Did you contribute to your self directed IRA for 2013? If you haven't don't fret because even though we are three months into 2014 you still have time to make tax-deductible contributions to your self directed IRA.
Making A Deductible Contribution
There are plenty of tax benefits that the government offers to help those prioritize saving for retirement. One of the biggest incentives is making IRA contributions tax deductible.
There is one issue to be aware of when contributing to your retirement accounts. You must be aware that the eligibility of your contribution to be tax deductible depends on your modified adjusted gross income. If you have a high modified adjusted gross income you are less likely to receive any deductions from your contribution. It is very wise to talk to a tax accountant so that you know for sure if your contribution will be tax deductible or not. For more information on what is tax deductible or not check go to IRS.gov/Retirement-Plans
Self Directed IRA Contributions
Self directed IRA contributions work the same way that standard IRAs work. To know more about how much you can actually contribute to your self directed IRA check out, Retirement Contribution Limits As we have mentioned time and time again, the main difference and benefit of a self directed IRA over standard IRAs is the ability to invest in alternative assets. Don't miss out on the tax benefits that can be applied to real estate investments, gold investments and more.
2013 Contributions Still Available
Even though we are three months into 2014 it doesn't mean that you can't contribute to your self directed IRA for 2013. The IRS allows individuals to make contributions for 2013 up to April 15th, 2014. If you haven't taken advantage of your 2013 contribution do it while you can so that you don't miss out on the tax breaks.
If you need help with your self directed IRA let us help you out. If you would like to transfer or rollover your IRA into a self directed IRA we can help you out with that as well. Take control of your retirement today!
Author: Nick Barker