Orlando, Tampa,Miami, Jacksonville Indian Community - MyFloridaIndian.com
| | |
 


 

Theres Still Time to Make a 2018 IRA Contribution

Money
Contributed by : Mukesh Makker
Add To My Favorite
Share With Your Friends



If you haven't contributed funds to an Individual Retirement Arrangement (IRA) for tax year 2018, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15 due date, not including extensions.

Be sure to tell the IRA trustee that the contribution is for 2018. Otherwise, the trustee may report the contribution as being for 2019 when they get your funds.

Generally, you can contribute up to $5,500 of your earnings for tax year 2018 (up to $6,500 if you are age 50 or older in 2018). You can fund a traditional IRA, a Roth IRA (if you qualify), or both, but your total contributions cannot be more than these amounts.

Traditional IRA: You may be able to take a tax deduction for the contributions to a traditional IRA, depending on your income and whether you or your spouse, if filing jointly, are covered by an employer's pension plan.

Roth IRA: You cannot deduct Roth IRA contributions, but the earnings on a Roth IRA may be tax-free if you meet the conditions for a qualified distribution.

Saving for retirement should be part of everyone's financial plan and it's important to review your retirement goals every year in order to maximize savings. If you need help figuring out which retirement strategies are best for your situation, give the office a call.


About Author
Mr. Maker is a certified Public Accountant and serving the South Asian community since 1993.

Website: https://taxmaker.com/newsletter.php#7

 

Disclaimer: Please use this channel at your own discretion. These articles are contributed by our users. We are not responsible or liable for any problems related to the utilization of information of these articles.

 

View All Contributions

My Business:
Accounting and Tax Professionals, Inc
Bellevue

Post an Article
Notify Me of New Articles

Become A Featured Contributor
Add Your Blog | Add Recipe | Add Article

More Article by Mukesh Makker

Nikita Rawal gets a birthday surprise by her fans; watch her reaction
International Cricketing Legends to play for Friendship Cup UAE in Sharjah
IMPORTANT TAX CHANGES FOR INDIVIDUALS AND BUSINESSES - Jan 2020
View All Articles

Featured Contributors


Christine Dunbar

Shruti Sadolkar

Vivek Wadhwa
Vivek Wadhwa

Rima Arora

Praveen Nair

Ananya Kiran
Ananya Kiran

Darshan Goswami

Dilip Saraf

Vasudha Sharma
Vasudha Sharma

Latest Articles

Akshay Kumar Selfiee "Main Khiladi Tu Anari" Song Teaser Out! by Staff
Ebina Entertainment announces new movie "Operation AMG" That Will Bring Chills Down Your Spine by Staff
Film Actress Suraiya Parvin is Very Excited about Her Film 'Jungle Mahal' by Staff
Avak Films in association with Randeep Hooda Films & Jelly Bean Entertainment presents Laal Rang 2 by Staff
Actress Aastha Rawal visits historic Taj Mahal Agra by Staff
View All Articles