John M. Hoffman CPA

Frequently Asked Tax Questions

Individual Retirement Accounts – IRAs


IRAs are an important part of good savings and an excellent tool for achieving a variety of financial planning objectives. There are books out there devoted to the complexities of IRAs so please appreciate that we are simply offering a few highlights. Don’t forget that earned income or alimony income is a requirement of making either of the first two kind of IRA contributions.

There are basically three types of IRAs

“What are the limits as to contribution amounts for IRAs?”

“When can or should I fund my IRA?”

“Where should I invest my IRA?”

“What about that tax credit for making an IRA contribution?”

“How do you suggest we figure what to do?”


IRA contribution information should be communicated to us at tax time on sheet 9