News
Wednesday December 6, 2023
Personal Planner
Because children often look at their inheritance as a representation of their parents' love, most parents leave children...More |
Savvy Living
I am interested in contributing to a health savings account to boost my retirement savings and would like a better understanding of how they work. What can you tell me?
A health savings account (HSA) is a financial tool that can help you accumulate a tax-free fund for medical expenses now and after you retire. To qualify, you must be enrolled in a high-deductible health insurance plan. Here is an overview of how they work and how you can open one.
HSA Rules
HSAs have become very popular over the past few years as the cost of health care continues to escalate and high-deductible health plans become more prevalent in America.
The great benefit of an HSA is its triple tax benefits. HSA...More |
Washington News
In IR-2023-222, the Internal Revenue Service (IRS) reminded low-income and moderate-income taxpayers they could benefit from a "Saver's Credit" in 2024.
The Saver's Credit allows individuals to contribute up to $2,000 to a retirement plan and receive a credit. The credit is also available to individuals who are a beneficiary of an Achieving a Better Life Experience (ABLE) account.
The maximum credit is $1,000 for a retirement contribution of $2,000. The maximum credit amount is increased to $2,000 for a retirement contribution of $4,000 by a married couple.
Taxpayers who are age 18 or older are eligible for the Saver's Credit if they are not claimed as a dependent on another individual's...More |
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