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Hi Laura. With (most of) the tax season madness behind us, it’s time to reflect. Over the next few months, our newsletter will discuss one of the hot topics this tax season. Let’s kick it off with tracking Roth/Traditional IRA contributions.
Each year we ask you if you have made any contributions to a Roth IRA. While these amounts are not deductible, tracking them helps establish your basis with the IRS. This can come in very useful if you take a distribution during the first 5 years of having the account, or if you are under age 59 ½. You must meet the income requirements for your filing status to contribute to a Roth IRA. For more information about Roth IRAs, including income limits, click here.
We also track your Traditional IRA contributions. If you meet certain income and deductibility requirements, these contributions can lower your taxable income dollar for dollar. If you do not meet the income and deductibility requirements, that deduction can be stored until you take a distribution from your IRA. For more information about non-deductible IRAs, click here.
If you are interested in opening either a Roth or Traditional IRA, please contact your financial investment professional.
If you are waiting for your refund, you can check the status of your Federal refund using this link: Where's My Refund - Federal If you would like to check the status of your Illinois refund, use this link: Where's My Refund - Illinois
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