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I recently suggested to my son that he open a Roth IRA. Here are the 3 reasons why.
The Roth IRA offers a huge advantage over a regular IRA. This is particularly so for younger people. With the IRA you are (generally) allowed a tax deduction for this. The IRA grows tax deferred. You can … Continue reading »
Your 2012 income tax return is due on April 15, 2013. What if you can’t get it done on time? Here are 4 easy steps to file your income tax extension.
To be eligible for a Roth IRA you need to have earned income. This is typically from wages earned as an employee. Earnings from self-employment also qualify. The annual contribution is the lesser of your earned income or $5,000. The contribution can be made at any time during the year and up to April 15th following the year.
The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the distributions from the Roth IRA are tax-free. Additionally, unlike IRA’s, Roth IRA’s are not subject to the Required Minimum Distribution Rules (“RMD”) for either the taxpayer or … Continue reading »
Taxpayers can contribute up to $5,000 per year into a Roth IRA. Taxpayers over age 50 can contribute an additional ‘catch-up’ contribution of $1,000 for a total of $6,000. To contribute to a Roth IRA you need to have earned income at least up to the amount of the contribution. … Continue reading »