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Non-Deductible IRA Contribution & Roth IRA Conversion Rules
Mrs. MMB and I both contributed $5,000 each to a non-deductible Traditional IRA again for the 2012 tax year this week, with the intention of converting it into a Roth IRA in the future. Are you eligible to do this as well? Of course, we had to wade through a ton of IRS fine print to try and achieve a bit of tax savings.
First, can we just contribute directly to a Roth IRA? Per this , because we are married filing jointly and will most likely have a modified adjusted gross income (MAGI) over $183,000, we are unable to contribute to a Roth IRA. How many people know what their MAGI is? Its not impossible to figure out, but if I was closer Id rather wait and have TurboTax figure it out for me when I filed my 2012 taxes.
Can I contribute to a Traditional IRA, even if I have a work retirement plan? Yes, it doesnt matter if you have a 401k or 403b or whatever.
How to Create Wealth With Debt
On the surface, this seems like an oxymoron. How could you possibly use debt to create more money? It actually isn’t an oxymoron, but you’re going to need to change your perception of debt and classify into two different categories for this to make sense. There are many ways that going into debt can actually end up securing your future, just as there are many ways that going into debt will ruin your future. Let’s look at both to discover how to turn your debt into wealth.
First, let’s discuss the kind of debt that you are probably most familiar with. Bad debt is the kind of debt that most of us get into after overspending on things that we really don’t need. It’s easy to get caught up in commercialism and want to have all the things that we think we deserve. Many of try to live like millionaires on a small percentage of their budget. With poor m
October starts on a negative note
Hello All, October opened on a negative note as Greece said it likely will not meet its deficit reduction target for 2011. The S&P will probably test the 1072 low basis Dec. over the next 12-24 hours, which will determine whether the subsequent fibonacci retracement levels will be realized before years end. We have energy prices at their lowest levels in over a year, and all eyes are on Brent trading just above $100. A psychological break of $100 will continue to price slower growth into the markets, and that may coincide with a break of 1.30 on the Euro. Trading below 1.32 today, the Euro is at a 8 1/2 month low where I have decided to take profits and have a gut feeling that the trade is extended for the time being. As bonds rally 3 handles on the day and Gold up about $40, we wonder if investors will continue to de-risk or actually step in and buy when things look the most bleak. With Read more…
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