You Are Still Able To Contribute To Your Retirement and Save On Taxes!

Tick Tock Tick Tock April 18, 2011 is approaching.
Just finished your taxes and OWE!!! and hadn't press "file" yet?
Well, now would be the perfect time to contribute to your Roth IRA or your 401K up $6,000 for those 50 and over. Why owe it when you can contribute it? What makes this so great is that contributions are generally TAX FREE. If you withdrew money from A Non Roth or
401(k) plan your Uncle Sam will be looking for you to pay TAXES on it because it is considered income. It makes no sense to take out of these account for non emergency situations such as; birthday parties, cruises, Christmas, painting your home, weddings, and the list could go on and on.
YOU may be able to avoid the 10 percent penalty for early withdrawals from your IRA if you are:
1. Permanently or totally disabled
2. If you rolled over money from a different retirement account within 60 days of withdrawal
3. If you used the money to pay for health insurance if you were unemployed
4. To pay college tuition and fees for yourself or a dependent
5. TO BUY A HOUSE, IN SOME CASES!
6. To pay medical expenses above 7.5% of your adjusted gross income
There are more limited exceptions for avoiding the 10 percent tax. Contact your tax advisor or CPA for more information. I hope this helped someone today.
Be blessed!