Tax season is upon us and a good reminder for us to take advantage of the annual contribution options on Traditional and Roth IRAs. As long as you or your spouse have earned income, you can contribute $6,000 to a traditional or Roth IRA. If you are age 50 or over, then you can contribute another $1,000 for a total annual contribution of $7,000. And consider building your Roth IRA, whether you meet the income limitations or whether you qualify to make a “back door” Roth conversion/contribution, which is allowed for everyone who qualifies, regardless of income level.
You have until the tax filing deadline - April 15th, 2020 - to make a 2019 contribution. Also, you have until the tax filing deadline of April 15th, 2019 to make a 2018 contribution. So please don’t delay getting checks to us at least a few days prior to April 15th. If you have any questions - your financial planner is here to help!
Below is a handy chart to figure out the different year contribution limits.