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Are Nondeductible Contributions to a Traditional IRA the Right Move for You?

Let's say you wish to contribute to an IRA in 2018 but have too much income to make a either a deductible contribution to a traditional IRA or a contribution to a Roth IRA. You still have the option to make a nondeductible contribution to a traditional IRA. Might this make sense for you?

3 Investing Mistakes to Avoid with Your IRA

Beware of these 3 investing mistakes with your IRA: late investments, illegal investments, and prohibited transactions. They can cost you or your clients big bucks.

The Tax-Filing Deadline is Almost Here – Is Your IRA Ready?

The countdown to the 2017 tax filing deadline is on. The deadline is April 17, 2018, which is really only hours away. Time is running out. Is your IRA ready?

Spousal IRAs: What are They and Who Can Contribute to One?

Spousal IRAs are designed to allow a working spouse to make IRA contributions for a spouse who does not have enough earned income to make their own IRA contributions.

Are You in the IRA Sweet Spot?

If you have an IRA, you need to know about the “sweet spot.” What is the IRA sweet spot? Well, that is when you are between ages 59½ and 70½.

Avoiding the 10% Penalty and Deferring RMDs for a 401(a): Today’s Q&A Mailbag

This week's Slott Report Mailbag answers readers' questions about avoiding the 10% penalty for cashing in an IRA to pay medical bills and deferring RMDs for a 401(a).

Self-Directed IRAs and Prohibited Transactions

Creating a self-directed IRA is relatively straightforward. It is not a creation of the tax code, but rather stems from the investment policies of the custodian that administers the IRA account. The agreement will allow you to diversify your IRA assets across a wide range of investments that you choose. However, when investing self-directed IRA assets, it is important that you and your advisor understand the types of transactions to avoid. These transactions, called “prohibited transactions,” can lead to serious tax consequences, including the disqualification of your IRA assets.

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Please contact Matt Smith at matt@irahelp.com or (516) 536-8282 with any questions.

 

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