It's unfortunate, but big company has decided to economize on certain HR benefits.
One, which I really enjoy and will be sad to miss, is our transit benefit.
I was able to pay for more than $200 a month in transit costs using pre-tax dollars. This is like an $80 decrease in pay!!! bummer!!
Oh well. Think hard, make more money!
Regards,
makingourway
Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts
Monday, October 12, 2009
Saturday, September 12, 2009
start thinking about your 2009 income taxes
It's time to start thinking about your 2009 income taxes.
Will you owe money, will you be owed money?
If you plan and project your tax situation now, you'll be able to accrue / save extra cash and be prepared for the april 15th tax bill.
On the other hand, you would add withholding allowances to keep extra money and eliminate the wait that you would otherwise have for the federal government to pay you back.
Another item to think about is multi-state income - do you work in more than one state? will your employer report such earnings? many state income taxes vary. plan with the right numbers.
regards,
makingourway
Will you owe money, will you be owed money?
If you plan and project your tax situation now, you'll be able to accrue / save extra cash and be prepared for the april 15th tax bill.
On the other hand, you would add withholding allowances to keep extra money and eliminate the wait that you would otherwise have for the federal government to pay you back.
Another item to think about is multi-state income - do you work in more than one state? will your employer report such earnings? many state income taxes vary. plan with the right numbers.
regards,
makingourway
Sunday, April 12, 2009
last minute thoughts before sending in your income tax returns
1. Always make sure you've matched and collected your 1098 and 1099-div/interest forms from your banks and other financial institutions. The IRS gets the same forms and if you've forgotten or missed one they'll find it via computer match and send you a letter requesting a correction.
2. Consider, if you can afford the change in free cash, an after tax IRA contribution, big earners, in 2010 will be able to convert these to roth IRA contributions without the previous earnings cap (which otherwise prohibits them).
3. Make sure you have letters or written receipts confirming your cash contributions to charities.
4. document your charitable contributions well. They can't exceed 50% of your income and contributions must be in good condition. I always create a spreadsheet detailing my contributions. information contained indicates: item, description, quantity, condition, estimated or actual market price (for new), and a link referring to a comparable item to justify the price itself. I also take photos of everything possible to prove they really exist. The charities I give to usually sign off on the sheet and give me a formal receipt.
5. If you're filing for an extension, try to estimate what you owe and send that payment with your extension, otherwise you will face penalties for a late payment.
6. Don't be afraid to use a tax professional if you have complex issues like multistate income, rental properties, family businesses and complex stock trades.
7. Always make sure you track post tax ira contributions in order to establish your cost basis - you'll need to have this documented in the future when you begin withdrawing money. You'll use form 8606.
Good luck. makingourway
2. Consider, if you can afford the change in free cash, an after tax IRA contribution, big earners, in 2010 will be able to convert these to roth IRA contributions without the previous earnings cap (which otherwise prohibits them).
3. Make sure you have letters or written receipts confirming your cash contributions to charities.
4. document your charitable contributions well. They can't exceed 50% of your income and contributions must be in good condition. I always create a spreadsheet detailing my contributions. information contained indicates: item, description, quantity, condition, estimated or actual market price (for new), and a link referring to a comparable item to justify the price itself. I also take photos of everything possible to prove they really exist. The charities I give to usually sign off on the sheet and give me a formal receipt.
5. If you're filing for an extension, try to estimate what you owe and send that payment with your extension, otherwise you will face penalties for a late payment.
6. Don't be afraid to use a tax professional if you have complex issues like multistate income, rental properties, family businesses and complex stock trades.
7. Always make sure you track post tax ira contributions in order to establish your cost basis - you'll need to have this documented in the future when you begin withdrawing money. You'll use form 8606.
Good luck. makingourway
Monday, February 16, 2009
19 tax tips to help you save time, effort and money
1. If your income allows it, you can still make tax deductible contributions to a traditional IRA plan before 4/15/2009 for tax year 2008.
2. Start organizing your information to do your taxes or provide to your accountant
3. Scan tax related documents and e-mail them to your accountant
4. Add-up all of the charitable contributions you've made last year - if any amounts are larger than obvious or you have large amounts in general, use the internet to determine reasonable market price for your donations - you're accountant will appreciate the back-up.
