Tag Archives: IRA
IRA Number Soup
All those tax-related forms which come with having an IRA, what they mean, and what to do with them. IRA stands for Individual Retirement Account (or, possibly, the collection of all such accounts), and each IRA account you have generates a small torrent of paperwork, both throughout the year and after the end of the […]
Required Minimum Distributions – What You Need To Know
Many types of retirement accounts offer enormous tax advantages. For example, if you make contributions to an IRA or 401k, you may be able to deduct those contributions (i.e., not pay income taxes on the income you use to fund those accounts) now — and, instead, let the money grow — with no taxes due […]
Free Money! Which, sadly, only 25% of those eligible are taking…
Now that I have your attention, let’s try that again. Free Money! What we’re talking about here is the “Retirement Savings Contributions Credit”. It was first created as part of the 2001 tax cut package called the “Economic Growth and Tax Relief Reconciliation Act of 2001” and was made permanent as part of the 2006 […]
2015 IRA, 401(k) and other retirement plan contribution limits announced
By law certain retirement plan limits get adjusted every year, not exactly tracking inflation (i.e., not by the CPI) but rather in “chunks” which approximate it. For 2015, the following limits have been announced: IRA Contributions (combined limit across Roth and Traditional): $5,500IRA Catch-Up Contributions (for folks over 50): $1000[Both unchanged from 2014 and, actually, […]
Great explanation of the ObamaCare taxes kicking in
Great explanation of the ObamaCare taxes kicking in Two new taxes which are part of the Patient Protection and Affordable Care Act of 2010 (PPA, also called ObamaCare) have taken effect as of January 1. The first is the new 3.8% Medicare “surtax” on investment income. Until recently, while investment income was subject to either […]
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