Just a reminder, this is IRA season and below are some key numbers to pay attention to.
For 2014, here is the max contribution limits:
Traditional IRA – $5,500 ($6,500 if you are 50 and older)
Roth IRA – $5,500 ($6,500 if you are 50 and older)
SEP IRA – $52,000 (is up to 25% of your total income or 20% of adjusted income, up to a maximum of $260,000 in income)
For some other information, max income for 2014 for social security wage base is $117,000.
There is some stipulations on whether or not your Traditional IRA contribution for 2014 is deductible. Please contact me to find out if you are able to contribute to your IRA by April 15th for a 2014 tax deduction. I can speak to your CPA to make sure your contribution makes sense.
For a consultation with Richard London CFP® or for more information on IRA contributions, please call (702) 318-1376 today!