Category Archives: Roth IRA

Making an IRA change could be tax-smart

Did you convert all or part of a retirement account to a Roth during 2014? And do you now wish you hadn’t? Here’s some good news: You have until October 15, 2015, to change your mind, even if you already filed your federal income tax return. The tax term for undoing the conversion and switching your funds back to a… (more…)

Take a Different Route to a Roth IRA

If your income exceeds certain levels, you cannot make contributions to a Roth IRA. Our Bergen County CPA office offers you insight to this. However, you can convert a traditional IRA to a Roth IRA no matter how high your income. Roth IRAs are popular because qualifying distributions are tax-free and annual distributions are not required at age 70½. A… (more…)

Consider Making a Charitable Gift From Your IRA

    The tax law signed last January extended the tax break that allows contributions of up to $100,000 from a traditional IRA to a qualified charity.  Our Bergen County CPA office offers you insight to this. Taxpayers aged 70½ or older can make a distribution directly from an IRA to a charity. The amount donated is not included in… (more…)

Planning on Converting to a Roth? Do it in 2012

If you’re thinking about converting your traditional IRA to a Roth IRA, you could cut your tax bill by doing the conversion in 2012 rather than waiting until 2013. Why the hurry? For one thing, income tax rates are scheduled to go up in 2013, so the amount you convert could be taxed at a maximum rate of 39.6%, rather… (more…)