Contributing to a Roth IRA
Who is Eligible?You must have eligible income/ compensation to contribute to a Roth IRA. The current maximum contributions is the same as traditional IRA, $5,500 OR $6,500 if you are at least 50 years old by December 31, 2016. 154am Are There Other Contributions Limits?Yes. If your MAGI is over a certain amount for your […]
Prohibited Transactions
Do you know what a Prohibited Transaction is? Its an impermissible transaction under the Internal Revenue Code that happens between an IRA and a disqualified person. A disqualified person could be an IRA owner, spouse, or owners lineal descendants. Some examples of IRA prohibited transactions are borrowing money from or lending money to your IRA, […]
Gift Tax Basis
You could be subject to a gift tax if you give a non-spouse a gift valued in excess of the annual exclusion amount. For 2016 the annual federal gift tax exclusion amount for gifts to a non-spouse is still $14,000 per person, per year. If you are married, you and your spouse may give up […]
