Jake Sensiba

Personal Finance, Retirement, Investing
13
Answers
0
Articles
“I want to help people save more, earn more, and retire with more. I also want them to understand everything that I do. I listen, I educate, and then I act.”
Firm:

Securities America Advisors

Job Title:

Investment Advisor

Biography:

Jacob G. Sensiba is a third generation Registered Representative/Investment Advisor Representative with Securities America. Having grown up surrounded by finance, joining his father and grandfather in business was a natural career choice. Jake was able to work side by side with his grandfather in the year before Greg's death, learning much of the techniques and methods that made Greg successful.

Jake as been in the industry for four years and has been fully licensed for two years. He is a licensed Registered Representative for the states of Wisconsin, Nebraska, Arizona, and Virginia. He is also a licensed Investment Advisor Representative for Wisconsin. Jake's expertise is in personal finance, retirement, retirement plans, and wealth management.

As a financial professional, Jake is committed to helping clients create solutions for their retirement assets. Once he understands their risk tolerance, time horizon and goals, Jake works diligently to develop a program that carefully balances investment strategies with preserving principal.

Assets Under Management:

$10 million

CRD Number:

6415218

Disclaimer:

Securities are offered through Securities America, Inc. Member FINRA/SIPC, Steven Sensiba, Dan Griffin, and Jacob Sensiba, Registered Representatives. Advisory services offered through Securities America Advisors, Inc. CRG Financial Services, Inc., and the Securities America companies are separate entities. For more information and for other disclosures, visit our website www.crgfinancialservices.com

All Answers
    Retirement, 401(k), IRAs, Taxes
Am I allowed to adjust my AGI for IRA contributions made in 2015?

Good question. First lets clear up the IRA contribution deduction. Because of your income level, you are not eligible to deduct your IRA contributions from your tax return, even if you maxed your 401k contribution for that year.

Your income and what you are taxed on is important. If you earn $100k for the year and don't contribute a cent to your 401k, pre-tax, you are taxed on all $100,000.

If you earn $100,000 but contribute $1,000 per month, you will be taxed on $88,000 on your taxes. Contributing to a retirement account pre-tax lowers your AGI.

In regards to adjusting your contributions for 2015, you've passed the window to go back and change it. There's a 3 year period from when you filed the taxes, that gives you the ability to go back and amend.

Answering your actual question - Yes, you will be taxed twice on any money you contribute to your IRA. Once when you actually earn it, and again on the earnings the account has made in that time.

A licensed accountant will be able to give a specific breakdown about what's taxable and what isn't, given your personal situation. Absolutely talk to them before making any adjustments.

I hope this helps!

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