The 2023 contribution limits for 401k/403b/457 plans and Traditional/Roth IRA will go up substantially due to high inflation.
2023 2024 2025 Medicare Part B IRMAA Premium MAGI Brackets
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.
Calculator: How Much of My Social Security Benefits Is Taxable?
Use this online calculator to see how much of your Social Security benefits is taxable and how much of it is tax-free.
ACA Premium Subsidy Cliff Turns Into a Slope Through 2025
The Inflation Reduction Act extended the ACA premium subsidy cliff to a slope through 2025. The cliff will return in 2026 unless a new law is enacted.
2022 2023 ACA Health Insurance Premium Tax Credit Percentages
If you get health insurance from ACA, the government sets the percentages of income you are expected to contribute toward a benchmark policy.
An Unusually High Marginal Tax Rate Means Paying Lower Taxes
An unusually high marginal tax rate isn’t a problem. You’re rewarded with paying lower taxes. You live on after-tax dollars, not rates.
Free E-File State Tax Return Directly on the State’s Website
TurboTax and H&R Block charge $25 to e-file a state tax return. Follow these links to e-file for free directly on your state revenue agency’s website.
The Best Tax Software for Foreign Tax Credit (IRS Form 1116)
I tested TurboTax, H&R Block, FreeTaxUSA, and OLT on doing a Form 1116 for the foreign tax credit. Four software packages gave three different answers.
Too Much Hassle in Claiming Foreign Tax Credit on IRS Form 1116
Holding international stock funds in a taxable account gives you foreign tax credit, but claiming it on IRS Form 1116 has become too much hassle.
When TurboTax and H&R Block Give the Wrong ACA Subsidy
If you’re self-employed on ACA health insurance, TurboTax and H&R Block software may give wrong numbers for the subsidy. Use this calculator instead.
Backdoor Roth: Planned vs Unplanned
If you did an unplanned backdoor Roth, clean up and make it planned from now on.
TurboTax 2021 CARES Act 2.0 $600 Charity Donation Deduction
You need some patience to find the right place in TurboTax for the $300/$600 charity donation deduction for 2021 when you take the standard deduction.