Tax
Services - Whether you are still working or retired, you
should periodically review your IRAs. Here are few things to remember.
Contribution limits
If
you’re still working, review the 2014 IRA contribution and deduction limits to
make sure you are taking full advantage of the opportunity to save for your
retirement. You can make 2014 IRA contributions until April 15, 2015.
Excess contributions
If you
exceed the 2014 IRA contribution limit, you may withdraw excess contributions
from your account by the due date of your tax return (including extensions).
Otherwise, you must pay a 6% tax each year on the excess amounts left in your
account.
Required minimum
distributions
If
you are age 70½ or older this year, you must take a 2014 required minimum
distribution by December 31, 2014 (by April 1, 2015, if you turned 70½ in
2014). You can calculate the amount of your IRA required minimum distribution
by using our Worksheets. You must calculate the required minimum distribution
separately for each IRA that you own other than any Roth IRAs, but you can
withdraw the total amount from one or more of your non-Roth IRAs. Remember that
you face a 50% excise tax on any required minimum distribution that you fail to
take on time.
Click this link
to view our YouTube video http://youtu.be/EYJdQtbPZAI
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