Wednesday, March 18, 2015

IRA Contributions for 2014

The IRS reminded taxpayers with qualifying income they have until 4/15/15 to make 2014 traditional and Roth IRA contributions totaling up to $5,500 ($6,500 for taxpayers who turn age 50 by 12/31/14). Deductions for contributions to traditional IRAs are phased-out for taxpayers with income greater than certain threshold amounts. For those who reach age 70 1/2 by the end of 2014, contributions are no longer allowed to a traditional IRA and mandatory distributions must begin. Contributions to Roth IRAs are not deductible and the allowable contribution is phased out for taxpayers whose incomes are above certain levels. Taxpayers who reach age 70 1/2 by the end of 2014 are not required to take distributions from a Roth IRA, nor are they barred from making Roth IRA contributions. IRS Newswire IR-2015-50 

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