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Are You on Track for the IRA Contribution Deadline?

This article discusses your options for making IRA contributions for the past and current tax years.

Last chance for 2012!

April 15th, 2013 is your FINAL opportunity for an IRA Contribution for the 2012 tax year!

Adding to your Retirement Savings Now can provide certain Federal Income tax advantages.

  • You can still make up to a $5,000 tax deductible contribution for the 2012 tax year, if you qualify for this tax deduction (1).
  • If you are age 50 or older and qualify for this deduction, you can contribute up to an additional, tax-deductible $1,000 for 2012(2).

April 15th, 2013, is the deadline for contributing to a Traditional IRA (and a ROTH IRA) for the 2012 tax year and tax deduction.

You can also contribute your 2013 contribution right now!

Roll over to another IRA at any time!

  • If you have IRAs at a financial institution and you are not happy with the performance or lack of service you have the right to make a rollover to a Rollover IRA. You do not have to wait until April 15th.
  • By consolidating your retirement savings into one IRA account you make it easier to manage your retirement assets and review their overall performance. This may well reduce your annual maintenance fees too.
  • Be sure you check with your current providers to determine whether there are any withdrawal or termination fees.

Before investing in any portfolio you should consider the investment objectives, risks, charges and expenses carefully. Please read the prospectuses carefully before investing.

For more information on IRAs and which might be right for you call Ten Haagen Financial Group for a free consultation. A second opinion can be the best thing you do for yourself this year.

Feel free to share this article with your friends and neighbors.

If I can be of assistance to you in any way, please feel free to contact me.

Time is your best friend when investing for your future — start today!

JON TEN HAAGEN, CFP, RPC
Founder and CEO
Ten Haagen Financial Group
191 New York Avenue
Huntington, NY 11743
631-425-1966
516-658-2827
jonlth@tenhaagen.com
www.tenhaagen.com

#1 – Contributions whether tax deductible or not, may not exceed 100% of your contribution for personal services as reported in your gross income for the year.

#2 – Withdrawals are subject to a 10% federal tax penalty prior to age 59.5 and current ordinary federal income taxes

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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