Weather
The Pine Tree, News for Calaveras County and Beyond Weather
Amador Angels Camp Arnold Bear Valley Copperopolis Murphys San Andreas Valley Springs Moke Hill/West Point Tuolumne
News
Business Directory
Weather & Roads
Sports
Real Estate
Search
Weekly & Grocery Ads
Entertainment
Life & Style
Government
Law Enforcement
Business
Wine News
Health & Fitness
Home & Garden
Food & Dining
Religion & Faith
Frogtown USA
Legal Notices
Calendar
Polls
Columns
Free Classifieds
Letters to the Editor
Obituaries
About Us

Coming Soon...
Saturday, Mar 23
10:00 AM Old Timers Museum Walking Tours Are Every Saturday at 10am.
02:00 PM A Chorus Line Continues Through March 24th
05:00 PM Spaghett Dinner & Bingo Games
Sunday, Mar 24
11:00 AM Town Tours of Columbia State Historic Park Every Weekend!
02:00 PM A Chorus Line Continues Through March 24th
Monday, Mar 25
All Day Arts-In-Corrections Art Show at Columbia College Through March 28, 2019
Tuesday, Mar 26
All Day Arts-In-Corrections Art Show at Columbia College Through March 28, 2019
09:00 AM Appointing New CAO, Butte Fire Road Restoration & More on Packed March 26th Board Agenda
11:00 AM A Plan 4 Me Free Seminar on Diagnostic Imaging March 26th
Wednesday, Mar 27
All Day Arts-In-Corrections Art Show at Columbia College Through March 28, 2019
11:00 AM Columbia State Historic Park Celebrates 169 Years on March 27th
06:30 PM Overeaters Anonymous (OA) Meeting
Friday, Mar 29
05:30 PM Friday Night Music at Alchemy
Saturday, Mar 30
10:00 AM Old Timers Museum Walking Tours Are Every Saturday at 10am.
11:00 AM Town Tours of Columbia State Historic Park Every Weekend!
Sunday, Mar 31
11:00 AM Town Tours of Columbia State Historic Park Every Weekend!
Wednesday, Apr 3
06:30 PM Overeaters Anonymous (OA) Meeting
Thursday, Apr 4
05:00 PM OHV Enthusiasts Encouraged to Join Stanislaus National Forest at Open House April 4
Friday, Apr 5
05:30 PM Friday Night Music at Alchemy

Search Announcements




Log In
Username

Password

Remember Me



Posted by: thepinetree on 03/08/2019 12:23 PM Updated by: thepinetree on 03/14/2019 04:47 AM
Expires: 01/01/2024 12:00 AM
:

There's Still Time to Contribute to an IRA for 2018 ~ From Brian J. Tewksbury

Murphys, CA...Even though tax filing season is well under way, there's still time to make a regular IRA contribution for 2018. You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2018 ($6,500 if you were age 50 or older on December 31, 2018). For most taxpayers, the contribution deadline for 2018 is April 15, 2019 (April 17 for taxpayers who live in Maine or Massachusetts).  You can contribute to a traditional IRA, a Roth IRA, or both, as long as your total contributions don't exceed the annual limit (or, if less, 100% of your earned income). You may also be able to contribute to an IRA for your spouse for 2018, even if your spouse didn't have any 2018 income.





Traditional IRA

You can contribute to a traditional IRA for 2018 if you had taxable compensation and you were not age 70½ by December 31, 2018. However, if you or your spouse was covered by an employer-sponsored retirement plan in 2018, then your ability to deduct your contributions may be limited or eliminated, depending on your filing status and modified adjusted gross income (MAGI). (See table below.) Even if you can't make a deductible contribution to a traditional IRA, you can always make a nondeductible (after-tax) contribution, regardless of your income level. However, if you're eligible to contribute to a Roth IRA, in most cases you'll be better off making nondeductible contributions to a Roth, rather than making them to a traditional IRA.


2018 income phaseout ranges for determining deductibility of traditional IRA contributions:
1. Covered by an employer-sponsored plan and filing as: Your IRA deduction is reduced if your MAGI is: Your IRA deduction is eliminated if your MAGI is:
Single/Head of household $63,000 to $73,000 $73,000 or more
Married filing jointly $101,000 to $121,000 $121,000 or more
Married filing separately $0 to $10,000 $10,000 or more
2. Not covered by an employer-sponsored retirement plan, but filing joint return with a spouse who is covered by a plan $189,000 to $199,000 $199,000 or more

Roth IRA

You can contribute to a Roth IRA even after reaching 70½ if your MAGI is within certain limits. For 2018, if you file your federal tax return as single or head of household, you can make a full Roth contribution if your income is $120,000 or less. Your maximum contribution is phased out if your income is between $120,000 and $135,000, and you can't contribute at all if your income is $135,000 or more. Similarly, if you're married and file a joint federal tax return, you can make a full Roth contribution if your income is $189,000 or less. Your contribution is phased out if your income is between $189,000 and $199,000, and you can't contribute at all if your income is $199,000 or more. And if you're married filing separately, your contribution phases out with any income over $0, and you can't contribute at all if your income is $10,000 or more.


2018 income phaseout ranges for determining eligibility to contribute to a Roth IRA:
Your ability to contribute to a Roth IRA is reduced if your MAGI is: Your ability to contribute to a Roth IRA is eliminated if your MAGI is:
Single/Head of household $120,000 to $135,000 $135,000 or more
Married filing jointly $189,000 to $199,000 $199,000 or more
Married filing separately $0 to $10,000 $10,000 or more
Even if you can't make an annual contribution to a Roth IRA because of the income limits, there's an easy workaround. If you haven't yet reached age 70½, you can make a nondeductible contribution to a traditional IRA and then immediately convert that traditional IRA to a Roth IRA. Keep in mind, however, that you'll need to aggregate all traditional IRAs and SEP/SIMPLE IRAs you own — other than IRAs you've inherited — when you calculate the taxable portion of your conversion. (This is sometimes called a "back-door" Roth IRA.)

Finally, if you make a contribution — no matter how small — to a Roth IRA for 2018 by your tax return due date and it is your first Roth IRA contribution, your five-year holding period for identifying qualified distributions from all your Roth IRAs (other than inherited accounts) will start on January 1, 2018.


What's Related
These might interest you as well
Calendar

Photo Albums

phpws Business Directory

Local News


Mark Twain Medical Center
Meadowmont Pharmacy
Bank of Stockton
Bear Valley Real Estate
Bear Valley Cross Country
Cedar Creek Realty
Cave, Mine & Zip Lines
Fox Security
Bistro Espresso
Pinnacle Physical Therapy
Chatom Winery
Middleton's Furniture
Bear Valley Mountain Resort
Paul D. Bertini
Premier Properties
High Country Spa & Stove
Calaveras Mentoriing

Ebbetts Pass Scenic Byway
Sierra Logging Museum
Jenny's Kitchen

Copyright © The Pine Tree 2005-2019