Archive for the ‘IRA’ Category

2018 IRA Contribution Limits Announced

October 24th, 2017

Last week, the IRS announced the new limits for retirement plans for 2018.  Here’s what you need to know about your IRA Contributions – 2018 IRA (including Self-Directed IRAs) Contribution Limit – Limits remain the same as 2017.  For individuals under age 50, the limit is $5,500.  For those 50 and older, you can make […]

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Is There a Difference Between a Regular IRA and a Self-Directed IRA?

October 5th, 2017

An Individual Retirement Account (IRA) is a tax-deferred retirement account for an individual that permits individuals to set aside money each year, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10% penalty). Many “traditional IRA” custodians advertise themselves as offering a Self Directed IRA with “checkbook control”, […]

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Retirement Accounts Appear To Be Big Winners Under Trump Tax Plan

October 2nd, 2017

Here’s an article written by Adam Bergman about the Trump Tax Plan and it’s effect on retirement savers – On September 27, 2017, President Trump and the Republicans leaders presented a tax plan that included sharp cuts in tax rates to both corporations and individuals. Under the Trump tax plan, the corporate tax rate would […]

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Your Self-Directed IRA Fees May Be Tax Deductible

September 11th, 2017

Unbeknownst to many retirement account holders, payment of individual retirement account (“IRA”) custodian/trustee fees may be generally tax-deductible. Under Internal Revenue Service (“IRS”) rules, in place of the standard deduction, one can deduct certain expenses as miscellaneous itemized deductions on Schedule A (Form 1040 or Form 1040NR). One can only claim the amount of expenses […]

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When Are you Allowed to Make a Contribution to a Traditional IRA?

September 5th, 2017

Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your tax return for that year, not including extensions. For most people, this means that contributions for 2017 must be made by April 17, 2018, and contributions for 2018 must be […]

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The Basics Of Taking Hardship Distributions From Self-Directed IRAs

August 31st, 2017

The following originally appeared on Forbes.com, written by our own Adam Bergman – There is generally no limit or restrictions on when an IRA owner may take a distribution from his or her IRA, although there may be adverse tax consequences, such as income tax and/or an additional tax on early distributions. However, pursuant to […]

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All About The Bitcoin Checkbook Control IRA

July 13th, 2017

The Internal Revenue Code does not describe what a Self Directed IRA can invest in, only what it cannot invest in. Internal Revenue Code Sections 408 & 4975 prohibits Disqualified Persons from engaging in certain type of transactions. The purpose of these rules is to encourage the use of IRAs for accumulation of retirement savings […]

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Bitcoin IRA – How it Works?

July 13th, 2017

The Internal Revenue Code does not describe what a Self Directed IRA can invest in, only what it cannot invest in. Internal Revenue Code Sections 408 & 4975 prohibits Disqualified Persons from engaging in certain type of transactions. The purpose of these rules is to encourage the use of IRAs for accumulation of retirement savings […]

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