Personal Finance Advice and Commentary

Thursday, March 15, 2012 4:26 pm
By Jennie L. Phipps ·

Here are a couple of fine points of retirement planning tax management. Your accountant probably knows all of this, but if you’re the do-it-yourself type or you have a tax preparer who’s new to you, this might be helpful.

CPA Tim Steffen, who is director of financial planning for Robert W. Baird in Milwaukee, says it’s important to keep track of any nondeductible contributions you might have made to a traditional IRA.

Steffen says that while nondeductible contributions have no impact on your tax liability in the year they are made, if you don’t report these contributions on your return using Form 8606, it’s more difficult to …