5. Make sure you receive written confirmation from all charities of the amount you've given in cash
6. Have you received all of your w-2 and 1099 statements from your employers?
7. Have you received all of your 1099 statements for interest income?
8. Have you received all of your 1098 statements for mortgage interest paid?
9. Make sure you can document real estate taxes paid.
10. If you have complicated taxes, make sure you choose an accountant in the next few weeks
11. If you had substantial medical expenses - start adding them up. If I recall, they need to exceed 7.5% of your income to be deductible.
12. If you have rental properties, start working on depreciation calculations for your real estate, collect mortgage payments and collect maintenance and operating expenses.
13. If you drove for a charity or medical purposes, some of your mileage may be deductible.
14. 529 contributions are NOT IRA contributions - they are only tax deductible in the year actually made -- not 4/15 of the following year -- they are actually treated as gifts given.
15. Track your accounting expenses from last year, they are also tax deductible
16. Do you have any capital losses in excess of $3,000 from last year? If so, you may be able to roll them forward to this year and use them.
17. Make sure you receive your partnership income and tax expense k-forms from any partnerships you're in.
18. Review all tax related forms from other parties and aggressively make any corrections needed - these are reported to the IRS on your behalf by the other party - you want them to be accurate.
19. If you have more than one job or changed jobs and your social security with holdings exceeds the limit because both jobs collected it (possibly doubling your contribution), you're owed a refund of any contribution over the limit - make sure you document this.
20. If you refinanced and paid points - check into the deductible benefit of these expenses.
Regards, makingourway
2. Start organizing your information to do your taxes or provide to your accountant
3. Scan tax related documents and e-mail them to your accountant
4. Add-up all of the charitable contributions you've made last year - if any amounts are larger than obvious or you have large amounts in general, use the internet to determine reasonable market price for your donations - you're accountant will appreciate the back-up.
5. Make sure you receive written confirmation from all charities of the amount you've given in cash
6. Have you received all of your w-2 and 1099 statements from your employers?
7. Have you received all of your 1099 statements for interest income?
8. Have you received all of your 1098 statements for mortgage interest paid?
9. Make sure you can document real estate taxes paid.
10. If you have complicated taxes, make sure you choose an accountant in the next few weeks
11. If you had substantial medical expenses - start adding them up. If I recall, they need to exceed 7.5% of your income to be deductible.
12. If you have rental properties, start working on depreciation calculations for your real estate, collect mortgage payments and collect maintenance and operating expenses.
13. If you drove for a charity or medical purposes, some of your mileage may be deductible.
14. 529 contributions are NOT IRA contributions - they are only tax deductible in the year actually made -- not 4/15 of the following year -- they are actually treated as gifts given.
15. Track your accounting expenses from last year, they are also tax deductible
16. Do you have any capital losses in excess of $3,000 from last year? If so, you may be able to roll them forward to this year and use them.
17. Make sure you receive your partnership income and tax expense k-forms from any partnerships you're in.
18. Review all tax related forms from other parties and aggressively make any corrections needed - these are reported to the IRS on your behalf by the other party - you want them to be accurate.
19. If you have more than one job or changed jobs and your social security with holdings exceeds the limit because both jobs collected it (possibly doubling your contribution), you're owed a refund of any contribution over the limit - make sure you document this.
20. If you refinanced and paid points - check into the deductible benefit of these expenses.
Regards, makingourway
Wednesday, January 14, 2009
2009 Standard Mileage Rate (IRS allowable reimbursement for cars driven on business)
The 2009 standard mileage reimbursement rate is $0.55 per mile.
The 2009 standard mileage reimbursement rate was divided between the latter half of the year:
7/1/2008 - 12/31/2008 at $0.585 per mile
1/1/2008 - 6/30/2008 at $0.505 per mile
Different rates apply for mileage driven for relocation and medical related driving as well as for charitable contribution.
You can find the details here at the IRS web-site.
Regards, makingourway
PS Please note that I'm not an accountant or tax professional, but a business person like many of you. I post this information for convenient access throughout the year. Please consult your tax adviser before making decisions based on this topic.
The 2009 standard mileage reimbursement rate was divided between the latter half of the year:
7/1/2008 - 12/31/2008 at $0.585 per mile
1/1/2008 - 6/30/2008 at $0.505 per mile
Different rates apply for mileage driven for relocation and medical related driving as well as for charitable contribution.
You can find the details here at the IRS web-site.
Regards, makingourway
PS Please note that I'm not an accountant or tax professional, but a business person like many of you. I post this information for convenient access throughout the year. Please consult your tax adviser before making decisions based on this topic.
