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ACap Asset Management
Protecting Your Financial Health
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Fee-Only Financial Planning and Investment Services
For health care professionals, business owners, and individuals
Get a pulse on your financial position

March ACap ReCap

1. Can I reverse a Roth IRA contribution because my income was higher than I expected?
Yes. It is actually very common for people to make a Roth IRA contribution in the beginning of the year and realize later that they do not qualify for a Roth IRA. The solution is very easy and usually involves just filing out a form. Your custodian (the firm that holds your Roth IRA and sends you monthly statements) will have a form for you to complete. You can either reverse the Roth IRA contribution entirely or recharacterize the contribution as a non-deductible IRA. The non-deductible IRA option may be more appealing, especially if you want to do the backdoor Roth IRA.

2. Can I contribute to both my SIMPLE IRA and a 401k?
We received this question from a client who participates in her primary employer’s 401k plan and also in a SIMPLE IRA established for her family owned business. You can certainly participate and contribute to more than one retirement plan (such as a 401k and SIMPLE IRA), however, your total contribution cannot exceed the IRS limit of $17,500 for 2014. If you deciding between contributing to two or more retirement accounts, first choose the plan with an employer match.

3. When is the deadline to contribute to my SEP IRA?
This is a great question because there are so many different types of retirement accounts with varying contribution limits and deadlines. Most IRAs (Individual Retirement Accounts) have an April 15th contribution deadline, but the SEP IRA gives you more time; a SEP IRA must be established and funded by your tax filing date, including extensions, so you could essentially wait until October 15th to open and fund a SEP IRA for the preceding year. Click here to learn more about SEP IRAs.

Have a financial question? Contact ACap Asset Management or 818-272-8511.

Ara Oghoorian, CFA, CFP® is the president and founder of ACap Asset Management, Inc., a “Fee-Only” investment management firm located in Los Angeles, CA specializing in helping doctors and physicians make sound financial decisions. Visit us at www.acapam.com