Roth IRAs can be an important tool for your financial and estate plan. Most people know that there are income limits for making Roth IRA contributions. But what are the limits?
For 2012, the AGI – Adjusted Gross Income – limit for maximum contributions to Roth IRAs is $173,000 for joint income tax filers, and $110,000 for individual income tax filers.
Beginning in 2010, the income limit on converting traditional IRAs to Roth IRAs is eliminated.
Part of prudent estate planning is making the most of the income and assets that you have. Contact Hindson & Melton LLC for your estate planning needs and to improve your overall financial health. If you do not currently have a tax advisor or financial advisor, we can refer you to qualified professionals in your area. We work closely with your other advisors as a team to provide you advice tailored just for you.
For more information about this post contact Karen Hindson of Hindson & Melton LLC.