From the IRS website. . . http://www.irs.gov/uac/Newsroom/IRS-Announces-2015-Pension-Plan-Limitations;-Taxpayers-May-Contribute-up-to-$18,000-to-their-401(k)-plans-in-2015 If you have a 401(k), you can contribute $18,000 to it in 2015. IRA contributions are staying the same.
I’m sure a lot of you are reading the headline above and thinking “Say wha?” Let’s back up. There are (generally) two types of IRAs, which stands for Individual Retirement Arrangements (Yes, “Arrangements” and not “Accounts.” Look it up). There is the “Traditional” IRA and the Roth “IRA”. (Also note that Roth is not written… Read More
The IRS has created what it calls a “new Web-based tool to help small business owners determine which tax-favored pension plan bests suits their needs and how to keep their plans in compliance.” The IRS Retirement Plan Navigator has links to “Choose a Plan,” “Maintain a Plan,” or “Correct a Plan.” I especially like the Plan… Read More
The year 2009 is shaping up to be interesting when it comes to making decisions regarding your IRA. First, despite the mini-rally of the past four days, the market is still at a longtime low. But second, there are two unique and temporary laws that have never coincided before. First, Congress enacted a law late last year… Read More