Posts Tagged ‘IRA’
Year-End Tax Tips for 2021
As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought up questions that significantly impact your personal and financial situation. Now is the time to work on your current tax strategies to make sure they are still meeting your needs and take any last-minute steps that could save you…
Read MoreRMD Roundup: A Few Key Updates About Required Minimum Distributions
As we approach the end of 2021, now might be a good time to take a closer look at a few developments surrounding required minimum distributions (RMDs). What Are RMDs? Once you reach age 72, you are required to take minimum distributions from your traditional IRAs and most employer-sponsored retirement plans. (RMDs are not required…
Read MoreIRA and Retirement Plan Limits for 2021
Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2021, other key numbers have increased. IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2021 is $6,000 (or 100% of your earned income, if less),…
Read MoreIRS Clarifies COVID-19 Relief Measures for Retirement Savers
The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020 ushered in several measures designed to help IRA and retirement plan account holders cope with the financial fallout from the virus. The rules were a welcome relief to many people but left questions about the details unanswered. In late June, the IRS…
Read MoreQ2 2020 – Second Quarter Stock Market Commentary
There is an old saying on Wall Street, “The stock market is not the economy and the economy is not the stock market.” We all got a little taste of that this past quarter when we saw a negative -4.8% GDP in the first quarter and predictions of negative -30% to -50% GDP for the second quarter. We saw record…
Read More2019 IRA Contribution Deadline Has Been Extended
Due to the coronavirus tax filing extension, there’s still time to make a regular IRA contribution for 2019. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on December 31, 2019). For most taxpayers, the contribution deadline for…
Read MoreThere’s Still Time to Contribute to an IRA for 2019 Taxes
Even though the tax filing season is well underway, there’s still time to make a regular IRA contribution for 2019. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on December 31, 2019). For most taxpayers, the contribution…
Read More2019 Q4 Market Commentary
One year ago, the market was convinced that our economy was headed for a recession and we began 2019 on the heels of one of the worst quarterly market returns in more than a decade. This could not have been further from the truth. Once the market figured out that a recession was not happening,…
Read MoreAll about IRAs for 2020
An individual retirement arrangement (IRA) is a personal retirement savings plan that offers specific tax benefits. In fact, IRAs are one of the most powerful retirement savings tools available to you. Even if you’re contributing to a 401(k) or other plans at work, you might also consider investing in an IRA. What types of IRAs…
Read MoreWhat Is a Traditional IRA?
Traditional individual retirement accounts (IRAs) can be a good way to save for retirement. If you do not participate in an employer-sponsored retirement plan or would like to supplement that plan, a traditional IRA could work for you. A traditional IRA is simply a tax-deferred savings account that has several investing options and is set…
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