The IRS released the 2013 version of IRS Form 8880, Credit for Qualified Retirement Savings Contributions. The form is used to claim a federal income tax credit, known as the “saver’s credit,” if you make IRA contributions or certain salary deferral contributions to your company’s retirement plan, such as a 401(k) plan. Click to find out the criteria needed for receiving this credit.
I am maxing out my 401(k) or I am contributing to a 401(k), can I also make an IRA contribution? We get asked that question a lot. Find the answer below.
Now that we are in the middle of the summer of 2013, have you ever thought about contributing to an IRA for your child or grandchild this year? It’s possible as long as certain rules are followed. We explain these rules below.
If a business owner is considering starting a retirement plan for himself and his employees, he may want to consider an employer-sponsored IRA. While employer-sponsored IRAs are not very well known, even to many tax pros and CPAs, they offer some unique advantages from other employer retirement plans.
With no state income tax to worry about, Texas residents don't have to worry about the state tax impacts of making IRA contributions. Since there is no state income tax, a deduction for making an IRA contribution is irrelevant. Plus, when IRA distributions are made in the future, Texas residents will only owe federal income tax on those distributions (assuming the Texas' tax laws remain the same). If you happen to live in one of the other 43 states, figuring out the state income tax consequences of making an IRA contribution is likely to be a bit more taxing (pun definitely intended).
This week's Slott Report Mailbag includes questions about the rules involved intended yearly contribution dates (is it when the check was postmarked or when the custodian received it?) and the backdoor Roth IRA conversion.
There isn't much you can do now, in 2013, to lower your tax liability for 2012. One possible way, however, can not only help you save money on your 2012 taxes, but can also help you plan for retirement. I'm talking, of course, about a deductible IRA contribution. 2012 IRA contributions can be made up until April 15, 2013 and, if you meet certain criteria, you can take a deduction for that contribution, thus reducing your 2012 tax liability. If you haven't made an IRA contribution for 2012 and are wondering if you can make a deductible IRA contribution now to help reduce your 2012 tax bill, follow the questions below to find your answer.
Social Security has been a popular topic of conversation among current and soon-to-be retirees as well as Washington lawmakers as Congress tries to deal with a major deficit issue. Below we talk about some of the ties between IRAs and Social Security as well as some of the misconceptions.
Whether you won or lost on Super Bowl Sunday, your gambling wager has tax and IRA planning consequences. Super Bowl XLVII was held in New Orleans this past Sunday. After San Francisco played a “lights out” second half after the lights went out, the Baltimore Ravens held on to win the game 34–31. Although Baltimore won the game and got to raise the coveted Vince Lombardi trophy, it wasn't the only winner this past weekend. In fact, millions of Americans became winners themselves as a result of legal and illegal gambling.
You are still working. You want to convert some of your employer plan funds to a Roth IRA to follow Ed Slott's advice and begin years worth of tax-free saving. Can you? We examine the answer to that question and more in this week's Slott Report Mailbag.
