Thanks for tuning into another episode of the Mind of a Millionaire. This week Zak discusses updates and changes you should be keeping in mind this tax season. He also discusses the increasing retirement plan contribution limits in 2019. This episode is packed with great financial advice. Take 7½ minutes to make sure you’re on track for a successful tax-season.
If you want to keep maxing out your retirement plan, give us a call – we’d be happy to help and answer any questions you may have.
Check out our Facebook and Twitter for daily financial updates. Head to the events tab on our website to see what we have coming up.
2018 (2019, filing taxes for 2018) is going to be the first year, which U.S. citizens file taxes under the new tax bill that passed in 2018. [1:53]
Higher standard deduction [2:33]
Increased child tax credit [2:50]
Capped mortgage interest deductions [3:20]
You have until April 15th to make 2018 contributions. [3:54]
- If you need help making 2018 Roth or IRA contribution, give us a call, we’d be happy to help.
For 2019, contribution limits for Roth IRAs and IRAs have increased. [4:35]
- Again, if you want to max out those accounts, give us a call and we can help.
Misconceptions about ‘good’ student load debt [5:28]
Increased 529 plan contributions in 2019 [6:39]
That was just a refresher on tax updates for 2018. We do not offer tax help, nor do we give tax advice; however, we do investments, so if you have the opportunity to reduce your tax bill by contributing to a traditional IRA, or if you would like to get tax-deferred growth by contributing to a Roth IRA, give us a call or visit our www.denverwealthmanagement.com.
Thanks for tuning into another episode of Mind of a Millionaire. As always, if you have any questions, please send us an email, give us a call, or leave a note on our website; we would be happy to help.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
No strategy assures success or protects against loss.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
The Roth IRA offers tax deferral on any earnings in the accounts. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may results in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.
Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in additional to current income tax.