CMATES and Cannabiz Accounting are proud to present author Gorden Gates’ video on New IRA Tax Laws for 2015: 6 Important changes you need to know….(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

With a new tax year upon us, it’s important for taxpayers to be aware of any changes to the tax laws that may affect their retirement savings. One area that has seen some updates is the rules governing Individual Retirement Accounts (IRAs).

Starting in 2015, there are several key changes to the tax laws related to IRAs that individuals should be aware of. One of the biggest changes is the increase in the annual contribution limit for IRAs. The limit for traditional and Roth IRAs has been raised to $5,500 for individuals under the age of 50, and to $6,500 for those who are 50 or older. This increase allows individuals to save more for retirement and take advantage of the tax benefits that come with contributing to an IRA.

Another important change to the tax laws for 2015 is the elimination of the so-called “backdoor Roth IRA” loophole. This loophole allowed high-income earners to convert traditional IRA funds into a Roth IRA by making non-deductible contributions to a traditional IRA and then immediately converting them to a Roth IRA. This strategy allowed individuals to avoid income limits on Roth IRA contributions. However, the IRS has closed this loophole starting in 2015, making it more difficult for high-income earners to take advantage of the tax benefits of a Roth IRA.

Additionally, there have been changes to the rules governing the treatment of inherited IRAs. In the past, beneficiaries of an inherited IRA were able to stretch out the distributions over their lifetime, allowing them to minimize the tax impact of the distributions. However, starting in 2015, non-spouse beneficiaries of inherited IRAs are required to distribute the funds within five years of the original owner’s death. This change could have a significant impact on the tax implications of inheriting an IRA.

It is important for individuals to stay informed about the changes to the tax laws that may affect their retirement savings. By understanding the new IRA tax laws for 2015, individuals can make informed decisions about their retirement planning and ensure that they are taking advantage of all the tax benefits available to them. Consulting with a financial advisor or tax professional can also help individuals navigate the complexities of the tax laws and make the most of their retirement savings.