If you’re age 50 or older, tax law has a permanent provision that lets you make extra contributions to your retirement plans. These “catch-up” contributions vary depending on the type of retirement plan. For example, if you participate in a SIMPLE, you can make a catch-up contribution of up to $3,000 in 2016, over and above the maximum $12,500 salary...
Tags: catch up contributions
Category: Taxes
Are you going to school this fall to earn an advanced degree or to brush up on your work skills? If so, you might be able to deduct what you pay for tuition, books, and other supplies. If you’re self-employed or working for someone else, you may be able to claim a deduction for out-of-pocket educational costs if the...
Tags: Education Costs
Category: Taxes
After your death, the disposition of retirement accounts, life insurance policies, annuities, and accounts at financial institutions are governed by beneficiary designations. If those designations are outdated, unspecific, or wrong, your assets may not be distributed the way you would like. Here are items to consider. Be specific and stay current. When you name a beneficiary, your assets can...
Tags: beneficiaries
Category: Taxes