Although the calendar says 2011 already, you can still make a 2010 IRA contribution. In fact, you can make a contribution until April 15, 2011. Furthermore, some taxpayers are eligible to deduct their IRA contributions, thereby lowering their taxes for a year long since over. Crazy? Not in the wonderful world of arcane tax rules. Here’s an overview of how IRAs affect your taxes and vice-versa. Full story
That’s one heck of a tongue twister, isn’t it? As difficult as it may be to say three times fast, it’s actually much easier to think of a Roth IRA re-characterization as a “do over.” A re-characterization lets you undo a conversion you made earlier in the year. Full story
In 2010, Traditional IRA owners can convert to a Roth IRA in 2010. Learn more about the requirements and limitations of converting from a Traditional to Roth IRA in 2010. Full story
You can convert money from your Traditional to a Roth IRA. You’ll be required to pay the tax on the converted amount, but that money would not be taxed again. Full story
It’s the time of year when talk about resolutions and goals are everywhere. Why not take the last 2 weeks of January and commit to getting your personal finances in order? Full story
With the end of the year approaching, you’ve probably been trying to think of ways to reduce your tax burden before it’s too late. One fantastic way to reduce your burden is to increase your contributions to retirement accounts. Full story
What’s the difference between a tax deduction and a tax credit? You might think the two are interchangeable but they aren’t. Full story
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