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This week’s column discusses the “recharacterization” of IRA contributions. Under the Tax Cuts and Jobs Acts of 2017, the new tax that became effective Jan. 1, 2018, those individuals who made the wrong type of IRA contributions may still undo their contributions through recharacterization. The column explains the recharacterization process, including IRS required forms and deadlines. View More
A Saver’s Credit, formally the Retirement Savings Contribution Credit, is a tax credit that helps offset part of the first $2,000 you voluntarily save for your retirement through IRAs and work-based retirement savings plans. View More
You likely would want to make the maximum allowable investments to the TSP first, since you would gain the advantage of the tax deduction there if investing in a traditional balance, and would have Roth-style investing available to you as well. View More
If your income is too high to deduct a traditional IRA contribution, but not so high as to disqualify you for a Roth IRA, then the Roth IRA would be superior to investing in a nondeductible traditional IRA. View More
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