The triple tax-free benefits of an HSA are easily negated by other factors. Don’t choose an HSA-eligible health insurance plan only to contribute to an HSA.
The contribution and income limits for workplace retirement plans, Traditional and Roth IRA, FSA, and HSA will go up in 2024 to adjust for inflation.
The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2023.
You pay higher Medicare Part B and Part D premiums if your income exceeds certain thresholds. Here are the IRMAA income brackets for 2022 2023, and 2024.
TreasuryDirect normally doesn’t withhold taxes from the proceeds when you sell I Bonds. If you prefer to have taxes withheld, here’s how to do it.
Buying Treasuries can complicate your taxes depending on which ones you buy and how you buy them. See how to keep it simple and avoid tax headaches.
Detailed record-keeping is no long required when you withdraw from a Roth IRA after age 59-1/2. See a walkthrough in TurboTax and H&R Block tax software.
After you file your taxes with TurboTax, use the hidden What-If Worksheet to plan for the current year. See how to use it to plan for a Roth conversion.
2023 and 2024 calendar year HSA contribution limits and HDHP qualifications for individual and family coverage. Big changes due to high inflation.
Here’s how to handle mortgage interest deduction in tax software TurboTax, H&R Block, and FreeTaxUSA when your mortgage is above the $750,000 limit.
Seeing estimated tax payment vouchers (Form 1040-ES) from TurboTax doesn’t mean you must pay estimated taxes now. You can remove them to avoid confusion.
Decline the help from tax software in calculating the underpayment penalty. Let the IRS calculate the penalty and bill you when necessary. They often won’t.