Traditional IRA (Deductible) vs. Roth IRA
With Tax Season upon us now is the time a lot of people focus on making either Pre-tax or After-tax contributions to IRA’s. Which IRA will benefit you the most? This is often a tricky question as there are a lot of variables to consider.
• Are you or your spouse covered by a Qualified Plan?
• Is your compensation greater than the allowable limits?
• Are you filing your taxes as Single or Married Filing Joint (MFJ)?
• Do you anticipate being in a higher tax bracket at retirement?
Again, there are a lot of variables to consider when deciding to make contributions to an IRA account. Make sure to consult a tax advisor who can help you make the most appropriate decision based on your personal situation.
Keep in mind that the deadline for making IRA contributions is the due date for filing the IRA owner’s federal income tax return for the year of the contribution, generally April 15th of the following year. (ie: a contribution for 2014 tax year must be made by April 15, 2015)
Plan for your retirement this year – Call (218) 727-5565 with any IRA questions you may have.