I’ve written about this before but now is a timely time to talk about it again, with tax season underway. I prepare a lot of individual tax returns, and one of the most-common compliance issues I see is: people contributing too much into their Roth IRA. One-hundred percent of the time, the person had no […]
I usually try to steer clients away from making contributions to a retirement account after the year ends, even if they might get a deduction in that prior year. Example: an individual has until April 15, 2022, to put money into an IRA and count it (and take a deduction for it) as a 2021 […]
If you take money out of a retirement account to buy a house (for example to make a down payment), you can avoid the 10% early withdrawal penalty … but only on IRA withdrawals. The rules on retirement withdrawals are tricky and vary between 401(k) accounts and IRAs. With home purchases, you can take money […]
Here’s a sample of questions my clients commonly have about retirement plan rollovers.
A non-deductible IRA contribution refers to money put into a traditional IRA, for which the taxpayer does NOT get a tax deduction.
This blog post defines what Roth IRA means
In the tax world, “IRA” stands for “individual retirement account.”