If you live in the United States, and pretty much every country but in a different capacity, you are going to need to deal with the IRS and a whole host of accounting issues in your life time. One of the best things that you can do in order to make navigating confusing matters like self managed IRAs, IRA deduction rules, or real estate IRA custodianship, is to hire an experienced IRA expert early on. Here are a few important facts you need to know before investing in a self managed IRA or hiring an IRA expert.
Contributions to a traditional IRA are typically tax deductible in the United States. If you are confused about whether the contributions you have been able to add are going to carry that particular perk, you would probably be best served by contacting an expert. If what you are contributing happens not to be deductible, they might even be able to help you in changing that for you.
According to the EBRI, there are over 15 million active IRA funds in the United States currently. One of the main reasons for this is the fact that a lot of companies offer IRAs as a perk of the job. If this is the situation you have found yourself in, you might also want to contact an expert. Though some employees will bring in an expert to talk to their employees about their IRA options, not all will so you might have to take care of it on your own.
An estimated 64.6 percent of IRA funds in the United States are traditional IRA accounts. Newer and more progressive accounts are being made available, but as this statistic suggests, they are still a long way off from making their way into the main stream.
The average contribution towards a Roth IRA in 2011 was $3,335 in the United States. If you are making a bit more money, this can go up, and you might even be able to up your own contribution. You may need to speak with your employer about it however. Though only about 1/3 of U.S. households had traditional IRA funds in 2012, there are signs that this number is going up. Links like this: iracheckbook.com