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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
It isn’t often that we get to fix our mistakes, but here’s some good news. If you regret not adding more money to your retirement accounts last year, you can take advantage of a do-over. You have until the date 2021 tax returns are due — typically April 15 — to contribute to a traditional individual retirement account (IRA) and possibly qualify for a tax deduction on your 2021 return.
Contributions to a Roth IRA are made with after-tax dollars. However, withdrawals of earnings are tax free once certain conditions are met.
If you or your spouse is covered by a retirement plan at work or your income exceeds certain levels, the tax deduction may be limited. The IRS sets income thresholds that gradually phase out the tax advantages for wealthier taxpayers.
There are no age limits for making contributions to either a traditional or Roth IRA.
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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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