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Year-End Rules for IRA’s – 2016

Individual Retirement Accounts are an important way to save for retirement. If you have an IRA or may open one soon, there are some key year-end rules that you should know.
  • Contribution Limits:  You can contribute up to a maximum of $5,500 ($6,500 if you are age 50 or older) to a traditional or Roth IRA. If you file a joint return, you and your spouse can each contribute to an IRA even if only one of you has taxable compensation. In some cases, you may need to reduce your deduction for traditional IRA contributions. This rule applies if you or your spouse has a retirement plan at work and your income is above a certain level. You have until April 18, 2017, to make an IRA contribution for 2016.
*The contribution limits can be found below.

You are eligible to contribution to a ROTH IRA assuming your income is below :

Single- MAGI** must be less than $117,000 ($118,000 in 2017)

Married- MAGI** must be less than $184,000 ($186,000 in 2017)

 **- modified adjusted gross income

 If your income is over these limits, ask us about the “back door” ROTH strategy. In certain circumstances, taxpayers can benefit from making a non-deductible contribution and immediately converting this to a ROTH IRA.

 Unlike traditional IRA contributions, ROTH IRA contributions provide no upfront tax benefits, but grow tax free for life and are not subject to the required minimum distribution (RMD) rules.

Please do not hesitate to contact us should you have any questions. As an alternative, feel free to email us your questions at info@newburg.com.

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