|IRA Eligibility Flowchart: 2016
|IRA Eligibility Flowchart: 2016|
Choose from the following selections if your federal income
tax filing status is:
What you need to know before
Married couples should evaluate their options
independently. Use this flow chart twice--once for you
and once for your spouse.
You can't contribute to a traditional IRA
once you've reached age 70½ (there is no age cutoff
for Roth IRAs).
The total amount that you as an individual can
contribute to either a traditional or Roth IRA is limited
to the lesser of $5,500 ($6,500, if 50 or older) or 100 percent of
your earned income for the year. (The annual IRA limits don't apply
to rollover contributions or repayments of qualified hurricane distributions
and qualified reservist distributions.)
There is often no reason to make nondeductible
traditional IRA contributions when you qualify to fund a
Roth IRA. However, the choice between funding a Roth IRA
or making deductible contributions to a traditional IRA
depends on your particular circumstances.
Spousal IRA: If you are married and file a joint
return, and either you or your spouse has less than
$5,500 in earned income, special rules apply.
The choices available to you depend in large part on your
modified adjusted gross income for the year.
The Minster Bank Private Wealth Management Newsletter is not meant to provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Investment and Insurance Products: Are not FDIC insured. Have no bank guarantee. May lose value. Are not a deposit. Are not insured by any federal government agency.
This communication is strictly intended for individuals residing in the state(s) of OH. No offers may be made or accepted from any resident outside the specific states referenced.
|Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2020.