The deadline for filing your 2018 tax return is April 15th. But did you know you also have until April 15th to open an IRA to qualify for the 2018 tax year?
An IRA offers two prime benefits: potential tax savings today and a supplement to your retirement nest egg. Contact your tax advisor first to see how an IRA can improve your tax situation or retirement planning, then visit our office to open an IRA.
IRS.gov states that for 2018, total contributions to all your traditional and Roth IRAs cannot exceed $5,500 ($6,500 if you’re age 50 or older), or your taxable compensation for the year if your compensation was less than this dollar limit. And, you can make contributions to an IRA until the year you reach age 70 ½.
A Roth IRA and 529 Education Plan offer distinct benefits from a traditional IRA.
Roth IRAs offer dividends which grow tax-free, and a 529 Plan is a prepaid tuition strategy with the potential of much higher contribution limits. If you need help navigating your IRA choices, we can help outline the benefits of each.
The tax deadline is approaching!
Call us at 616.532.9067 or stop in today and learn more about the benefits of opening an IRA. We can help you get started – in time for the 2018 tax season.