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Episode description
Think You Might Owe the IRS in April? 3 (Easy!) Ways to Lower Your Tax Bill
The Money with Katie Show
Feb 22, 2023
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24 min
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Ep 68
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Transcript available on
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Episode description
One of the trickiest things about investing in retirement accounts is that by the time you know how much you could’ve contributed for a tax break, it’s too late (e.g., you can only make 401(k) contributions through Dec. 31). But there are a few accounts in the tax-advantaged investing world that allow contributions right up until the tax deadline, making them incredible options for last-minute savings. After all, I prefer deductions that come from investing over deductions for spending: Why would I spend $100 to save $32 when I could invest (read: keep) $100 to save $32? Reminder: I’m not a licensed tax professional. Please consult your CPA and do your own research before making big money moves. Learn more about our sponsor, TaxAct:
https://www.taxact.com/moneywithkatie
Transcripts can be found at
podcast.moneywithkatie.com
. — Mentioned in the Episode The Traditional IRA:
https://www.irs.gov/retirement-plans/ira-deduction-limits
3 Ways to Lower Your Tax Bill & Navigate Rollover IRA Forms:
https://moneywithkatie.com/blog/3-ways-to-lower-tax-bill-rollover-ira-forms
2022 & 2023 IRA deduction limits:
https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-not-covered-by-a-retirement-plan-at-work
The Roth IRA:
https://www.irs.gov/retirement-plans/roth-iras
Roth IRA Income Limitations:
https://www.irs.gov/retirement-plans/plan-participant-employee/amount-of-roth-ira-contributions-that-you-can-make-for-2022
The Backdoor Roth IRA:
https://www.youtube.com/watch?v=QTODFAUIBhY&ab_channel=MoneywithKatie
The Money with Katie Show on building a diversified portfolio:
https://youtu.be/qTkVMGi3dFg
SEP IRA Contribution Limits:
https://www.irs.gov/retirement-plans/plan-participant-employee/sep-contribution-limits-including-grandfathered-sarseps
Self-employment tax:
https://www.ssa.gov/pubs/EN-05-10022.pdf
Solo 401(k) deadline:
https://www.mysolo401k.net/solo-401k-faq-when-is-the-deadline-to-open-a-solo-401k-for-2022-and-make-2022-401k-contributions
High-Deductible Health Plans (HDHP):
https://www.irs.gov/publications/p969
HSA Contribution Limits for 2022:
https://www.fidelity.com/learning-center/smart-money/hsa-contribution-limits
Saving on FICA tax via the HSA:
https://www.voya.com/voya-insights/importance-educating-employers-hsa-program-fica-savings
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https://moneywithkatie.com/
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Think You Might Owe the IRS in April? 3 (Easy!) Ways to Lower Your Tax Bill | The Money with Katie Show podcast - Listen or read transcript on Metacast