2008 Exclusion on Long Term Care Insurance per diem benefits
The 2008 exclusion for per diem long term care (LTC) payments is $270 per day. This should cover most ongoing care expenses. You can read more about it here at the IRS website.
I have long term care insurance provided as an employment benefit.
It's fairly unusual for someone so young (usually people in their 50s get it), but as long as I could attach an annual increase rider to the policy, I felt the monthly premium would not be prohibitive.
Long Term Care Insurance does just that, it pays for your long term care should you be in a situation where you need long term care either in a nursing home or with help at home. Not all policies provide the same coverage at home and in a facility, so you should check to see what your options or policy says.
I look at it as a form of protection for disability insurance income. If I were disabled, I could easily spend much if not all of my disability income on care services and have little left over for my mortgage, etc....
regards, makingourway
PS Keep in mind that I'm not an accountant, but an investor and business person like many of you. Please consult your tax and insurance adviser before making any decisions on these topics.
I have long term care insurance provided as an employment benefit.
It's fairly unusual for someone so young (usually people in their 50s get it), but as long as I could attach an annual increase rider to the policy, I felt the monthly premium would not be prohibitive.
Long Term Care Insurance does just that, it pays for your long term care should you be in a situation where you need long term care either in a nursing home or with help at home. Not all policies provide the same coverage at home and in a facility, so you should check to see what your options or policy says.
I look at it as a form of protection for disability insurance income. If I were disabled, I could easily spend much if not all of my disability income on care services and have little left over for my mortgage, etc....
regards, makingourway
PS Keep in mind that I'm not an accountant, but an investor and business person like many of you. Please consult your tax and insurance adviser before making any decisions on these topics.
In 2009 IRS increases ceiling for children's investment income tax before taxation at parent's income tax rate
The IRS has increased the maximum income a child may earn from investments before they are taxed at their parents' tax rate.
The amount a child may earn at their income tax rate has been increased from $1,700 to $1,800. Investment income earned over $1,800 will be taxed at the parents income tax rate.
Children are subject to this tax until the following:
1. They are 18 and their earned income exceeds half of their child support costs
2. They are a student between 18 and 24 and their earned income exceeds half of their child support costs.
A student is defined as someone who takes 5 or more months of school full time.
This is just my summary, and by no means official, you can read the details here at the IRS website.
To me, this increases the value of 529 plans, as the investment income for your child is not taxed if it's spend on qualified educational expenses.
I also wonder if setting up irrevocable trusts for children become more attractive with the option of being taxed at the parent's tax rate.
Regards, makingourway
The amount a child may earn at their income tax rate has been increased from $1,700 to $1,800. Investment income earned over $1,800 will be taxed at the parents income tax rate.
Children are subject to this tax until the following:
1. They are 18 and their earned income exceeds half of their child support costs
2. They are a student between 18 and 24 and their earned income exceeds half of their child support costs.
A student is defined as someone who takes 5 or more months of school full time.
This is just my summary, and by no means official, you can read the details here at the IRS website.
To me, this increases the value of 529 plans, as the investment income for your child is not taxed if it's spend on qualified educational expenses.
I also wonder if setting up irrevocable trusts for children become more attractive with the option of being taxed at the parent's tax rate.
Regards, makingourway
Monday, January 12, 2009
Long nights and weekends cleaning up business books - don't overlook these expenses for your company too!!
I maintain and operate a private corporation that I use as a vehicle for side business ventures, minor royalties and outside of work income.
I've grown lax over the last year - probably due to full time job pressure, but finally have balanced the check books for my business accounts - boy will my accountant be happy!!
BIG TIP NOT TO FORGET
Now the next effort is to review all of my out of pocket expenses related to the business and declare them as debt the company owes me.
Often, people spend money on their side business in the forms of cash, personal checks or on their personal accounts, but fail to account for it as actual business expenses - why? This can be due to effort, confusion, laziness or mere unawareness.
I'm not sure how long it will take, but I'm certainly going to try to pull my largest business expenses by category and include them as accounts payable to me.
Why do this? Good question...
If the company has enough money to pay you back, it's money back in your pocket, tax free since it was a legitimate business expense.
If on the other hand the company does not have enough money to pay you back right now, you can carry the expense forward as part of a loss carry forward (I think you have up to 17 years to carry losses forward). You can also carry the debt forward and pay it back to yourself when the company does have enough money.
What does this mean?
