Open an IRA and make your contribution before tax deadline to save on taxes.
Prior Year Contributions
If you did not maximize your contributions in the prior year, the IRS allows you to make a contribution in the current year and apply it to the prior year, provided you make the contribution by the tax deadline, this year it's April 18.
Yes, you can fund last years contribution.
Contribution amounts for Traditional and Roth IRA’s are the same; however, IRA contribution rules may vary from year to year. You should periodically check both the contribution rules and the income rules to ensure your eligibility to participate and contribute.
Catch-up contributions for both Traditional and Roth IRAs are allowed after age 50. Typically, the catch-up amount is $1,000 above the normal contribution amount.
Traditional IRA Contributions Deducting your contributions from your taxes is based on income and participation in an employer-sponsored retirement plan. The Traditional IRA contribution rules are categorized into two phases based on age:
Regular contributions are allowed up to age 50 $6,000 for 2021-2022
Catch-up contributions are allowed after age 50 $7,000 "
Roth IRA Contribution Rules Rules for Roth IRA contributions are based on age and income, and contributions are not tax-deductible. The Roth IRA contribution rules are categorized into two phases based on age:
Regular contributions are allowed up to age 50 $6,000 for 2021-2022
Catch-up contributions are allowed after age 50 $7,000 "
Small Business owners
As a Registered Investment Advisor we can help you reach your goals smarter and faster.
Here is one example of a popular strategy to help fund a small business.
Entrepreneurs Receive Funding For Business
Begin your business journey with ROBS financing.
A rollover for business startups (ROBS) allows you to invest funds from an existing 401(k) or individual retirement account (IRA) into your business without paying early withdrawal penalties or taxes.
We can help you establish a strategy that allows you to combine a variety of retirement plans into one.
Need help? I'll be happy to guide you. Remember Akin Investments is a fiduciary advisor. We sell no insurance or financial products. Your success is our only interest!
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