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IRA – It’s Not Too Late

Justin Mailhes with Argent Advisors in Monroe Explains

Important IRA Information: Unlike most retirement plans 2018 contributions can be made to your IRA up to the 2018 filing date of April 15, 2019. If you do contribute for 2018 make sure your IRA custodian knows you are doing a 2018 contribution. The contribution limit for 2018 is $5,500 and if you are 50 or older you can contribute $6,500. Contributions are per person not per account meaning, if you have an IRA and Roth IRA you cannot contribute $5,500 to both but you can split the $5,500 between both accounts. The contribution limits have increased for 2019 to $6,000 and $7,000 if 50 or older. The tax deductibility of the contribution is subject to income limits and participation in employer sponsored retirement plans.

Roth IRA contributions are not tax deductible but are not subject to taxes when withdrawn. This can be especially attractive to younger contributors. While retirement plan participation is not a factor, a Roth IRA contribution is still subject to income limits. A single taxpayer phase-out range is $120,000 to $135,000 for 2018 and increases to $122,000 to $137,000 for 2019. Married filing jointly is phase-out range for 2018 is $189,000 to $199,000 and for 2019 it increases to $193,000 to $203,000.

The discussion between doing a traditional IRA or Roth IRA contribution is best discussed with your financial advisor or CPA. Why choose Argent Advisors in Monroe?

Our mission is to help establish, manage, and protect our clients' financial plans, and we take that very seriously. The Argent Advisors team in Monroe has over 60 years of combined financial planning experience. No matter where one&rsquos objectives fall, we help our clients establish a definitive goal-oriented plan for current needs and for the future. Argent Advisors in Monroe is a fee-based, Registered Investment Advisor firm. We agree on an annual management fee, and then we work for YOU. We do not make money on account activity or have proprietary products. Our independent process assures you that we are acting in your best interest, not in ours! If you have any question about your financial planning needs, please contact our office.