Tax Tip: Top Four Year-End IRA Reminders: 1. You can contribute up to a maximum of $5,500 ($6,500 if you are age 50 or older) to a traditional or Roth IRA. 2. If you contribute more than the IRA limits for 2014, you are subject to a six percent tax on the excess amount. 3. If you’re at least age 70½, you must take a required minimum distribution, or RMD, from your traditional IRA. You are not required to take a RMD from your Roth IRA. 4. Claim the saver’s credit. The formal name of the saver’s credit is the retirement savings contributions credit. You may qualify for this credit if you contribute to an IRA or retirement plan. The saver’s credit can increase your refund or reduce the tax you owe.
Posted on: Wed, 17 Dec 2014 12:00:00 +0000
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