Well, expenses accumulated in 2008, can be used to offset income accumulated in 2009. This is a great thing as it allows you to legitimately take money out of your own business tax free AND pay yourself back.
I wonder how many business owners don't take advantage of this?
If you think your company will never have enough money to pay you back, think of this: other people or businesses might want to buy your company or invest in it in order to absorb the tax loss. Now this is complex tax accounting and I can be imagining something that's not true, but I do recall on several M&A dialogues the value of favorable tax positions in acquired companies.
Hopefully this will give you some helpful ideas.
Regards, makingourway
I've grown lax over the last year - probably due to full time job pressure, but finally have balanced the check books for my business accounts - boy will my accountant be happy!!
BIG TIP NOT TO FORGET
Now the next effort is to review all of my out of pocket expenses related to the business and declare them as debt the company owes me.
Often, people spend money on their side business in the forms of cash, personal checks or on their personal accounts, but fail to account for it as actual business expenses - why? This can be due to effort, confusion, laziness or mere unawareness.
I'm not sure how long it will take, but I'm certainly going to try to pull my largest business expenses by category and include them as accounts payable to me.
Why do this? Good question...
If the company has enough money to pay you back, it's money back in your pocket, tax free since it was a legitimate business expense.
If on the other hand the company does not have enough money to pay you back right now, you can carry the expense forward as part of a loss carry forward (I think you have up to 17 years to carry losses forward). You can also carry the debt forward and pay it back to yourself when the company does have enough money.
What does this mean?
Well, expenses accumulated in 2008, can be used to offset income accumulated in 2009. This is a great thing as it allows you to legitimately take money out of your own business tax free AND pay yourself back.
I wonder how many business owners don't take advantage of this?
If you think your company will never have enough money to pay you back, think of this: other people or businesses might want to buy your company or invest in it in order to absorb the tax loss. Now this is complex tax accounting and I can be imagining something that's not true, but I do recall on several M&A dialogues the value of favorable tax positions in acquired companies.
Hopefully this will give you some helpful ideas.
Regards, makingourway
Sunday, January 04, 2009
a recap of last minute activities from 12/31/2008
I spent a large amount of time over the final days of 2008 finding new charities and donating quite a bit of unused personal possessions to charity.
We have always been very aggressive at donating and giving away as much of our unused, unwanted and neglected (but still usable) possessions as possible. I suppose it's the most efficient form of recycling as little additional energy is required to change the things we're giving away.
Of course there's also a financial benefit. Good, usable items can have their market value deducted from your income taxes. A the full value of cash contributions, as well.
With my accountant's advice I always document what I give, usually with photos and detailed spreadsheets - if possible I include links to websites that validate the market value I claim.
This year my initial tax analysis determined I'd owe about $6,000 in federal taxes for 2008, so the contributions were quite helpful in trimming half of that number down.
One interesting consideration, a friend asked me if I'd like to donate their furniture and take the tax benefit, as it wouldn't improve their tax situation - I'm not sure if this is legal - I assume it is (I donate a gift I received), but it certainly is interesting.
The other big activities is to start collecting year end statements for mortgage debt, taxes, brokerage accounts, bank accounts, etc.... You can usually count on being sent 1099 and 1098 statements in the mail, but they don't always come on time.
Regards, makingourway
We have always been very aggressive at donating and giving away as much of our unused, unwanted and neglected (but still usable) possessions as possible. I suppose it's the most efficient form of recycling as little additional energy is required to change the things we're giving away.
Of course there's also a financial benefit. Good, usable items can have their market value deducted from your income taxes. A the full value of cash contributions, as well.
With my accountant's advice I always document what I give, usually with photos and detailed spreadsheets - if possible I include links to websites that validate the market value I claim.
This year my initial tax analysis determined I'd owe about $6,000 in federal taxes for 2008, so the contributions were quite helpful in trimming half of that number down.
One interesting consideration, a friend asked me if I'd like to donate their furniture and take the tax benefit, as it wouldn't improve their tax situation - I'm not sure if this is legal - I assume it is (I donate a gift I received), but it certainly is interesting.
The other big activities is to start collecting year end statements for mortgage debt, taxes, brokerage accounts, bank accounts, etc.... You can usually count on being sent 1099 and 1098 statements in the mail, but they don't always come on time.
Regards, makingourway
2009 gift tax exclusion rates
The federal gift tax exclusions for 2009 is $13,000 per giver per recipient.
