Why the Self-Employed Should Consider Setting up a Retirement Plan Before Year End
For 2013, the maximum IRA contribution is $5,500 — $6,500 if you’re age 50 or older on Dec. 31. (The maximum IRA contribution or deduction may be reduced or eliminated depending on various factors.) But if you’re self-employed, you may be eligible for a retirement...
Ten Steps Before Taking the Big Leap with your IRA Investments
By John "Jack" Kiley, CPA, CISP / Partner MidAtlantic IRA, LLC Self Directed Retirement Plan Solutions jack.kiley@midatlanticira.com 800/607-0145 x201 I've recently spent two days at an industry conference where the main topic was detecting fraudulent IRA investments....
Passing on Your IRA, an Old Strategy gets a Second Look
By John "Jack" Kiley, CPA, PFS, CISP / Partner MidAtlantic IRA, LLC Self Directed Retirement Plan Solutions jack.kiley@midatlanticira.com800/607-0145 x201 With tax rates almost certain to rise, and families feeling squeezed, an old idea is getting a second look. Many...
Roth Recharacterization, Hindsight can be 20/20
I’ve been a CPA for over twenty years. Recharacterizing a Roth is one of only a few instances that I can think of where the IRS allows you to make a decision (convert from Traditional IRA to a Roth IRA), wait what could be well over a year to see how your newly converted Roth IRA performs, and if you don’t like your decision, change it back (recharacterize).
Annual Contribution Limits for 2011
As 2010 is comes to a close, we all begin to look ahead to 2011. For retirement plans, the landscape in 2011 will look much like 2010. The new contribution limits largely remain unchanged. In calculating these, IRS compares the official cost of living increase from September of 2010 to September of 2009. In reviewing these limits, some definitions and rules need to be kept in mind.