One week from today is the big day – April 15 – or Tax Day, as some of us think of it. No one enjoys paying taxes, but there is good news here. You still have time to make a contribution to a traditional or Roth IRA if you are eligible.
To be eligible for a deduction, you must have been employed in 2013 and not covered by an employer-sponsored retirement plan. The limits are as follows:
Traditional IRA:
- $5,500 limit, or
- $6,500 if you were 50 or older by Dec. 31, 2013
- Some restrictions apply based on your modified adjusted gross income and your marital status.
Roth IRA:
- $5,500 limit, or
- $6,500 if you were 50 or older by Dec. 31, 2013
- Income limits are higher for Roth IRAs, but some restrictions apply.
If you have questions or want to set up an IRA to take advantage of the tax deductions, contact us today. We can tell you how much you are eligible to deduct.
To your wealth,
Joseph M. Maas, CFA, CVA, ABAR, CM&AA, CFP®, ChFC, CLU®, MSFS, CCIM
President of Synergetic Finance
