Watson CPA Group - Knowledgebase


IRAs, 401ks, Investments - Watson CPA Group
Can I use my IRA to pay for medical bills without penalty?
By Jason Watson (Google+) Yes and No. You can only deduct medical expenses that exceed 7.5% of your adjusted gross income. So, the logic follows that if you use your IRA to pay for medical expenses, you will pay a penalty on the 7.5% equivalent. Here’s an example. Let’s say you had an...
16 Oct, 2012 Views: 0 Comments: 0
What are the 2012 limits for a traditional IRA contribution?
By Jason Watson (Google+) For 2012, the most that can be contributed to a traditional IRA is generally $5,000 ($6,000 if you are age 50 or older) or the taxable compensation for the year, whichever is smaller. If you are married, and you do not have any compensation for the year, you can still...
16 Oct, 2012 Views: 0 Comments: 0
Roth IRAs for High Income Earners
By Jason Watson (Google+) When it comes to saving for retirement, making too much money means that Uncle Sam shuts the door on many of your tax breaks. Specifically, for those who want to invest in Roth IRAs, once the income limits have been reached eligibility for contributions are reduced or...
13 Sep, 2014 Views: 0 Comments: 0
Retirement Plan Requirements for Same-Sex Marriages
By Jason Watson (Google+) Posted October 3, 2018 On June 26, 2013, the Supreme Court ruled in the Windsor case that section 3 of the Defense of Marriage Act was unconstitutional. As a result of this ruling, in August of 2013 the IRS announced that all legally married same-sex couples will be...
03 Oct, 2018 Views: 0 Comments: 0
Should I Consider a Roth Conversion
By Jason Watson (Google+) Posted October 3, 2018 Contributions to Roth IRAs are taxable and the distributions from the Roth IRAs during retirement are then tax-free. Therefore, if you expect your tax rate to change in the future, you will want to make sure that you are taking advantage of a...
03 Oct, 2018 Views: 0 Comments: 0