Over the years, I have had the pleasure of working with many peoplle in planning for retirement. While getting to know a client, I often review tax returns.
In light of tax season, I want to share a few common pitfalls to watch out for regarding an Individual Retirement Arrangement (IRA).
Depending on the level of inflation, and as the IRS deems necessary, the annual IRA contribution limits will increase – typically in increments of $500. For tax years 2014 and '15, the limit remained the same: $5,500. The IRS last raised the limit in 2013, up from $5,000. For those older than 50, the "catch-up" provision allows people to contribute and additional $1,000 to an IRA account.
John Wenzel | Archvest Wealth Advisors