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The Latest News
It is Important to Notify Your Tax Professional Whenever You Make ROTH Contributions!
Contrary to popular belief, not everyone can contribute to a Roth IRA!
The IRS sets annual limits you can contribute to your Roth IRA. The current limits are $5,000 for anyone under the age of 50, and $6,000 for those 50 and older. However, your contribution cannot be higher than your compensation. Most people aren’t aware that if your modified adjusted gross income is too high your limit may be lowered. Penalties exist for excess contributions. There is a 6% penalty on the amount contributed over the limit which continues on until the Excess Contribution is removed. If you contributed too much for the current year, there is still something you can do: withdraw the excess amount plus any earnings before your tax return is due. If you contributed too much for a prior year and have not yet withdrawn the excess you should do so immediately to avoid more penalties.
Be aware of how much you contribute! Discuss the limits with your financial advisor and your tax professional.
Connecticut Refund Alert!
It has come to our attention that some of our clients are receiving their state refunds on debit cards instead of directly deposited into their bank accounts, even though we have correctly submitted your bank information. If you receive a DRS Chase debit card in the mail, this is not a scam, this is your refund. The debit card will look like this :
For more information about your debit card refund or how to activate your card, please visit Connecticut’s website.
