Tax Deduction Rules When Claiming Retirement Plan Contributions
/Hi everyone,
With tax season on deck, here is a summary of the tax deductions you can claim relating to different types of retirement account contributions:
If you want to make Traditional IRA or Roth IRA contributions for 2018, you have until April 15th to do so. Contact us if you have questions. Also, the above video is available on the FAQ page of our site, under the drop-down Taxes.
In The Market...
The S&P 500 fell -0.3% last week. Let's look under the hood:
(price data via stockcharts.com)
The loss snaps the four-week winning streak stocks had been on. Six of the 10 stock sectors declined on the week. Real Estate and Technology led the way, while Energy, Consumer Staples and Health Care were each down more than -1.0%.
Stocks were resilient despite the weekly decline. Prices started the holiday shortened week lower, before rallying the rest of the way. Last week was constructive, yet there is still a ton of price resistance to contend with for the January gains to hold. So far they have, which often isn’t the case when stocks rally off of a big downward move. The best-case scenario right now is that stock prices move sideways for a couple weeks, before continuing their ascent.
Our bond positions performed well last week. We continue to own Treasury bonds and Corporate bonds in most accounts.
On the stock side, we were more active compared to prior weeks. We added a S&P 500 growth fund to many accounts, which is heavily weighted in companies in the Technology and Consumer Discretionary sectors. We also added to the cloud-computing Tech fund that most accounts already owned. The Tech sector has been leading this recent rally, specifically the Software and Semiconductor industries.
In Our Portfolios...
What's New With Us?
I painted the guest room in our house on Sunday, which was my highlight. That now makes roughly 75% of the interior of our house I have painted.
Have a great week!
Brian E Betz, CFP®
Principal