The IRS contribution window will close on April 17, 2018, meaning there is still time to cut on the tax bill and improve your tax situation. The US Money Reserve offers some insightful tips on how contributing to the correct Self-Directed IRA reduces individuals’ liability and strengthens your retirement program.
Since IRS does have a limit to the number of retirement accounts one can have, using multiple accounts whose contributions go up to a given amount is beneficial. Opening a traditional IRA before the tax filing deadline for the year intended to qualify for contributions provides a current tax deduction and deters taxes on earnings and contributions until distribution. Read more: US Money Reserve Reports How to Protect Wealth From Increasing Global Risks in Exclusive eBook | PRNewswire
You can contribute up to $5,500 if you are under 50 years, and up to $6,500 if over, and if though one cannot reach the maximum contribution amount, a little saving is helpful in the long run.
Those in the 25% tax bracket can reduce their tax bill by $1,375 if they make out their IRA, where even a $500 contribution can save a $125 tax bill. It is essential to specify which tax-year you wish your contributions to be applied to.
If one of the spouses has earned income, they can contribute to the non-working spousal IRA lowering your tax bill and increasing your savings. For those who save in their IRA and have adjusted gross income for 2017 that is less than $31,000 individually, $46,500 as head of household, or $62,000 as a jointly married filing couple, they can qualify for saver’s credit. The credit amount for this is 50, 20, or 10% of the retirement plan or $2,000 IRS contributions and $4,000 if married filing jointly.
IRA allows tax refund funding that attracts a credit of 10-50 up to a specific amount. For those who need time to get their records straightened, they can file for a tax-filing extension. The US Money Reserve can help in IRA-approved gold and silver which is a way of diversification.
US Reserve is a leading US government-issued gold, silver and platinum legal tender products private distributor globally. Americans use US Money Reserve services to broaden their assets using physical precious metals mostly US gold and silver coins.
Founded in 2001 and based in Austin, Texas, the firm has a dedicated team of coin and numismatic research professionals who use expert knowledge of the current market products, identifying those with high-returns potential for their customers. They have an emphasis on excellent customer service with each customer treated well.
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