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Tax Season Is Upon Us

March 06, 2024

          Here we are smack dab in the middle of tax season. The best financial tip I could think of, for the month of March, is to be sure you've taken advantage of any IRA, Roth IRA or HSA (Health Savings Account) contributions for 2023. 

          Traditional IRA's - You can still make a $6500 retroactive contribution for 2023 and possibly get a tax deduction up until the filing deadline. For those age 50 or older, you can make an additional $1000 catch-up contribution as well. 

          Roth IRA's - Though you don't get a tax deduction for a Roth contribution, assuming you play by the IRS's rules, the Roth IRA will grow tax deferred and future withdrawals could be completely tax free. The same contribution limits and deadlines apply as Traditional IRA's.

          HSA's - If you have a high deductible health savings account, you can still make a retroactive contribution to an HSA account, tax deductible, up until the filing date of your taxes. The maximum contribution for an individual is $3850 and $7750 for a family. If you are over the age of 55, an additional $1000 catch up is allowed. 

          So don't wait too long and let this tax planning opportunity pass you by. If you have any questions, feel free to give us a call. 386-299-2893.