IRA's

An IRA is an Individual Retirement Account in which you make contributions toward your future financial security. The amount you put in is flexible, so you may contribute whenever and in whatever amounts you so desire per IRS guidelines. The two most important features for establishing an IRA are:

  • Tax-deductible contributions

  • Tax-deferred earnings

 

Roth IRA

 

With the passage of the Taxpayer Relief Act of 1997, a new type of

IRA called the Roth IRA was created. This program is designed to

help people save for retirement. Contributions to a Roth IRA are not

tax deductible like the traditional IRAs. However, qualified

distributions from a Roth IRA are received TAX FREE, and this is why

they are very popular.

Check out the IRS website for more information about IRA's!

 

Traditional & Roth IRA's

 

See chart below for maximum annual contributions*. The law further allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision. The law also allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision.

Check out the IRS website for more Contribution Information!

 

Tax Year  2020

IRA Contribution Age 50 & Under $6,000

Age 50+ $7,000

Tax Year  2019  

IRA Contribution Age 50 & Under $6,000

Age 50+ $7,000

                                                       

401(k), 403(b) and SEPs

 

See chart below for maximum annual contributions*.  The law further allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision.
The law also allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision.

Check out the IRS website for more Contribution Information!

Tax Year  2020

Contribution Age 50 & Under $19,500

Age 50+ $25,500

Tax Year  2019  

IRA Contribution Age 50 & Under $19,000

Age 50+ $25,000

Simple IRAs

 

See chart below for maximum annual contributions*. The law further allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision. The law also allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision.

 

Check out the IRS website for more Contribution Information!

Tax Year  2020  

IRA Contribution Age 50 & Under $13,500

Age 50+ $16,500

Tax Year  2019 

IRA Contribution Age 50 & Under $13,000

Age 50+ $16,000

** Luso-American Financial or its agents do not offer tax advice, please consult your tax advisor for information specific to your particular situation.**

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