To contribute to an IRA, you must have taxable compensation. This includes income from wages, salaries, tips, commissions, and bonuses. It also includes net income from self-employment. For couples where one spouse doesn’t work, the Spousal IRA provision allows the working spouse to contribute to a Traditional or Roth IRA on behalf of the non-working spouse. The non-working spouse… [keep reading…]
Tag: Contribution Limits
Beyond the Numbers: Leveraging the Plan Contribution Limits
‘Tis the season… for updated retirement plan contribution limits, that is! Just a few weeks ago, the IRS released updated contribution limits for the upcoming year. The increased limits don’t just provide an opportunity for participants to boost their retirement savings; they also create space for plan sponsors to revisit and maximize their own strategies…. [keep reading…]