Tax Tips for IRA Contributions
Watts reminds individuals that the IRA contribution limit for the 2008 and 2009 tax years is $5,000. People age 50 or older can make an additional $1,000 catch-up contribution, raising their limit to $6,000.
"An IRA is one of the best retirement vehicles available," says Watts. "It gives you the opportunity to save for your future, while receiving special tax privileges. Participating early can make a substantial difference in building your nest egg."
Watts adds that the required minimum distribution rules applying to individuals age 70 ½ or older have been suspended for calendar year 2009. Therefore, individuals are not required to take an RMD in 2009. This one-year suspension is part of the Worker, Retiree, and Employer Recovery Act of 2008, signed into law by President Bush on December 23, 2008. The act does not waive any 2008 RMDs due to be withdrawn before April 1, 2009.
For more information on IRAs, call Watts directly at (919) 816-2591 or visit www.LandonWatts.com.
# # #
About W. Landon Watts:
W. Landon Watts specializes in wealth–strategy solutions for individuals, corporations and institutions, focusing on retirement and insurance planning in both the nonprofit and business sectors. Watts joined Banyan Rock & Talent in 1997. He currently holds an Investment Company and Variable Contract license, as well as a Life and Health Insurance license. Though not a CPA, Watts and Banyan Rock & Talent Wealth Strategists work within specific legal parameters to indicate tax-advantage opportunities that clients along with their accountants can utilize. Watts understands everyone has different goals, risk tolerances and objectives; he enjoys customizing each portfolio for his clients. Watts received a Bachelor of Science degree from Appalachian State University in 1993. He is licensed to conduct business in Florida, North Carolina, South Carolina and Virginia. Visit www.landonwatts.com for more information, or call (919) 782-0033.
About Banyan Rock & Talent:
Based in Raleigh, Banyan Rock & Talent is a collaboration of registered reps with FSC Securities Corporation. Founded in 1986 on the philosophy that strength, growth and the diversification of their client's hard-earned money is made possible through knowledge, diligence and years of experience, Banyan Rock & Talent specializes in areas including stocks, bonds, mutual funds, variable annuities, retirement strategies, market timers, life insurance, disability insurance and applied real estate. All strategists are registered representatives offering securities through FSC Securities Corporation, a registered broker-dealer, and member of FINRA/SIPC. For further information, visit 3356 Six Forks Road Raleigh, NC 27609, or call (919) 782-0033.
Securities and Advisory Services offered through FSC Securities Corporation, Member FINRA/SIPC. Banyan, Rock & Talent is not affiliated with FSC Securities Corporation or registered as a broker/dealer or investment adviser.
Material discussed herewith is meant for general illustration and/or informational purposes only, please note that individual situations can vary. Therefore, the information should be relied upon when coordinated with individual professional advice.
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