Three Lesser-Known Rules regarding Roth IRAs

Retirement pic


As a principal & financial advisor with First Financial Tax Group in Boca Raton, Florida, Barry M. Kornfeld helps clients understand their retirement savings options. Barry Kornfeld’s clients often seek advice on Roth IRAs, which enable them to grow retirement savings in a tax-free savings system.

Roth IRAs enable account holders to deposit money without receiving an up-front tax deduction, which differentiates them from traditional IRAs. Here are three lesser-known Roth IRA rules you may not know about.

1. Shared contribution limit: The 2017 limit for IRAs is $5,500, which must be split among all traditional and Roth IRAs held by an individual. If you exceed this maximum value, you must pay penalty taxes until you correct the excess contribution.

2. Fewer limitations: Roth IRAs offer more liberties in several areas when compared with traditional IRAs. Roth IRAs require no minimum distribution, and you can contribute to them at any age. Roth IRAs also enable account holders to withdraw money tax free, as long as that money was deposited at least five years ago.

3. Income cap: Roth IRAs are not available to individuals whose modified adjusted gross income (MAGI) totals $132,000 or to married couples filing jointly whose MAGI totals $194,000. However, individuals who exceed these income limits may qualify for a Roth conversion. Because this may result in a higher tax bill, it is best to consult with a qualified tax or financial advisor before converting.

Many of Kornfeld’s clients utilize the 6% secured CLO note (co-lending opportunity) within their Roth IRA’s, effectively turning the 6% annual yield into a “tax free 6% annual yield”.


Shriners Hospitals for Children’s Birdies for Charity


Shriners Hospitals for Children pic

Shriners Hospitals for Children

A co-principal at Florida-based First Financial Tax Group, Barry M. Kornfeld is a seasoned financial advisor leading a firm that specializes in co-lending opportunities (CLO’s), previously known as first position commercial mortgage notes (FPCMs). This is a safer fixed income alternative that provides a real estate-secured return of at least 6 percent per annum, with interest paid monthly, and a term of just 9 months. Outside of his professional endeavors, Barry Kornfeld actively contributes to charity and supports the Shiners Hospitals for Children.

A world leading medical institution in the treatment of pediatric burns, spinal cord injuries, orthopedic conditions, and clef palate and lip, Shiners Hospitals for Children provides treatment and care for children irrespective of the family’s capacity to pay. It operates in 22 locations in North America.

In July 2017, the hospital launched Birdies for Charity, a fundraising campaign where supporters throughout the country can guess how many birdies will be hit during the 2017 Shriners Hospitals Children Open scheduled for November 2-5, at TPC Summerlin in Las Vegas. During this event, supporters can donate a specific amount for every birdie hit. The winner will receive an all expense paid trip to the 2018 Shriners Hospitals for Children Open; the annual golf tournament is an official PGA Tour Event.

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The Shriners Hospitals for Children Open Celebrates 35th Anniversary

Shriners Hospitals pic

Shriners Hospitals

With decades of experience as an income and retirement professional, Barry M. Kornfeld leads First Financial Tax Group (FFTG), a Florida-based firm that focuses on helping clients grow their income through secured bridge loans, or Co-lending Opportunities. Alongside his work as a principal financial advisor at FFTG, Barry Kornfeld gives back to the community by supporting organizations such as Shriners Hospitals for Children.

In order to direct awareness and funds toward its work of providing specialized pediatric care, Shriners Hospitals for Children oversees various campaigns and events throughout the year. One of the organization’s signature events is the Shriners Hospitals for Children Open, a PGA tournament that is held in Las Vegas each fall.

Now in its 35th year, the Shriners Hospitals for Children Open attracts some of the top golfers in the world for a FedExCup event benefitting children with orthopedic conditions and other medical needs. In addition to top-notch golf action, the Open features special events, including the Kick Off Your Heels women’s luncheon and the Clark County School District Day.

The next Shriners Hospitals for Children Open will be held October 30-November 5, 2017, at TPC Summerlin in Las Vegas. For more information, visit