Fund Your Retirement and Invest In What You Know Best!
Fund Your Retirement and Invest In What You Know Best! Increase Your Retirement Account Available for Investing by Maximizing Your 2013 Contributions By John “Jack” Kiley, CPA, CISP Partner, MidAtlantic IRA, LLC For retirement plans, the landscape in 2013 will...
2012 IRA Contribution Limits
IRA Contribution limit remains at $ 5,000 for 2012
Recently the Internal Revenue Service announced the 2012 contribution and cost of living increases regarding IRAs and 401k plans. The following can be found on the IRS’s website at www.irs.gov.
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.
What is a Traditional IRA?
Source: www.irs.govA traditional IRA is any IRA that is not a Roth or SIMPLE IRAWho Can Set Up a Traditional IRA?You can set up and make contributions to a traditional IRA if:You (or, if you file a joint return, your spouse) received taxable compensation...
What is a Roth IRA
Source: www.irs.gov A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. You cannot deduct contributions to a Roth IRA. If you satisfy the requirements, qualified distributions are tax-free. You can make...
What is a SIMPLE IRA
Source: www.irs.gov A SIMPLE IRA plan is a Savings Incentive Match PLan for Employees. Because this is a simplified plan, the administrative costs should be lower than for other, more complex plans. Under a SIMPLE IRA plan, employees and employers make contributions...
What is SEP IRA
Source: IRS.gov A SEP is a simplified employee pension plan. A SEP plan provides employers with a simplified method to make contributions toward their employees’ retirement and, if self-employed, their own retirement. Contributions are made directly to an Individual...