IRAs & Qualified Plans
Contribution Limits
IRA or Roth IRA contribution limit$5,500
IRA or Roth IRA catch-up (age 50 or older)$1,000
Traditional IRA deduction phaseout
Participants in a retirement plan
Single$63,000 - $73,000
Married filing jointly$101,000 - $121,000
Married filing separately$0 - $10,000
Spousal IRA$189,000 - $199,000
Roth IRA phaseout
Single$120,000 - $135,000
Married filing jointly$189,000 - $199,000
Qualified Plans
Elective deferrals to
401(k), 403(b), 457, and SARSEPs$18,500
Catch-up contribution (age 50 or older)$6,000
Defined contribution plan limit
(Section 415(c)(1)(A))$55,000
Defined benefit plan limit
(Section 415(b)(1)(A))$220,000
Simple IRA & SEP IRA
SEP IRA contribution limitLesser of $55,000 or 25% of compensation
SIMPLE...
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Category Archives: "Social Security"
05 Mar
Off
2018 Social Security Reference Guide
Social Security encompasses retirement benefits, disability
benefits, and is intertwined with Medicare benefits. This guide
focuses on Social Security retirement benefits, the most common
association of the term Social Security. There are currently
more than 50 million people receiving Social Security retirement
benefits (i.e., Old Age and Survivor Insurance or OASI).
Social Security Employment Tax
While you are working, you and your employer each pay 6.2%
(7.65% each including Medicare). Social Security taxes are paid
on the first $128,400 of income (2018).
Minimum Eligibility Requirements
In order to qualify for...
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10 Jan
Off
Special Needs Trust: A Viable Option for Social Security Planning
The Special Needs Trust (also known as Supplemental Needs Trust) is created to transfer property or money to a person who has a serious disability. This trust is used to wisely manage the money for the person with disability. The trust allows a person with disability for maintaining the eligibility for the government benefits, primarily Supplemental Security Income (SSI) and Medicaid.
Guidelines
The guidelines of Special Needs Trust are complicated and dependent on various factors:
Age of Disabled Person: If...
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24 Nov
Off
Is Your Social Security Income Taxable?
Is your social security income taxable? Only a tax professional can give a good answer to this question. Being a tax professional, the answer to the above question is ‘maybe’, because the taxation of your social security income is entirely dependent on how much additional income you receive from other sources such as income from part-time work, self-employment income, income from pension and distributions from retirement accounts. Therefore, your social security benefits may be tax free or partially taxed.
Social...
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