You can find more details here at the IRS website.
The federal gift tax exclusion for 2008 was $12,000.
Regards, makingourway
You can find more details here at the IRS website.
The federal gift tax exclusion for 2008 was $12,000.
Regards, makingourway
Clarifying how the tax year is determined for a 529 contribution
Although I've discussed this with my accountant, you may want to verify with yours.
Here's how it works:
A contribution to a 529 plan is considered a gift to a person. There are specific limits as to how much money you can give someone as a gift set by the IRS.
The IRS considers the date the gift was given as the tax year of the gift.
This means that you had until December 31, 2008 to make a contribution to your child's 529 plan and have the contribution considered under the gift tax rules for 2008.
Contributions to 529 plans are not the same as IRA and retirement plan contributions, despite the fact that earnings (not contributions) are tax deferred - some states may provide tax incentives for contributions as well.
You can read about the gift tax details here at the IRS website.
The 2008 gift tax exclusion is $12,000 per recipient from each giver. A married couple can give up to $24,000.
These numbers increase $13,000 per giver in 2009 and $26,000 for a married couple.
As 529 plans are governed by states, you should also check to see what your particular plan contributions are.
Regards, makingourway
PS The whole concept of gift taxes falls very close into questions regarding estate taxes and inheritance.
Here's how it works:
A contribution to a 529 plan is considered a gift to a person. There are specific limits as to how much money you can give someone as a gift set by the IRS.
The IRS considers the date the gift was given as the tax year of the gift.
This means that you had until December 31, 2008 to make a contribution to your child's 529 plan and have the contribution considered under the gift tax rules for 2008.
Contributions to 529 plans are not the same as IRA and retirement plan contributions, despite the fact that earnings (not contributions) are tax deferred - some states may provide tax incentives for contributions as well.
You can read about the gift tax details here at the IRS website.
The 2008 gift tax exclusion is $12,000 per recipient from each giver. A married couple can give up to $24,000.
These numbers increase $13,000 per giver in 2009 and $26,000 for a married couple.
As 529 plans are governed by states, you should also check to see what your particular plan contributions are.
Regards, makingourway
PS The whole concept of gift taxes falls very close into questions regarding estate taxes and inheritance.
Saturday, December 27, 2008
Charity... knowing who you're giving to
Recently I had a scary experience. A disabled veterans organization called offering to pick-up donations from my house. Since I hadn't heard of their name, I asked who they were. I also asked if they were a non-profit. I was utterly shocked to learn that they were not a charity, but a for profit company!
What deceptive fraudulent marketing. Although they claimed they gave a certain percentage to disabled veterans it smelt and felt like a scam.
While looking for new charity's to donate to, I began searching the web, Charity Navigator is a very nice website that looks at a charity's tax filings to determine it's efficiency. For example, do you really feel comfortable giving charity to an organization that spends most of its money on administrative costs?
I examined several charity's through it and found to my dismay that a national cancer charity was very inefficient, giving more money to its operations than to cancer patients.
You might want to check it out.
Also, here's a great article from consumer reports.
Regards, makingourway
What deceptive fraudulent marketing. Although they claimed they gave a certain percentage to disabled veterans it smelt and felt like a scam.
While looking for new charity's to donate to, I began searching the web, Charity Navigator is a very nice website that looks at a charity's tax filings to determine it's efficiency. For example, do you really feel comfortable giving charity to an organization that spends most of its money on administrative costs?
I examined several charity's through it and found to my dismay that a national cancer charity was very inefficient, giving more money to its operations than to cancer patients.
You might want to check it out.
Also, here's a great article from consumer reports.
Regards, makingourway
More work to do before year's end
I've talked with my accountant who let me know that I had a moderate sum of money owed to the Federal government - about $5k.
There are a few approaches to reducing this debt, since I have to preserve cash, cash donations to charity and appreciated assets (aren't any any more) don't make sense.
As a result, I'm looking at charitable material donations. We're immense pack rats and really do have alot to give ranging from furniture to appliances.
So far we've donated about $6,900 in cash and material to various charities, that will give us approximately $2,600 in tax benefit.
I'm going to identify another $2,500 worth of donations for one charity and see if i can't find another $4,000 to another.
Philosophically, we prefer to spread our donations over several charities, averaging about $4,500 each.
Apparently donations over $5,000 to a single charity require excessive documentation.
