Topic: Roth IRA

Six Last-Minute Tax Tips

By Frazier Allen | April 6, 2013 |

Clarksville, TN – Here are six last-minute things to keep in mind as the due date for most individuals’ 2012 federal income tax returns approaches.

File on time, pay any taxes due – The due date for 2012 federal income tax returns is April 15th, 2013. If you’re not going to be able to file your federal income tax return by the due date, file for an extension using IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. «Read the rest of this article»

There’s Still Time to Contribute to an IRA for 2012

By Frazier Allen | March 16, 2013 |

Clarksville, TN – There’s still time to make a regular IRA contribution for 2012! You have until your tax return due date (not including extensions) to contribute up to $5,000 for 2012 ($6,000 if you were age 50 by December 31st, 2012). For most taxpayers, the contribution deadline for 2012 is April 15th, 2013.

You can contribute to a traditional IRA, a Roth IRA, or both, as long as your total contributions don’t exceed the annual limit. You may also be able to contribute to an IRA for your spouse for 2012, even if your spouse didn’t have any 2012 income. «Read the rest of this article»

IRS Reminds Taxpayers to Report 2010 Roth Conversions on 2012 Returns

February 21, 2013 |

Washington, D.C. – The Internal Revenue Service reminds taxpayers who converted amounts to a Roth IRA or designated Roth account in 2010 that in most cases they must report half of the resulting taxable income on their 2012 returns.

Normally, Roth conversions are taxable in the year the conversion occurs. For example, the taxable amount from a 2012 conversion must be included in full on a 2012 return. But under a special rule that applied only to 2010 conversions, taxpayers generally include half the taxable amount in their income for 2011 and half for 2012, unless they chose to include all of it in income on their 2010 return. «Read the rest of this article»

IRA and Retirement Plan Limits for 2013

By Frazier Allen | October 28, 2012 |

IRA contribution limits

Clarksville, TN – The maximum amount you can contribute to a traditional IRA or Roth IRA in 2013 increases to $5,500 (or 100% of your earned income, if less), up from $5,000 in 2012. The maximum catch-up contribution for those age 50 or older remains at $1,000.

(You can contribute to both a traditional and Roth IRA in 2013, but your total contributions can’t exceed this annual limit.) «Read the rest of this article»

IRA and Retirement Plan Limits for 2012

By Frazier Allen | January 31, 2012 |

IRA Contribution Limits

Clarksville, TN – The maximum amount you can contribute to a traditional IRA or Roth IRA in 2012 remains at $5,000 (or 100% of your earned income, if less), unchanged from 2011. The maximum catch-up contribution for those age 50 or older remains at $1,000. (You can contribute to both a traditional and Roth IRA in 2012, but your total contributions can’t exceed this annual limit.) «Read the rest of this article»

Seven Year-End Tips to Reduce 2011 Taxes

December 29, 2011 |

Nashville, TN – The Internal Revenue Service today reminded Tennesseans that there is still a little time to take action to lower their 2011 federal taxes.

“In order to claim certain benefits on your 2011 taxes, you need to take action no later than December 31st,” said IRS spokesman Dan Boone. “Taking steps now could save you money when you file your taxes next year.” «Read the rest of this article»

IRA and Retirement Plan Limits for 2012

By Frazier Allen | November 8, 2011 |

IRA contribution limits

Clarksville, TN - The maximum amount you can contribute to a traditional IRA or Roth IRA in 2012 remains at $5,000 (or 100% of your earned income, if less), unchanged from 2011.

The maximum catch-up contribution for those age 50 or older remains at $1,000. (You can contribute to both a traditional and Roth IRA in 2012, but your total contributions can’t exceed this annual limit.) «Read the rest of this article»

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