Roth IRA changes for SELF Employed to get last minute tax free contributions

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As the April 15th tax deadline approaches, self-employed individuals may be looking for ways to reduce their tax liability and make last-minute contributions to retirement accounts. One option to consider is the Roth IRA. Roth IRAs offer unique benefits for the self-employed, including the ability to make tax-free withdrawals in retirement and the option to contribute even after age 70 ½. However, there are some recent changes to the rules that self-employed individuals should be aware of. First, the maximum contribution limit to a Roth IRA for 2019 is $6,000 for those under age 50 and $7,000 for those age 50 and older. This amount can be contributed up until the tax filing deadline for the year, which is April 15th, 2020. Second, there are income limitations that determine who is eligible to contribute to a Roth IRA. For 2019, single filers with a modified adjusted gross income (MAGI) of $122,000 or less ($193,000 or less for married filing jointly) can make the full contribution amount. The contribution limit is reduced for those with a MAGI between $122,000-$137,000 ($193,000-$203,000 for married filing jointly) and completely phased out for those with a MAGI above these amounts. Third, there is a new rule for inherited IRAs that could impact those who inherit a Roth IRA. Starting in 2020, non-spouse beneficiaries of inherited IRAs will have to withdraw the entire account balance within 10 years of the original owner's death. This could result in a large tax bill for beneficiaries, so it's important to consider this when planning for retirement. Overall, the Roth IRA can be a great option for self-employed individuals looking to make last-minute tax-free contributions. However, it's important to understand the contribution limits and income limitations, as well as any recent changes to the rules. Consult with a tax professional or financial advisor to determine the best retirement savings strategy for your unique situation. https://inflationprotection.org/roth-ira-changes-for-self-employed-to-get-last-minute-tax-free-contributions/?feed_id=75832&_unique_id=6403e74d3ef08 #Inflation #Retirement #GoldIRA #Wealth #Investing #backdoorroth #backdoorrothira #retirementplanning #RothIRA #selfdirectedira #selfemployedretirement #selfemployedtaxes #selfemployed #Solo401k #traditionalIRA #travissickle #RothIRA #backdoorroth #backdoorrothira #retirementplanning #RothIRA #selfdirectedira #selfemployedretirement #selfemployedtaxes #selfemployed #Solo401k #traditionalIRA #travissickle