2018 IRA Contribution Reminders

A few reminders regarding 2018 IRA Contributions

Note: If you file your tax return prior to making your annual contribution, the IRS may require an amended return.

Maximum Annual Contributions (IRAs and Roth IRAs only):

  • $5,500 for tax year 2018 (Roth contributions may be less depending upon income. Please consult your CPA before making your contribution).
  • Age 50+: Catch-up contributions may be made up to an additional $1,000.

Important Reminders When Submitting Your Contributions:

  • Make the check payable to Charles Schwab & Co. + your name and account number. Do not make your check payable to CWM.
  • Put the contribution year on the memo line of the check. This is extremely important since we cannot assume that a contribution check is to be applied to the same contribution year in which it is received.
  • Your contribution must be received by CWM no later than Wednesday, April 10th to ensure that the check will be processed and placed into your account by the IRS deadline of Monday, April 16th (no exceptions).
  • Contributions can be set up to be transferred from an individual, joint, or trust account held at Schwab. If you are interested in this option you can contact us via phone (425) 778-6160 or via e-mail at Info@CWMnw.com

If you have additional questions about your IRA, Roth IRA, SEP IRA, or SIMPLE IRA contribution amounts contact your CWM advisor or call the office at (425) 778-6160.

Comprehensive Wealth Management, LLC does not offer tax advice. Please consult your CPA for specific tax questions.

For more helping tips please see our Tax Time Check-List

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