If you have an HSA, or Health Savings Account, you need to know what eligible expenses are allowable in 2014 for deduction under the rules set forth by the IRS. You can spend money from your HSA tax-free as long as it's put towards a "qualified medical expense." This includes all prescription medication, medical … [Read more...]
Roth IRA Conversions: Rules for 2021
First introduced in 1974, the Individual Retirement Account (IRA) has been a preferred way for U.S. citizens to save money for retirement. Although the rules governing IRAs have changed over the years, the basic idea behind an IRA remains the same in, namely, to provide IRA holders tax advantages that encourage them … [Read more...]
As Tax Time Nears, a Dire Trend with Retirement Savings
As tax time nears, a new report released by IRC, shows a continued decline in Americans' participation in Individual Retirement Accounts. The study, released in full today, shows an ever-widening gap between what average US citizens are saving for retirement and what they need to retire comfortably. As a result, … [Read more...]
Study: Americans Contributing Record Low Amounts to IRAs
A new study from Investment Company Research to examine the role of IRAs in Americans' retirement preparedness. The study is the first comprehensive survey of it's kind to be completed since 2008. We wanted to share this information with readers of IRAcontributionlimits.com because it shows an alarming and … [Read more...]
2021 – 2020 Deadlines for IRA Contributions
The first thing you need to know about your 2021 IRA contribution deadline is that the final IRS filing date doesn't happen until 2022. The IRS allows you to contribute to the previous year up until the normal federal tax deadline. Typically, this falls on April 15th and for most types of IRA accounts you will have … [Read more...]
2021 and 2020 Roth IRA Contribution Rules & Income Limits
What's new with Roth IRA contribution limits for 2021? Be sure to bookmark this page for reference of all the rules. First, let's recap the Roth IRA maximum contribution limits. These maximums vary depending on your age, and the 2021 IRS regulations haven't changed significantly. Basically, if you are under fifty in … [Read more...]
Open a Roth IRA for Tax Benefits and Savings
Don't wait until you are retirement age to think about opening a Roth IRA. Everyone knows they should save for retirement and in the meantime open a Roth IRA account. Many of us neglect to fully take advantage of these tax-deferred investment vehicles. Whatever the reason for putting off securing your financial future, … [Read more...]
2021 Simple IRA Contribution Limits & Maximum Rules
Do you know your Simple IRA contribution limits for 2021? They are much different than your standard IRA contribution rules. When people contribute to a Simple IRA, as opposed to a Roth IRA or traditional IRA account they do so through employer contributions and contributions involving reductions in salaries. Simple … [Read more...]
401k Contribution Maximum Limits 2021
Each year the IRS lays out rules that determine the 401k contribution maximum limits for an individual contributing to a 401(k). Generally, the IRS adjusts this amount with inflation, and these 401k contribution limits and withdrawal rules are changing both in the years 2021 and 2020. This is important because 401k's, … [Read more...]
Roth IRA Income Limits for 2021
This article covers 2021 Roth IRA income limits for contributions. For 2020, see the article 2020 Roth rules. As it turns out, 2021 is a big year for IRAs because of a current rule that allows for rollovers from traditional IRAs to the more desirable Roth IRAs. For this reason, it is important to know the difference … [Read more...]
