Funding Family Member’s IRA Can Lower Tax Bill

People who wish to fund a family member’s individual retirement account before April 15th, 2013 can possibly reduce their own tax bill and accelerate their security during retirement, although there are certain rules that do apply. IRA expert, Ed Slott explained how married couples with only one working spouse can contribute to both IRA’s with the working spouse contributing money into the non-working spouse’s fund. “It is a great way for a stay-at-home parent or an unemployed spouse to keep their nest eggs growing.” Slott said. Certain factors such as income, goals and age play a role in both Roth IRA’s and Traditional IRA’s. More here

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