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401k HSA IRA Roth IRA Taxes

What to do with your money – 401(k), HSA, IRA, Roth IRA, Emergency Fund, Debt? The Right Sequence!

Many people have this question of where they should invest money first. It really depends on your situation, on your age, on your current income, on your projected future income, current income tax rates, and future expected income tax rates. Currently, federal tax rates are at an all-time low. Most pros agree that in the […]

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401k HSA IRA Taxes

Federal Income Tax Brackets

Tax Year 2020 Federal Income Tax Brackets (Due April 2021) Tax rate Single MFJ MFS Head 10% $0 to $9,875 $0 to $19,750 $0 to $9,875 $0 to $14,100 12% $9,876 to $40,125 $19,751 to $80,250 $9,876 to $40,125 $14,101 to $53,700 22% $40,126 to $85,525 $80,251 to $171,050 $40,126 to $85,525 $53,701 to $85,500 […]

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401k Coronavirus HSA IRA Roth IRA

March 2020 Retirement Account Changes due to Coronavirus

Deadlines for most of the filing and contributions have been changed from April 15, 2020, to July 15, 2020: Tax return filing date and tax payment date. “To avoid interest and penalties, pay your taxes in full by July 15, 2020“ Also, note that this change of deadline only applies to federal tax and does […]

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401k HSA

What’s a better investment: an HSA or a 401k?

Best is to contribute to both but let’s say you have a cash crunch and you have only 8K that you can set aside to contribute to your retirement accounts. This is the money you are not going to need in the next 1-6 months. First is the free money that you get with your […]

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HSA

How to save medical receipts for HSA

Do you want an average HSA or a supercharged retirement account? This is one of the best tax loopholes (of course legal!). If you want to make your HSA a supercharged retirement account you need to withdraw money from HSA once it has been compounded tax-free for a number of years rather than withdrawing every […]

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HSA

HSA Contribution Limits for Tax Years 2018, 2019 and 2020

The contribution limits to your HSA are adjusted to inflation each year by the IRS. Tax Year 2018 2019 2020 Individual $3,450 $3,500 $3,550 Family $6,900 $7,000 $7,200 Age 55+ +$,1000 +$1,000 +$1,000 Note that employer contribution, third party contributions are included in these limits. A third-party contribution is when sometimes insurers put in some […]