IRA Tricks You May Be Missing

Here are 4 IRA “tricks” that can save you more money for retirement:

1. Spousal contribution.  If at least one spouse is employed, you can contribute to your IRA and your spouse’s IRA.
2. Double-up your contribution.  If you didn’t make a contribution last year, you have until April 15 to make a contribution for that year.
3. Tax-free required distributions.  You can satisfy your required distribution by “gifting” from your IRA to a non-profit.  This allows you to avoid paying income tax.
4. Catch-up!  If you’re 50 or older, you can contribute up to $1,000 more every year into your IRA with “catch-up” contributions.

See Rob Russell, 4 IRA Tricks You May Be Missing, Forbes, Apr. 5, 2014.