Phase-outs apply to many items on your income tax return. This means that if your adjusted gross income (AGI) exceeds specified limits, your eligibility to deduct certain items will be cut back or curtailed altogether, including deductions for contributions you make to traditional IRAs. When your income increases, you could lose lots of otherwise allowable itemized deductions as well as personal exemptions.
Ed Slott discusses a provision in President Barack Obama's budget proposal that would eliminate required minimum distributions (RMDs) for certain seniors. Ed discusses the makeup of this provision, who it would benefit and how it would be enforced in this video
It is becoming more and more evident that in order to have an adequate income in retirement, at least some of your income is going to have to come from your savings. Don’t overlook the ability to make IRA contributions to supplement other retirement savings you might have. You have until April 17, 2012 to make a contribution for 2011. Below are some frequently asked questions and our answers.
One of the best ways to legally avoid current income taxes is by contributing to an employer-sponsored retirement plan. While it’s too late to make any contributions to 401(k)s and 403(b)s for last year, you actually have until April 17, 2012 to set up and fund a new IRA or add money to an existing one and have the contribution count for 2011. The last day to contribute for the prior year is generally April 15, but in 2012 the 15th falls on a Sunday and the 16th is Emancipation Day, a holiday in the District of Columbia that affects tax filing deadlines the same way federal holidays do.
Ed Slott and Company IRA Technical Consultant Jeffrey Levine talks about very popular and important year-end retirement planning strategies in this video.
We have written many times on the subject of annually funding retirement vehicles such as 401(k) plans and IRAs so you will have enough money to enjoy a financially secure retirement. The earlier you start contributing to your retirement accounts, the more you will have when you actually reach retirement age.
This video takes you behind the scenes of Ed Slott's Retirement Rescue!, his NEW upcoming Public Television Special. The special was taped on Tuesday, December 12th at WMHT studios in Albany, New York.
Last week we presented Part I of “10 Things You Probably Didn’t Know About Retirement Plans,” which we hope you found helpful. Here is the conclusion.
As is our custom at the end of each year, here are 10 questions you MUST ask your financial advisor. This list is a great starting point when questioning your financial advisor (remember, he or she works for you!).
The Internal Revenue Code sets dollar limitations on benefits and contributions applicable to qualified retirement plans and IRAs. Many limitations will change since the Consumer Price Index (CPI) increase met the statutory threshold that triggers their upward adjustment. Listed below are a few of the items that are scheduled to increase in 2012.
