You will need to contact a Personal Banker at First National Bank in Olney to receive the annual contribution limit dollar amounts. To qualify, their combined earned income must be equal or greater than the total contributed amount. Spousal IRA rules enable married couples filing jointly to contribute the maximum amount to their separate IRA accounts even if one spouse has little or no earned income. You are permitted to annually contribute a maximum amount or 100% of your earned compensation and alimony whichever is less. Since your contributions are taxed in the year they are earned, you may benefit more from a Roth IRA if you anticipate being in a higher tax bracket when you retire. However, your contributions each year cannot be deducted from your taxes. Roth: Qualified distributions (both what you have contributed and your earnings) are tax-free. You may also be able to deduct what you contribute each year from your taxes. Traditional: Allows you to defer taxes on your earnings until they are withdrawn. See your tax or legal professional for assistance in determining IRA eligibility.
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