2
Cryptocurrency Fees – How Much Does It Cost to Buy and Sell Crypto?
Shrinkflation Defined – Are Companies Tricking You Into Paying More?
Last chance to earn 75,000 bonus points on the World of Hyatt Business Credit Card – The Points Guy
What to Do With Overripe Bananas: 15 Easy Recipes to Try
Wondering what to do with those overripe bananas? Here are 15 ways to rescue them from the scrap heap.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Bling Empire’s Kane Lim Lists $1,888M House with Selling Sunset’s Chrishell Stause
While he may be busy filming for season 2 and 3 of the popular reality show Bling Empire, Kane Lim is still taking care of business. He just listed his new house for sale, a 1,516-square-foot midcentury modern in Mount Washington, a historic neighborhood in the San Rafael Hills of Northeast Los Angeles. “This home […]
The post Bling Empire’s Kane Lim Lists $1,888M House with Selling Sunset’s Chrishell Stause appeared first on Fancy Pants Homes.
There’s Still Time to Contribute to Your IRA and Cut Your Taxes
As we approach the end of this year’s tax filing season, make sure you haven’t overlooked one of the best ways to cut your tax bill and secure your future â contributing to a traditional IRA. (There is no upfront tax break for funding a Roth IRA.)
- SEE MORE SECURE Act 2.0: 14 Ways the Proposed Law Could Change Retirement Savings
You can make an IRA contribution for the 2021 tax year up until this year’s tax return filing deadline, which is April 18 for most people. That doesn’t leave much time, but if you have some extra income go ahead and deposit it into an IRA account today before time expires. (Just make sure the IRA administrator knows it’s for the 2021 tax year.)
And what about those tax savings? Well, depending on your income, you may be able to deduct your IRA contribution on your 2021 tax return. To contribute to a traditional IRA, you or your spouse must have earned income from a job. But, otherwise, you may be able to deduct contributions to an IRA even if you or your spouse are covered by another retirement plan at work. Plus, starting in 2020, seniors age 70½ and older with earned income can now contribute to a traditional IRA, too.
Here’s some more good news: The IRA deduction is an “above the line” deduction, meaning you don’t have to itemize your deductions to claim it. It will reduce your adjusted gross income (AGI) dollar-for-dollar, lowering your tax bill. And your lower AGI could make you eligible for other tax breaks, which are tied to income limits.
Who Qualifies for the IRA Deduction
If you’re single and don’t participate in a retirement plan at work, you can make a tax-deductible IRA contribution for 2021 of up to $6,000 ($7,000 if you’re 50 or older) regardless of your income. If you’re married and your spouse is covered by a workplace-based retirement plan but you’re not, you can deduct your full IRA contribution as long as your joint AGI doesn’t top $198,000 for 2021. You can take a partial tax deduction if your combined income is between $198,000 and $208,000.
- SEE MORE Traditional IRA Contribution Limits for 2022
But even if you do participate in a retirement plan at work, you can still deduct up to the maximum $6,000 IRA contribution ($7,000 if you’re 50 or older) if you’re single and your 2021 income is $66,000 or less ($105,000 if married filing jointly). And you can deduct some of your IRA contribution if you’re single and your income is between $66,000 and $76,000, or if you’re married and your income is between $105,000 and $125,000.
Spouses with little or no earned income for 2021 can also make an IRA contribution of up to $6,000 ($7,000 if 50 or older) as long as their spouse has sufficient earned income to cover both contributions. The contribution is tax-deductible as long as your household income doesn’t exceed the limits for married couples filing jointly.
Double Tax Break with the Saver’s Credit
Some low- and moderate-income taxpayers get an extra tax break on their 2021 return for contributing to an IRA or other retirement account.
- SEE MORE Saver’s Credit: A Retirement Tax Break for the Middle Class
In addition to the usual IRA deduction, you may qualify for a Retirement Savers tax credit of up to $1,000 ($2,000 for joint filers) for contributions to an IRA or other retirement tax plan. (A tax credit, which reduces your tax bill dollar-for-dollar, is more valuable than a deduction, which merely reduces the amount of income that is taxed.)
The actual amount of the credit depends on your income. It ranges from 10% to 50% of the first $2,000 contributed to an IRA or other retirement account. To be eligible, your 2021 income can’t exceed $33,000 if you’re single, $49,500 if you’re the head of a household with dependents, or $66,000 if you’re married filing jointly. The lower your income, the higher the credit. But you can’t claim the Retirement Savers credit if you’re under 18, a student, or can be claimed as a dependent on someone else’s tax return.
File an Amended Return
What if you already filed your 2021 tax return? No problem â just file an amended tax return after April 18 to claim your new or increased tax breaks. You generally have three years from the date you filed your original return or two years from the date you paid any tax due to file an amended return (go with whichever date is later).
Use Form 1040-X to file an amended return. You can mail in a paper return or file electronically. We recommend e-filing your amended return, since it will be processed much faster. If you’re changing your IRA deduction, make sure you write “IRA deduction” and the amount of the increase or decrease in Part III of the form. Once you file an amended return, you can track its status online using the IRS’s “Where’s My Amended Return?” tool or by calling 866-464-2050.
- SEE MORE Deposit Your Tax Refund Directly Into an IRA or Other Account â It’s Easy!
Finding Jobs That Pay Off Student Loans
Jobs that help pay off a portion of student loans are becoming more common and for a good reason. The average student loan borrower has around $37,000 in student loan debt. Companies that help to repay a portion of student loans are in the minority, so you may have to do some research to get […]
The post Finding Jobs That Pay Off Student Loans appeared first on SoFi.
What You Need to Know Before Getting a Tax Refund Advance
When you know you have money coming to you, being patient can be difficult. As you visualize all the opportunities for how to use this pending receipt, you start to wonder how you can get it sooner. When you file your taxes, thereâs a tool for getting your refund sooner: Itâs called a tax refund [â¦]
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
[Update] Point Rewards Debit Card – Earn 5x/3x/1x, $99 Annual Fee (20x On Airlines)
Update 4/4/22: More spend bonuses: 10x on Dunkin today only 20x on Delta, United, American, Southwest and Jet Blue starting Tuesday through 4/10 10x on the big spring Sephora sale today through 4/11 Update 4/1/22: 10x on Nike, Uber Eats, Buffalo Wild Wings until 4/3, Sephora until 4/11, Hulu until 5/2 Update 3/27/22: UberEats 20x […]