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 …
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
The Benefits of Financial Health
This article is adapted from a previously written blog post for the eXtension Military Families Learning Network: https://militaryfamilies.extension.org/2017/06/27/what-financial-health-means-to-me-ned/
After a successful course of treatment, many doctors tell their patients that their physical health status is NED, which is doctor-speak for No Evidence of Disease. The same NED acronym can also be applied to a person’s financial health: …
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.
We would …
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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The recently released briefing paper, “Cooperative Extension’s Capacity to Demonstrate Impact in Financial Capability and Well-Being: A Briefing Paper,” is a result of almost two years of collaborative effort by Extension FRM professionals to share and document programmatic similarities across the states in an attempt to develop three programmatic tools: 1) a common logic model, 2) a list of program outputs and outcome indicators, and 3) a crosswalk of NIFA indicators to programmatic indicators provided by participants.
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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The Financial Security for All Community of Practice has compiled the following list of informational resources related to the Tax Cuts and Jobs Act:
Tax Cuts and Jobs Act Legislation
Background Information: Land-Grant Universities
Background Information: Other
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/.
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 …