Archives for January 30, 2018

Historical IRA Contribution Limits 2009-2018

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.”

ira_heartIndividual Retirement Arrangements (IRAs) are way to save money towards retirement that also saves on taxes. Each year, an individual’s total contributions to both traditional and Roth IRAs cannot be more than a certain dollar limit. If you are age 50+ at some time during the year, you can also contribute an additional amount. (You can’t contribute more than your taxable compensation for the year.)

Note that there are also income restrictions on Roth IRA contributions, although you may be able to get around these income restrictions with a Backdoor Roth IRA (non-deductible Traditional IRA + Roth conversion).

If your income is low enough (less than $63,000 AGI for married filing joint), the Saver’s Credit can get you back 10% to 50% of your contribution (of up to $2,000 per person) when you file your taxes.

Since I enjoy visual aides, here’s an updated historical chart and table of contribution limits for the last 10 years. I’m happy to say that we’ve both done the max since 2004. Have you been taking advantage of your potential IRA tax break?

ira_limits_2018

Year IRA Contribution Limit Additional Catch-Up Allowed (Age 50+)
2009 $5,000 $1,000
2010 $5,000 $1,000
2011 $5,000 $1,000
2012 $5,000 $1,000
2013 $5,500 $1,000
2014 $5,500 $1,000
2015 $5,500 $1,000
2016 $5,500 $1,000
2017 $5,500 $1,000
2018 $5,500 $1,000

 

Also see: 401k, 403b, 457, TSP Historical Contribution Limits 2009-2018

Sources: IRS.gov, IRS.gov COLA Table [PDF]

Khan Academy: Free Educational App of The Day

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.”

khanapp0Khan Academy is a non-profit with a goal of offering a free, world-class education to anyone, anywhere. I noticed that Khan Academy was the iTunes App of the Day yesterday (Android link), and I found that they have definitely made a lot of improvements since the last time I used it. There seem to be more interactive questions and the app interface is much cleaner. I remember when it was just a bunch of videos. The iPad app now includes handwriting recognition.

I would say the content focus is still on the K-12 level and college prep. Khan Academy covers everything from counting to alegbra to computer science to world history. In fact, they are now the official practice partner for Advanced Placement (AP) tests. They also offer free SAT test prep (MCAT, GMAT too + LSAT coming soon) along with college admissions assistance. Yes, they even have a section on personal finance! All free with no ads. Check it out if you haven’t recently.

заказ води белая церковь

www.best-cooler.reviews/

ry-diplomer.com/diplomy-v-kaluge