs are the same, but the eligibility restrictions are different. Can I contribute to my wife’s Roth IRA if she doesn’t work? A spousal IRA is a great

If you have earned income and fulfill the income limits, you can contribute to a Roth IRA. Even if you don’t have a traditional employment, you may be able to claim “earned” income. Spouses who do not have a source of income can contribute to Roth IRAs using the other spouse’s earnings. Can you contribute

You can’t contribute more than the lesser of the following amounts to each employee’s SEP-IRA each year: $61,000 in 2022 ($58,000 in 2021; $57,000 in 2020; and later years subject to annual cost-of-living increases). These limits apply to all defined contribution plans, including SEPs, that you design for your employees. Employee compensation of up to

Because the contribution limits for a SIMPLE IRA and a Roth IRA are not cumulative, you can contribute the maximum authorized amounts to both. In fact, most financial planners recommend that if you can afford it, you max out both your SIMPLE IRA and your Roth IRA, as they offer various tax benefits. While SIMPLE

Yes, you can contribute to both a 401(k) and an IRA, but if your income exceeds the IRS limits, you may lose out on one of the traditional IRA’s tax benefits. How much can I contribute to a traditional IRA if I have a 401k? This is what it means. You can make and deduct