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Dice Financial Services Group
1716 N. Sanborn Blvd, PO Box 790
Mitchell, SD 57301
Phone: 605-996-7171
Toll Free: 800-658-3603
Website: www.dicefinancial.com
As federal and state tax filing deadlines approach, you may naturally wonder how to minimize your taxes. Traditional and Roth IRAs are two options that may help reduce your total tax bill for 2018 and beyond, and you can open one for tax year 2018 up to the tax filing deadline in 2019.
The current tax reduction can be considerable if you make a deductible contribution of $6,500 to a traditional IRA and are in the 30% combined tax bracket (state and federal taxes), saving $1,950 on your 2018 taxes. These savings add up over time and can benefit you in other areas — especially if you add the savings to, say, your 401(k) plan contributions or 529 plan college savings.
Like a traditional IRA, the Roth offers tax-deferred potential growth. Unlike the traditional type, the Roth doesn’t mandate minimum distributions at age 70 1/2; you don’t even have to take a Roth distribution during your lifetime. The biggest advantage, however, is the tax-free nature of distributions if you are at least age 59 1/2 and have owned the Roth IRA five years or more.
*https://www.irs.gov/newsroom/irs-announces-2018-pension-plan-limitations-401k-contributionlimitincreasesto-18500-for-2018
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Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Insurance Services offered through Dice Financial Services Group.
Dice Financial Services Group and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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