Tax Time Reminders
A few reminders as the tax deadline nears:
You still have time to contribute for 2014. Although the full contribution limit is $5,500 ($6,500 if 50 or older), your ability to contribute phases out based on income, starting at $114,000 for single filers and $181,000 for married filers. Get the details straight from the IRS.
Even with income higher than these limits, you may be able to contribute to a Roth IRA indirectly. You can contribute to a nondeductible IRA, then convert it to a Roth IRA. If you have existing traditional IRAs (including Rollover and SEP), this does not work the way you would expect. Contact us to discuss this option.
You can still contribute for 2014, however the plan must have been opened in 2014 or earlier. Your total contribution limit can be as high as $52,000, but it depends on your self-employed income so confirm your limit with your tax advisor.
If you don't have an Individual 401k set up, you can still contribute to a SEP IRA for 2014. Your contribution limit can be as high as $52,000, but it depends on your self-employed income so confirm your limit with your tax advisor.