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ACCESS Newswire
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American IRA, LLC: American IRA Discusses Excess Contributions in a Self-Directed IRA

ATLANTA, GA / ACCESSWIRE / July 3, 2019 / What happens when an investor has an excess contribution in a Self-Directed IRA? That was the question posed at a recent blog post at American IRA, a Self-Directed IRA administration firm based in Asheville, NC. The issue of contribution limits is an important one, as understanding these limits not only helps investors plan for retirement but helps them avoid any penalties associated with excessive contributions.

The IRS makes contribution limits to ensure that investors do not put too many assets into a Self-Directed IRA account-or any retirement account, for that matter-in order to obtain those tax protections. But the IRS does want retirement investors to have incentives to invest for retirement. The result is that contributions are allowed, but up to a certain limit. And these limits can vary depending on the investor and the situation.

For example, Roth IRAs have income limits to determine who qualifies. Contributions may be reduced or even phased out at higher income levels. And age is another factor. Some contributions are expanded to allow older retirement investors to "catch up" with their retirement.

The post also points out the current limits that investors will have to know when planning for retirement. For example, investors could contribute $5,500 for a traditional or Roth IRA for the 2018 tax year. However, some limits are going up to $6,000 for 2019. Investors planning for this limit will want to be careful about not going over these monthly limits if they make monthly contributions.

The post says that for those who contributed too much to a Self-Directed IRA, it can be an easy fix before filing taxes. Such investors could contact their IRA custodian to inform them of the excess contribution-the custodian will then provide the proper paperwork.

The post also points out what people who have made the mistake can do after filing their taxes. This means paying some penalties; however, they might not be as severe as some investors imagine.

For more information on excess contributions within a Self-Directed IRA, contact American IRA at 866-7500-IRA. To read more, visit www.AmericanIRA.com.

About:

American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.

The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.

As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville and Charlotte, NC.

SOURCE: American IRA, LLC



View source version on accesswire.com:
https://www.accesswire.com/549086/American-IRA-Discusses-Excess-Contributions-in-a-Self-Directed-IRA

© 2019 ACCESS Newswire
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