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)

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The start of a new year also brings new tax laws, and for those with individual retirement accounts (IRAs), there are some changes to be aware of in 2015. These new laws could impact how much you can contribute to your IRA, when you can withdraw funds penalty-free, and how you can plan for your retirement savings.

One of the most significant changes to IRA tax laws in 2015 is the increase in contribution limits for both traditional and Roth IRAs. The limit for total contributions to both types of IRAs has been raised to $5,500 for individuals under the age of 50, an increase of $500 from the previous year. For those over the age of 50, the catch-up contribution limit remains at $1,000, allowing them to contribute up to $6,500 total. These higher contribution limits can help individuals save more for retirement and take advantage of the tax benefits offered by IRAs.

Another important change to IRA tax laws in 2015 is the elimination of the 10% early withdrawal penalty for certain distributions from IRAs. Under the new laws, individuals who are unemployed for at least 12 weeks can withdraw funds from their IRAs penalty-free to cover health insurance premiums. This change is designed to help those who are in between jobs and need access to their retirement savings to pay for health care costs.

Additionally, there are new rules regarding inherited IRAs in 2015. Non-spouse beneficiaries of IRAs are now required to withdraw funds from the account within five years of the original owner’s death, instead of being able to take distributions over their lifetime. This change could impact how individuals plan for passing on their IRA assets to their heirs, and may require them to adjust their estate planning strategies accordingly.

Overall, the new IRA tax laws for 2015 bring both opportunities and challenges for individuals looking to save for retirement. By staying informed about these changes and working with a financial advisor, individuals can ensure that they are taking full advantage of the tax benefits offered by their IRAs and are maximizing their savings for the future.