Do you want your golden years to be golden years? Increase your retirement contributions — save now so you can play later. The IRS has raised some contributions limits, so this may help you sock more away for your future. Here are some of the key figures: Phase-out ranges: The income ranges for determining eligibility […]
Following are some provisions in the Cares Act: Changes related to distributions from retirement accounts The tax can be paid ratably over a 3 year period instead of all in the year of distribution The 10% early withdrawal penalty is waived for distributions up to $100,000 for coronavirus related purposes during 2020 The purposes include […]
Due to the tax law changes implemented in 2018 that included a significant increase in the standard deduction, far fewer taxpayers are itemizing their deductions. For most taxpayers who take the standard deduction, charitable contributions are not deductible. However, if you are 70 1/2 or over, you may still be able to reduce your tax […]
Are you dreaming about your retirement? It is important to save for your golden years so your golden years are golden. The IRS has increased contribution limits for various retirement savings accounts for 2020. Here are some key figures: 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan The 2020 contribution limit […]
The Social Security Administration released key figures for 2020. Social Security and Supplemental Security Income Benefits – Social Security and Supplemental Security Income recipients should see an increase in their benefits for 2020. Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020. The 1.6 percent […]
The Social Security Board of Trustees released its annual report. In this report, the Board projects that the reserves in the ‘Old-Age and Survivors Insurance and Disability Insurance Trust Funds (commonly called Social Security) will be depleted by 2034 if steps are not taken to strengthen the Social Security Program. The report also predicts that […]
Due to the 2018 Cost of Living Adjustment (COLA), Social Security benefit recipients will see a 2% increase in their Social Security benefits in 2018. Other changes for 2018 are based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax will increase […]
Thinking of getting a Long Term Care policy? There is a limit to the amount that can be deducted on your tax return. For Federal return purposes the limit is based on age and ranges from $410 to $5,110 per person for 2017. This amount gets added to the rest of your Qualified Medical Costs […]
Here are the updated amounts for some Hot Items for 2018 Health Savings Accounts Contributions For those with an Individual High Deductible Health Plan : $3,450 For those with a Family High Deductible Health Plan: $6,900 Extra $1,000 for those age 55 and older IRA Contribution Limits $5,500 plus $1,000 if over 50
Here are the 2017 allowable amounts for some popular retirement savings accounts: Employer Plan Deferral Limits (401ks, 403(b) and most government plans): No change. $18,000 and a $6,000 catch-up for those 50 and older. IRAs (both Traditional and Roth): $5,500 with a $1,000 catch-up. This has been the same for 5 years. Allowable contributions […]
