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MoneyDo: Review & Optimize Tax Savings Vehicles Before The Tax Deadline
April 15th is fast approaching. Many of us know that date as the deadline to submit taxes, but it’s actually a deadline for other savings activities you might take advantage of:
- If you haven’t maximized your contributions for 2019, the IRS allows you to make a contribution in the current year and apply it to the prior year as long as you make it by the tax deadline.
- Review your IRA contributions for 2019. You may still be able to contribute up to $6,000 for tax year 2019 and an additional $1,000 catch-up if you are 50 and older.
- Confirm whether or not you were eligible for a Roth contribution. Similar to a traditional IRA you have until April 15th to fund your 2019 contribution, be aware of the income limitations. You can only contribute to either a Roth or a traditional IRA, not both.
- If you’ve been saving to a 529 account, or considering opening one, you’re still able to contribute for 2019 and receive a deduction on your Wisconsin return if you fund this before the tax filing deadline.
This is also a great time to plan tax circumstances that could have an impact on the rest of your year.
- When you filed your 2019 tax return, did you write a check? Now is a good time to be sure that you have made the necessary withholding adjustments or are making quarterly estimated tax payments this year.
- If you’re expecting a refund, below are the links to both the IRS and Wisconsin websites that allow you to track the status of your refund.
Federal: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
Wisconsin: https://www.revenue.wi.gov/Pages/apps/taxreturnstatus.aspx