Taxpayers of all ages may be able to claim a deduction on their 2020 tax return for contributions made to their Individual Retirement Account made through April 15, 2021. And unlike in past years, there is no longer a maximum age for making IRA contributions. Contributions to a traditional IRA are usually tax deductible, while distributions are generally taxable. There is still time to make contributions that count for a 2020 tax return, so long as the contributions are made by April 15, 2021.

The good news is that taxpayers can file their return claiming a traditional IRA contribution before the contribution is actually made, but the contribution must then be made by the April due date of the return. While contributions to a Roth IRA are not tax deductible, qualified distributions are tax-free. In addition, low- and moderate-income taxpayers making these contributions may also qualify for the Saver’s Credit.

#iracontributions #taxes2021

After all is ‘wed and done’ getting married requires decisions to be made for how it will affect your finances. Here is a quick read on how your upcoming or recent nuptials will impact your Roth IRA.

If you have questions, reach out to your financial advisor today.

#rothira #familyfinances #taxes2021

With each passing year the age-old question remains; what will you do with your tax refund?

Before you get online and buy something new and shiny, grab a pen and paper (or maybe just the note app on your phone) and commit yourself to first distributing the money where you need it and then setting aside a portion to treat yourself.

Perhaps even consider adding it to your investments and check back next year to see how much it changed.

#taxrefund #makeaplan

If you have questions about Traditional and/or Roth IRA’s, this straightforward guide can help get your started.

Perhaps you find yourself wondering whether the distribution is tax-free or if contributions are tax deductible. Regardless of the questions you have NMII advisors can help you with the answers.

#traditionalira #rothira #investforsuccess

This high-level overview of mutual funds, their expenses, and the different share classes is a ‘must-read’. For those currently invested in a mutual fund or considering investing, it has a list of questions individuals should be able to answer regarding their mutual fund investment.

If you have questions or need more comprehensive guidance on mutual funds, our team is here for you.

#mutualfunds #investoreducation

Are you part of the 1 in 4 who aren’t sure how their retirement savings are invested or perhaps you are part of the 46% who don’t have a budget? Regardless of what your finances look like today, NMII has the tools and expertise to help you achieve your goals.

Our team can provide both a personalized approach to our clients and access to mobile apps needed to manage accounts on the go.

#MillennialFinances #PlanningForTheFuture

Investing is both complex and personal. Regardless of where you are at in your investment strategy, these two questions can help you get started or reevaluate your approach.

Once you have considered your goals and desired investing style, reach out to your financial advisor to share your answers.

#investingmadesimple #investmenttips

When navigating the specifics of any financial plan it can often be overwhelming, the complexities of preparing for your children’s futures is no exception. This short guide includes 7 Key Tips to Maximize Benefits from a 529 Plan.

From comparing plans, decoding the fine details, and balancing your financial goals, you can count on our advisors to be both knowledgeable and transparent in helping you.

#529plan #investinyourchildren