Tag Archives: IRA

Deductible Pretax Traditional IRA Contributions vs Nondeductible IRA Contribution

First, the term “Traditional IRA” refers to an IRA that is not a Roth IRA. A contribution to a Traditional IRA can come in two flavors. The first flavor is as a deductible pretax traditional IRA contribution and the second as a nondeductible (after-tax) IRA contribution. Nondeductible IRA: A nondeductible IRA is a traditional IRA […]

Is the IRA LLC Subject to an Annual Tax Return?

QUESTION: Do I have to file an annual tax return for my IRA LLC? ANSWER:  It depends on certain factors such as the following: LLC Entity Annual Report: Virtually all states require that an annual report for the LLC is filed with the Secretary of State.  LLC Entity State Income Tax Return: Some states require […]

IRS Publishes Reminder of Fast Approaching August 31, 2020 Deadline to Rollover or Repay RMD from IRAs and Solo 401k Plans

On August 24 the IRS issued a reminder to IRA owners and employer plan  (e.g., solo 401k plan and full-time employer 401k plans) owners and beneficiaries of the fast approaching  August 31, 2020 deadline to rollover or repay Required Minimum Distribution (RMD) received in 2020 to avoid paying taxes. This RMD relief was provided as […]

Can I contribute to a solo 401k, Roth IRA and Traditional IRA for 2017?

Contributions to IRAs and Roth IRAs are aggregated. This means that you cannot contribute $5,500 to each type (i.e., traditional and Roth IRA); however, you can contribute some to each up to the $5,500 combined limit. If you are aged 50 or older in 2017, your IRA contribution increases to $6,500. TRADITIONAL IRA CONTRIBUTIONS: While […]