IRA season is in full swing. For the next couple of months you will be inundated with ads telling you why you should contribute to an IRA for the 2014 tax year and why you should do it with the advertiser.
You’ll see and hear terms like Traditional IRA, Roth IRA, SEP-IRA and SIMPLE IRA. If you are not familiar with them, these various types of IRA accounts can get confusing.
Once again this year the folks at IRA Success created this wonderful infographic. Whether you are an individual looking to fund an IRA account for yourself (Roth or Traditional IRA) or a small business person looking for retirement account (SIMPLE IRA or SEP-IRA) this infographic provides an excellent IRA contribution guide for 2014 contributions that can still be made in 2015. The deadline dates will vary so be sure to consult your tax or financial advisor.
If you haven’t yet opened and/or funded an IRA or self-employed or small business retirement plan for tax year 2014 the information above is a good reference. If you are already looking towards your retirement account contributions for 2015 note that some of the contribution limits have changed.