Contributions

IRA Contribution

Self-Directed-IRA-pic 7

2015 and 2016 IRA Contribution


 

A contribution is money that an IRA account holder (and/or their employer, in the case of an employer-sponsored plan) puts into their IRA. Each plan type has an annual contribution limit and a date by which the contribution must be made; in addition to certain requirements that must be met in order to contribute.

SFG acquisitions -learn mmore 4 pic 370x90

 

Traditional IRA Contribution


 

Your Traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work, and your income exceeds certain levels.

SFG acquisitions -learn mmore 4 pic 370x90

 

Roth IRA Contribution


 

Roth IRAs must be established by the tax filing deadline (without extensions) for the tax year to which your qualifying contribution(s) will apply. Applications postmarked by this date (2015 is 4/15/2016) will be accepted.

SFG acquisitions -learn mmore 4 pic 370x90

 

SEP IRA Contribution


 

Deadline to open a SEP IRA: Extended due date of return. Deadline to contribute to a SEP IRA: Extended due date of return

SFG acquisitions -learn mmore 4 pic 370x90

 

SIMPLE IRA Contribution


 

Open Deadline: Oct 1st of current year. Employee Fund Deadline: Defer from last paycheck or Dec 31. Employer Fund Deadline: Extended due date of return.

SFG acquisitions -learn mmore 4 pic 370x90

 

Individual 401(k) Contribution


 

The business owner wears two hats in a 401(k) plan: employee and employer. Contributions can be made to the plan in both capacities.

SFG acquisitions -learn mmore 4 pic 370x90

 

HSA Contribution


 

Open Deadline: April 15 of next year, no extension. Fund Deadline: April 15 of next year, no extension.

SFG acquisitions -learn mmore 4 pic 370x90

 

Coverdell ESA Contribution


 

The total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no matter how many accounts have been established. Any individual (including the designated beneficiary) can contribute to a Coverdell ESA if the individual’s MAGI for the year is less than $110,000. For individuals filing joint returns, that amount is $220,000.

SFG acquisitions -learn mmore 4 pic 370x90

 

 

Facebook Comments: