Episode 23: IRA Tax Traps

I have discussed income tax problems and payroll tax problems but in this episode I will be discussing potential tax time bombs hidden in your retirement plan. In this episode, we will discuss Individual Retirement Accounts or IRAs.

IRAs are easy to set up, easy to manage and unfortunately easy to get in trouble with Uncle Sam if you do the wrong thing. Learn the big no-no's of handling an IRA:

  • Learn the prohibited investments that can cause an early taxable distribution; 
  • Discover which transactions can cause your IRA to be terminated, leaving you with a potentially huge tax debt; and
  • Watch out for excess contributions that can result in large penalties that will eat up any potential income earned.

I hope you enjoyed this episode and in the next episode I will be discussing employer sponsored plans such as 401ks and 403bs.

If you or someone you know has a tax problem, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.

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