Yes, as long as the total amount of your contributions to more than one IRA does not exceed the maximum annual contribution limit which, in 2017, is $5,500 for workers under age 50 and $6,500 (with an additional $1,000 catch-up amount) for workers age 50 and over by year-end.
Be sure to check the administrative fees and minimum deposit requirements of your IRA plan custodian(s), however. Multiple accounts could mean that you’ll be charged multiple fees to administer your IRA …
You are allowed to contribute the greater of 100% of your earned income (salary or wages from a job or self-employment income) or $5,500 to a Roth and/or traditional IRA in 2017. If you are age 50 by year’s end, or older, you can contribute up to an extra $1,000 ($6,500 total).
However, if you earn less than $5,500 by the end of the calendar year, you can only contribute up to the amount of your annual earnings.
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The earnings limit for Social Security benefits no longer applies once you reach your full retirement age (FRA). For people born between 1943 and 1954, FRA is age 66. Therefore, the earnings limit will no longer apply to you once you reach age 66. FRA for those born in 1960 and later is age 67. The 2017 earnings limit for Social Security beneficiaries who have not reached their FRA is $16,920.
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According to the investment research firm Ibbotson Associates, these were the annual returns on various types of investments from 1926 through 2015:
* Small company stocks: 12.0%
* Large company stocks; 10.0%
* U.S. Government bonds: 5.6%
* U.S. Treasury bills: 3.4%
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Yes. The College For Financial Planning publishes “Annual Limits Relating to Financial Planning” at the beginning of each year. For the 2017 version of this publication, as well as previous years, see http://www.cffpinfo.com/annual-limits/.
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While a specific charity may qualify with the IRS as a charitable organization for tax purposes, a taxpayer still needs to be able to itemize his or her tax deductions to deduct a charitable contribution. Charitable contributions are an itemized deduction.
Schedule A is the tax form used to tally itemized deductions. These deductions include out-of-pocket health-related expenses, mortgage interest, property taxes, charitable contributions, and other qualified expenses.
In order to use Schedule A, you would need to use IRS …
Some people record all their mileage on a calendar, planner, or business diary that they keep in their car. Be sure to jot down the date, the purpose of the trip, the starting and ending odometer readings, and the total number of miles driven. Another good source of documentation is a copy of the forms that you provide to your employer for expense reimbursement.
Remember, you are entitled to deduct the difference between the IRS business mileage reimbursement rate (54 …
Below are the income restrictions for 2017 Roth IRA contributions:
• Roth IRAs are fully available to single filers whose adjusted gross income (AGI) is less than $118,000. No participation is allowed if your AGI is more than $133,000. Thus, the phase-out range, where contributions are limited in gradual steps as income increases, is between $118,000 and $133,000.
• Roth IRAs are fully available to joint filers whose AGI is less than $186,000. There is a phase-out range between $186,000 …
It depends. You must have earned income to contribute to an IRA of any type, including a Roth IRA. This means that you must have a salary, hourly wage, or net earnings from consulting or a small business.
If you have earned income, the maximum amount that a person over age 50 can deposit in 2017 in a Roth IRA is the larger of 100% of earnings or $6,500 (the regular $5,500 contribution plus an additional $1,000 catch-up contribution). Roth …
Basically, the longer you wait to claim a Social Security benefit, the more money you will receive. Under current Social Security guidelines, the earliest age that you can collect benefits is age 62. However, benefits at age 62 are permanently reduced by 25%. For example, if your monthly benefit at age 66 is $1,000, you would receive only $750 at age 62.
If you wait until age 70 to start collecting benefits, the amount you will receive is 132% of …
