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| *Loan,banking and credit>>>deferred tax |
How can I take advantage of being able to put over$20,000 away tax deferred? |
I know that with an employer sponcered 401 once over 50 years old. Is that the only way? Can't I just put more money into an already existing account? You can't just put it into an exisiting account. I assume you mean an IRA, You can't contribute to a tax deductible IRA or a Roth if you participate in an employer plan and exceed the threshold. Which you will likely do if you can afford to stock away 20k. If you are self employed you can set up a defined benefit plan and a defined contribution plan and contribute a lot more this way, although it is a hassle to do it. If you have a SIMPLE plan the limitation in 13000. The only way to stick away the 20k you want is with a 401k or 403b plan. by the way the maxium in 07 is 20,500. you can put it into a variable annuity (there are many different kinds). they are all tax deferred. also, there are tax-free money market accounts. talk to a financial advisor. there's many options for you. You can put the money into a long term tax deferred annuity and add to it as you go along, if you wish. |
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