You are currently browsing the IRS Tax Talk weblog archives for the day 7. December 2009.
| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| « Nov | Jan » | |||||
| 1 | 2 | 3 | 4 | 5 | 6 | |
| 7 | 8 | 9 | 10 | 11 | 12 | 13 |
| 14 | 15 | 16 | 17 | 18 | 19 | 20 |
| 21 | 22 | 23 | 24 | 25 | 26 | 27 |
| 28 | 29 | 30 | 31 | |||
- Ask Question or Comment (1)
- General (17)
- Income Tax (42)
- International Taxation (6)
- LLC's (21)
- Newsletter Topics (2)
- Payroll Tax (6)
- Retirement Accounts (4)
- Sub S Corporations (18)
- 6. July 2010: HIRE ACT
- 24. June 2010: State of Florida Annual Filing Fee
- 23. June 2010: Spouse & Homebuyer Credit
- 21. June 2010: Homeless Person - I gave money - can I deduct it?
- 21. June 2010: Proof in an Audit
- 1. June 2010: Recourse vs. Nonrecourse Debt
- 5. March 2010: Reverse Mortgages - Taxable? Deductible?
- 3. March 2010: Work Clothes Deduction
- 12. February 2010: Scholarship Count Toward Support?
- 7. February 2010: Mileage Rates in 2009
Blogroll
Archive for 7. December 2009
Simple IRA Maximum Contribution for 2009
7. December 2009 by admin.
If you participate in an Employer sponsored Simple IRA, you can put an max of $11,500 in 2009 PLUS $2,500 for being over age 50. That total is $14,000 maximum as an employee deferral. Additionally, the employer has some matching options. By far we have found the most popular Employer matching option to be… the employer matches up to the lower of 3% of your wages or whatever you put in as an employee.
Whatever is withheld from the paycheck must be withheld in no later than the end of December for 2009 and paid in by the employer no later than January 31st, 2010.
i.e. Your wages for 2009 are $36,000 x 3% = $1,080. If you only contribute $800, Employer can only put in $800. If you contribute $3,000, Employer can only put in $1,080.
There is no commitment to put to the maximum, nor is there a commitment that you continue to participate in a subsequent year.
Note: Participation in an employer sponsored plan subjects you to limits on Regular IRA contributions. Contact us for more info at www.USATaxHelp.com
Posted in Retirement Accounts, Payroll Tax, Sub S Corporations, LLC's, Income Tax | 1 Comment »
ROTH IRA Maximum Contribuiton for 2009
7. December 2009 by admin.
$5,000 into a REGULAR IRA is the max for a single individual UNDER age 50 who does not participate in an employer sponsored retirement plan and still receive a tax deduction. Add $1,000 if over age 50.
Can contribute till April 15th, 2010 for 2009. Note: There is NO tax deduction for contributing to a ROTH IRA. The benefit of the ROTH is the earnings are not taxed during the growth phase of the investment (same as any retirement account) BUT the gains when taken out in retirement are NOT taxed.
The amount you or your spouse can contribute may be reduced depending on your Adjusted Gross Income. Contact us if you need more details at www.USATaxHelp.com
Posted in Retirement Accounts, Sub S Corporations, LLC's, Income Tax | 1 Comment »
Regular IRA Maximum Contribution for 2009
7. December 2009 by admin.
$5,000 into a REGULAR IRA is the max for a single individual UNDER age 50 who does not participate in an employer sponsored retirement plan and still receive a tax deduction. Add $1,000 if over age 50.
Can contribute till April 15th, 2010 for 2009. Can file your tax return WITH the Regular IRA as if it has already been made, then use the refund to make the actual REGULAR IRA contribution as long as you do it before April 15, 2010.
The deductible amount if you or your spouse participate in an employer plan may be reduced depending on your Adjusted Gross Income. Contact us if you need more details at www.USATaxHelp.com
Posted in Retirement Accounts, Sub S Corporations, LLC's, Income Tax | No Comments »