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 …
People with earned income who are not in an employer-sponsored retirement plan, regardless of income level, may qualify for a tax deductible traditional IRA. Another group of taxpayers who can deduct a traditional IRA contribution in full are those with an employer-sponsored plan who have incomes in 2017 under $62,000 (single) and $99,000 (married couples filing jointly). The phase-out ranges (where contributions are limited in gradual steps as income increases) for singles and couples are $62,000 to $72,000 and $99,000 …
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 …
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.
We would …
Federal tax law limits 2017 contributions to a traditional and/or Roth IRA to $5,500 for a worker with earned income ($6,500 for those who are age 50 or older before the end of the year). An additional $5,500 can also be saved for a worker’s spouse, regardless of whether or not the spouse is employed. In addition, spouses who are age 50 or older can contribute an additional $1,000 ($6,500 total) for a total of $13,000 of contributions if both …
Although most 401(k) plans offer loans of up to half your vested balance, this may not be a good idea. Plan loans usually charge the prime rate plus one or two percentage points. In addition, you lose all future compound interest on the lost earnings on money that was borrowed. If you quit your job or are laid off or fired, your loan may be due immediately at a time when you can least afford to pay it back.
If …
A nonrefundable retirement saver’s tax credit is available for individuals with low incomes. In 2017, a single person making up to $18,500 or a couple making $37,000 or less can qualify for a 50 percent tax credit on the first $2,000 they each save toward retirement. For example, an individual who contributes $2,000 to an IRA could qualify for a $1,000 tax credit. The tax credit phases out as income increases.
A single person earning $18,501 to $20,000 and a …
The Social Security Administration provides a benefit estimate online at http://www.ssa.gov/mystatement/. Users must establish a user name and password when they use this Web site for the first time. This is to assure that their private data is secure.
The benefit estimate includes a record of earnings on which you have paid Social Security taxes. It also includes an estimate of your Social Security disability, survivor, and retirement benefits based on those earnings.Retirement benefit estimates are provided for ages …
