A Roth IRA is a tax-free investment account which allows maximum annual contributions of $5,500 for 2015 & 2016 ($6,500 if you’re age 50 or older). These contributions are subject to income limitations, said Taylor Thomas, a certified financial planner with Round Table Wealth Management in Westfield.
He said once a taxpayer (filing as single, head of household or married filing separately) has modified adjusted gross income (MAGI) that reaches $116,000 (for 2015) the ability to make a Roth IRA contribution begins to be…
Learn more about Taylor’s insights into the tax penalties associated with investing in a Roth IRA one does not qualify for, in the article, he was featured in, titled – “A Roth IRA Gift and Unexpected Trouble”. NJMoneyHelp.com
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