We’ve talked a lot about chili today, and though this segment involves no food, worrying about your financial security can tie your stomach up in knots. Clint Campbell with UFCU spoke to us about IRAs to help us feel better! UFCU is always offering seminars and ways for you to build up your money smarts. For more retirement tips and other financial advice, go to UFCU.org.
IRAs and the 2014 tax filing deadline
- Review eligibility for tax deductible IRA contributions.
A. Contributions limits are $5,500 per individual w/ $1,000 “catch up contributions for those over 50.
B. A married couple over age 50 may be able to contribute as much as $13,000 for 2014
- A non-working spouse can still generally make separate IRA contributions to his/her own IRA.
- Deductible IRA contributions are “phased out” for those who are covered by a retirement plan at work and make more than:
A. 60k if filing single tax return
B. 96k is filing joint tax return
C. Roth IRAs are not impacted by the “covered” plan rule, but separate income limits apply.
- Self-employed individuals should consider a SEP IRA
A. May allow for significantly larger contribution that a Traditional IRA, depending on your income.
B. If you file an extension, you have until October 51, 2015 to fund SEP IRA contribution for 2014.
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