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$11000 Roth IRA contribution!?!

$11000 Roth IRA contribution!?!

IRA Deduction Tips: One piece of advice to remember is buy low and sell high. A lot of investors will actually do the opposite. They will get carried away by the excitement of owning a particular stock and buy it at a high price. On the flip side, they become scared when there is bad news about their stock and it is losing value. This results in selling at a loss.

The annual contribution limit to a Roth IRA or Traditional IRA is $5,500. If you are over the age of 50 then you can add an additional $1000, bringing your total to $6,500 for the year.

If you have never opened a retirement account of this type but are serious about saving and investing for retirement then you may want to get a jump start. I get many calls at jazzWealth from people all over the country asking how they can add more to their retirement investment efforts and we usually have to plan very carefully. This is the one time of the year however where first time individuals or people who have not added to their retirement accounts in a while can possibly add $11,000 or more to their Roth or IRA.

Between January and Tax Day you could contribute the max amount to your Roth IRA or Traditional IRA for both years. The deadline to contribute to the prior year is tax day and of course the first opportunity to contribute for the year is at the very beginning.

NOTE: You do not need to contribute the full amount. You can certainly add $1000 for the previous year and then the rest for the current year if you decide. The Roth IRA and Traditional IRA are flexible in that respect.

If you are using us here at Jazz Wealth then be sure to send us a request to mark a contribution for a previous year. We will review this to be sure its an eligible contribution to your Roth IRA and make the adjustment.

If you have your retirement accounts elsewhere then shame on you! Haha just kidding, but seriously keep us in mind. If your accounts are elsewhere then be sure you are able to designate the previous years Roth IRA contribution.

We’re an investing service that also helps you keep your dough straight. We’ll manage your retirement investments and, using NestEgg we can help you with every penny!

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Written by Bobby

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