Thinking ahead about your taxes and how you'll spend that refund is always a good idea. Here's an even better idea: not spending your refund money at all, but rather saving it into your
Roth IRA.
Why should you open a Roth IRA?
A Roth IRA is always a great way to start saving money for retirement. This type of Individual Retirement Account accumulates tax-free compound interest. The contribution limit is $6,000 and $7,000 (age 50 or older) for the 2021 and 2022 tax years.
Benefits:
Contributions grow tax-free
Taxed upon distribution
Withdrawal contributions pentalty-free mostly anytime
Pass down money to your heirs
Don't have an account or want to learn more?
Consult with one of our financial represemtatives to futher discuss and open account today!
Units of the 529 plan investment options are municipal securities and may be subject to market value fluctuation. Before investing in a state-specific 529 plan, you should compare your own state's qualified tuition program and any state tax or other advantages it may provide.
Content, links, and some material within this website may have been created by Mofrad Financial Solutions for use by an Avantax affiliated representative. This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Wealth Management or its subsidiaries. Avantax Wealth Management is not responsible for and does not control, adopt, or endorse any content contained on any third-party website.
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