IRA Contributions

Record contributions made to Traditional and/or Roth IRAs

Traditional IRA
- To contribute, you must not be a member of a retirement plan (401(k), 403(b), etc.) through any employers throughout the year. (Look at Pension box on W-2’s) - Maximum Contribution to traditional and/or Roth IRA’s are limited to $5,000 per person each year. If you are age 50 to 70, you may add $1,000 for a catch-up contribution. - Must fund your contribution by April 15 for the prior tax year regardless of date your tax return is filed. Tell your broker or bank that you are making a contribution for prior tax year. - Please note that there will be a 10% penalty plus federal and state taxes due if the money is withdrawn early (before age 59 ½) - Limit for contributions in 2010 will remain at $5,000 (or $6,000 including a catch-up contribution).
EXAMPLE:
Total Income $60,000
Taxable Income $55,000
Est. Federal Tax Savings (assuming $5,000 contribution; not including state tax savings)
When you withdraw the money at retirement, you will pay tax on the original investment of $5000 and its earnings.
Taxpayer Contribution
Spouse Contribution
Roth IRA
- To contribute, your total income must be less than $166,000 if filing jointly or $105,000 for all other filers before the phase out begins. - Maximum Contribution to traditional and/or Roth IRA’s are limited to $5,000 per person each year. If you are age 50 to 70, you may add $1,000 for a catch-up contribution. - Must fund your contribution by April 15 for the prior tax year regardless of date your tax return is filed. Tell your broker or bank that you are making a contribution for the prior tax year. A Roth IRA must be specified. It will be set up as a separate account from any traditional IRA’s you may already have. - Please note that there will be a 10% penalty plus federal and state taxes due on the earnings if the money is withdrawn early (before age 59 ½).
EXAMPLE:
When you withdraw the money at retirement, you will NOT pay tax on the original investment of $5,000 or its earnings according to the current tax code.
Taxpayer Contribution
Spouse Contribution
Contact Information
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IRA Contributions

IRA Contributions

Traditional IRA

EXAMPLE:

Est. Federal Tax Savings (assuming $5,000 contribution; not including state tax savings)

When you withdraw the money at retirement, you will pay tax on the original investment of $5000 and its earnings.

Roth IRA

EXAMPLE:

When you withdraw the money at retirement, you will NOT pay tax on the original investment of $5,000 or its earnings according to the current tax code.

Contact Information

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