Do you know why some people have to pay taxes when they contribute to their IRA while others have to pay taxes when they make a withdrawal? It all comes down to the type of IRA (individual retirement account) in question – a Roth IRA or a traditional IRA. The reason being is that each type of IRA comes with its own set … [Read more...]
Roth IRA Conversions: Rules for 2020
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...]
2020 – 2019 Deadlines for IRA Contributions
The first thing you need to know about your 2020 IRA contribution deadline is that the final IRS filing date doesn't happen until 2021. The IRS allows you to contribute to the previous year up until the normal federal tax deadline. Typically, this falls on April 15th however with the tax filing deadline extended to … [Read more...]
2020 and 2019 Roth IRA Contribution Rules & Income Limits
What's new with Roth IRA contribution limits for 2020? 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 2020 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...]
Roth IRA Income Limits for 2020
This article covers 2020 Roth IRA income limits for contributions. For 2019, see the article 2019 Roth rules. As it turns out, 2020 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...]
