Contribute to retirement accounts

Contribute to retirement accountsRetirement_accounts 300

  • If you haven’t already funded your retirement account for 2013, you have until April 15, 2014. That’s the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA.  But don’t forget that the sooner you make the contribution the sooner you get tax-free growth.
  • To qualify for the full annual IRA deduction in 2012, you must either: 1) not be eligible to participate in a company retirement plan, or 2) if you are eligible, you must have adjusted gross income of $58,000 or less for singles, or $92,000 or less for married couples filing jointly. If you are not eligible for a company plan but your spouse is, your traditional IRA contribution is fully-deductible as long as your combined gross income does not exceed $173,000.
  • For 2012, the maximum IRA contribution you can make is $5,500 ($6,500 if you are age 50 or older by the end of the year).

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