Also, any expensive item donated valued over $5,000 requires appraisal and validation - something that could be costly and time consuming. Better to do this early in the year.
Other options have already been exhausted, such as maxing out retirement contributions, etc....
I'm confident I'll make the $2,500 by year end - it'll require some time and effort, but it will be very rewarding.
Regards, makingourway
There are a few approaches to reducing this debt, since I have to preserve cash, cash donations to charity and appreciated assets (aren't any any more) don't make sense.
As a result, I'm looking at charitable material donations. We're immense pack rats and really do have alot to give ranging from furniture to appliances.
So far we've donated about $6,900 in cash and material to various charities, that will give us approximately $2,600 in tax benefit.
I'm going to identify another $2,500 worth of donations for one charity and see if i can't find another $4,000 to another.
Philosophically, we prefer to spread our donations over several charities, averaging about $4,500 each.
Apparently donations over $5,000 to a single charity require excessive documentation.
Also, any expensive item donated valued over $5,000 requires appraisal and validation - something that could be costly and time consuming. Better to do this early in the year.
Other options have already been exhausted, such as maxing out retirement contributions, etc....
I'm confident I'll make the $2,500 by year end - it'll require some time and effort, but it will be very rewarding.
Regards, makingourway
Thursday, November 20, 2008
2009 Social Security Wage Base - at what point do you stop paying social security tax
Per the SSA web site, the 2009 social security wage base is $106,800.
This means that if you earned $213,600.00 each year at one job, you would stop paying social security tax for the second half of the year.
However, you will still pay medicare/medicaid taxes.
Regards, makingourway
This means that if you earned $213,600.00 each year at one job, you would stop paying social security tax for the second half of the year.
However, you will still pay medicare/medicaid taxes.
Regards, makingourway
year end tax planning
I've been talking with my accountant.
It will cost me about $500 - $1000 for year end tax planning depending upon complexity.
We usually do it to calibrate tax payments.
If you underpay by more than a certain percentage, you not only have to pay the under payment, but also a penalty (10% I think).
Therefore we usually check at year end to see where things are at.
It also allows me to accrue the under payment.
The typical documents required are:
1. pay stubs
2. tax report from quicken (dividends, capital gains/losses, extraordinary expenses, charitable donations, interest earned)
3. mortgage statements for properties (to check how much mortgage interest is tax deductable)
4. professional fees (accountancy)
5. retirement contributions (salary deferal)
I should find out where am at in the next two weeks - if Thanksgiving doesn't present an issue.
Regards,
makingourway
I'm hoping I won't owe that much
It will cost me about $500 - $1000 for year end tax planning depending upon complexity.
We usually do it to calibrate tax payments.
If you underpay by more than a certain percentage, you not only have to pay the under payment, but also a penalty (10% I think).
Therefore we usually check at year end to see where things are at.
It also allows me to accrue the under payment.
The typical documents required are:
1. pay stubs
2. tax report from quicken (dividends, capital gains/losses, extraordinary expenses, charitable donations, interest earned)
3. mortgage statements for properties (to check how much mortgage interest is tax deductable)
4. professional fees (accountancy)
5. retirement contributions (salary deferal)
I should find out where am at in the next two weeks - if Thanksgiving doesn't present an issue.
Regards,
makingourway
I'm hoping I won't owe that much
Tuesday, March 18, 2008
Correct link to payroll calculator / deduction calculator published
Hi! I've corrected the posting that discussed the payroll calculator. The text anchoring the link to the calculator had inadvertantly been deleted.
Enjoy.
Regards,
makingourway
Enjoy.
Regards,
makingourway
2008 IRA Contribution Limits
The contribution limit for a 2008 IRA (you can contribute through 4/15/2009) is:
$5,000, if you're over 50 it's: $6,000.
Regards,
makingourway
$5,000, if you're over 50 it's: $6,000.
Regards,
makingourway
2007 IRA contribution limits
The contribution limit for a 2007 IRA (you can contribute through 4/15/2008) is:
$4,000, if you're over 50 it's: $5,000.
Regards,
makingourway
$4,000, if you're over 50 it's: $5,000.
Regards,
makingourway
2008 401k contribution limit
The limit is the same as last year:
$15,500 from salary deferal and $5,000 extra for those over 50 (as a catch-up).
$15,500 from salary deferal and $5,000 extra for those over 50 (as a catch-up).
2007 401k contribution limits
The limits for 2007 were $15,500 plus a $5,000 catch-up for those over 50.
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