Like most of us, you look to itemize anything you can and pay less on your taxes. With that in mind, did you know an Individual Retirement Account (IRA) could hold tax benefits for you? Even if you’re not old enough to retire, you’re old enough to establish a good money plan.
By opening an IRA, the money you put into it can be used to off-set the income you’ve made*. For example, if you make $50,000 a year but put $5,000 into an IRA, you could be taxed on $45,000 versus $50,000. Bonus: You’ll also earn interest on your contribution!
Think you’ve missed your opportunity for the 2019 tax filing year? You still have time – up until April 15, 2020, which is the tax filing deadline for 2019.
Here’s some information from the IRS you may find helpful when considering contributing to an IRA:
For 2019, your total contributions to all your traditional and Roth IRAs cannot be more than:
$6,000 ($7,000 if you're age 50 or older), or
Your taxable compensation for the year, if your compensation was less than this dollar limit.
Visit the IRS’ website for more information on IRA contribution limits.
*Consult your tax advisor regarding potential tax benefits.
The information contained in this email (the “Content”) is provided for informational and educational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The Content is not intended to be and does not constitute financial, investment, tax or accounting advice or a solicitation to buy or sell securities. The Content is necessarily general in nature and is not specific to you or anyone else. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX OR ACCOUNTING ADVISORS BEFORE IMPLEMENTING ANY ADVICE INCLUDED IN THE CONTENT. By viewing or utilizing the Content, you agree that you will not hold Marquis Software Solutions, Inc., US Eagle FCU or their affiliates or agents responsible for loss or damages resulting from the Content.
