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Form 1040 Changes, Social Security Elections, 401(k) Tax Advantages

Each day, One Day Closer provides the articles from across the worldwide web that help you move one day closer to a sound financial situation, a retirement you always envisioned, a safe and secure financial future for you and your family. This will be added to throughout the day with important articles.

Quote of the Day:
When you retire, think and act as if you were still working; when you're still working, think and act a bit as if you were already retired.

Articles of the Day:
Before you file your tax return, make sure you know about these changes to Form 1040. http://sm.wsj.com/z7ifFR

A good personal finance article that illustrates how companies are stacking the deck against you with fine print. http://on.wsj.com/wyXa29

The IRS has gone social! Learn how you can spread the word to nearly 3-in-4 workers eligible for the earned income tax credit. http://bit.ly/xTLADf

Fraud of older individuals has grown by leaps and bounds. The Wall Street Journal points out some red flags that may tip you off. http://on.wsj.com/ytlR38

This article from NAPFA discusses how women can successfully plan for their retirement. http://bit.ly/xKR0yP

Do you need to file a tax return this year? This article answers that question as tax filing season is underway. http://bit.ly/yK77nW

SmartMoney looks at the tax advantages of different retirement accounts and answers the question, "What are the tax advantages of the 401(k)?" http://sm.wsj.com/yOtgOS

Choosing the correct Social Security election may be your most important decision of the retirement planning process. This chart puts your math to the test and helps you pick the right election for you. http://bit.ly/yz1M52

A great piece in conceptualization for financial advisors: your clients and prospects don't care that you DO financial planning, they care WHY you do financial planning. http://bit.ly/wmCn69

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Mailbag

Thursday's Slott Report Mailbag

Consumers: Send in Your Questions to mailbag@irahelp.com

Q:
Is a monthly retirement check considered income in order to open a Roth IRA?

A:
An IRA contribution must be based on the taxable compensation of the individual for the year of the contribution. Pension, profit sharing or IRA distributions are not considered compensation for the purpose of a contribution to an IRA. Here is a Q&A article we did on Roth IRA and IRA contributions.

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