IRA Contributions

IRA contributions for tax year 2011 must be received at Matson Money by Friday, April 13th…..scary!

If you have your IRA held at Charles Schwab, checks are to be Written to : Charles W. Schwab  & Co.

                                                                                                                              Mail to: Matson Money,  5955 Deerfield Blvd.,  Mason, Ohio 45040

Contribution Limits for 2011; Traditional & Roth IRA[ under age 50 $5,000 / age 50 & up &6,000]or earned income if lesser

                                                          SEP Plans [cannot exceed the lesser of 25% of the employee's compensation or $49,000]

                                                                              [ please note: SEP plans filing deadline is when the corporation or individual tax return is filed, with extensions incuded]

There are limits based on income levels. If your modified adjusted gross income falls within the ranges listed below, call you tax advisor or give us a call.

Modified Adjusted Gross Income (MAGI) limits are: Phase-out for Traditional IRA [single $56,000 - $66,000] [Married filing jointly $90,000 - $110,000]

                                                                                                         Phase - out for ROTH IRA [ single $107,000- $122,000] [Married filing jointly $169,000 - $179,000]

What is modified adjusted gross income? You take the bottom line of the front page of your 1040 income tax and add back in numerous previous deductions.

We suggest you talk to you tax advisor or research on the internet for a better idea. Again, call us for help.

If you have any further question, feel free to call or email. We will do our best to get you an answer.