Tax Day and the IRA deadline will be here before you know it

Tax Day and the IRA deadline will be here before you know it

February 15, 2019
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Have you made your 2018 individual retirement account (IRA) contribution yet? The deadline is April 15, 2019.

There’s a maximum amount you can contribute to your IRA each year, and the deadline to make your 2018 contribution is Tax Day. The earlier you start investing for your retirement, the longer your savings have to potentially grow.

Open your IRA today by enrolling in Guided Wealth Portfolios (GWP). With GWP, you receive guidance from your dedicated advisor - me - combined with the convenience of anytime account access and proactive communications that keep you up to date.

As always, I’m available to answer any questions you might have. We can discuss your IRA investment options, tax implications, and how much you should contribute.

To get started with your GWP IRA and beat the Tax Day deadline, schedule a call with us at 856-810-7701 or visit this page to enroll now.

To learn more about IRAs, download the IRA Guide.

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Traditional IRAs are funded with tax deductible contributions in which any earnings are tax deferred until withdrawn, usually after retirement age.  Unless certain criteria are met, IRS penalties and income taxes may apply on any withdrawals taken from Traditional IRAs prior to age 59 1/2.  RMDs (required minimum distributions) must generally be taken by the account holder within the year after turning 70 ½ .  Please see your tax advisor for details pertaining to your specific situation.

 

The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

 

Guided Wealth Portfolios (GWP) is a centrally managed, algorithm-based, investment program sponsored by LPL Financial LLC (LPL). GWP uses proprietary, automated, computer algorithms of FutureAdvisor to generate investment recommendations based upon model portfolios constructed by LPL. FutureAdvisor and LPL are nonaffiliated entities. If you are receiving advisory services in GWP from a separately registered investment advisor firm other than LPL or FutureAdvisor, LPL and FutureAdvisor are not affiliates of such advisor. Both LPL and FutureAdvisor are investment advisors registered with the U.S. Securities and Exchange Commission, and LPL is also a Member FINRA/SIPC.

All investing involves risk including loss of principal. No strategy assures success or protects against loss. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

 

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.