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LMM & Associates, Inc. | 847-458-2460 | 11017 N. Woodstock St./P.O. Box741 | Huntley IL 60142

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Tracking Roth/Traditional IRA Contributions

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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The Team at LMM & Associates, Inc.

"Make today so awesome that yesterday gets jealous."

~ Unknown ~

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Not Everything is Taxed

Learn more about common examples of income that the IRS cannot touch.


What Would You Do with an Extra Hour in Your Day?

This week on the SUCCESS Line , I talked to a graduate of the SUCCESS coaching certification. Dustin is a single father, real-estate broker, coach and entrepreneur-so, yes, he is just a littlebusy. He came on the show to talk about a perpetually hot topic for entrepreneurs: time management.

Get the Extra Hour

5 Summer Flowers You'll Hardly Ever Have to Water

Weeding and watering are my two least favorite gardening activities, especially in summer. Thorough mulching takes care of the first, but reducing the second also requires choosing the right plants. I prefer those that sip, not gulp. In fact, any plant that can't go a week without me standing at the end of a hose will suffer a short and miserable life.

5 Summer Flowers

May Calendar-at-a-Glance

May 3rd - Teacher's Day

May 4th - Star Wars Day, May the Fourth Be With You!

May 8th - Mother's Day

May 21st - Armed Forces Day

May 30th - Memorial Day


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