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We provide a comprehensive view of your financial life and all the factors that go into life planning. What this means to you is help with personal decision making and putting a date on things. We help you manage your finances and investments, while taking into consideration tax planning, professional moves, children, retirement, healthcare and other important priorities. It’s about life planning and gaining more comfort with your long-term financial security.
 

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2021 Annual Retirement Contribution Limit Changes
Posted By:  Holden Varvel
Wednesday, November 25, 2020

2021 Annual Retirement Contribution Limit Changes

Proactive tax planning throughout the year is the key to reducing taxes and maximizing your after-tax dollars for wealth accumulation. This is accomplished by applying changing tax laws to your specific situation. Each year the IRS provides updates to a number of key limits that impact tax deductions, contributions, and other deferrals throughout the year.

Retirement Plans

  • Elective deferrals to 401(k), 403(b), 457 and SARSEP's $19,500 annual limit with a $6,500 age 50+ catchup.
  • Defined Contribution limit $58,000.
  • IRA and Roth IRA contribution limits are increased to $6,000 with a $1,000 age 50+ catchup.
  • IRA deduction phaseout for active participants in a retirement plan.
    • Single: $66,000 - $76,000 Adjusted Gross income (AGI)
    • Married filing jointly: $105,000 - $125,000 AGI
    • Non-active participant married to active participant: $198,000 - $208,000 AGI
  • Roth IRA phaseout
    • Single: $125,000 - $140,000
    • Married filing jointly: $198,000 - $208,000
  • Non-deductible IRA contributions - There is no income limit
  • Simple IRA $13,500 maximum contribution with an age 50+ catchup of $3,000

College Savings

  • Ohio allows a $4,000 deduction per beneficiary to a 529 college savings plan and the earnings will never be taxed so long as they are used for college expenses.

Estate and Gift Tax

  • Annual family gift tax exclusion: $15,000
  • Estate and gift tax exclusion: $11,700,000

Health Savings Account Contribution Maximum

  • Single: $3,600
  • Family: $7,200
  • Catch-up age 55 and older: $1,000

Standard Deduction

  • Single: $12,550
  • Married filing jointly: $25,100
  • Blind and elderly additional deduction single $1,700 and married $1,350 each

Required Minimum Distributions

  • Individuals age 70½ or older may have as much as $100,000 a year transferred tax free from their individual retirement accounts (IRAs) to qualified charitable organizations.
For more information about the tax planning strategies we utilize, please contact our team for a no-pressure, no-obligation introductory call at 513-984-6696 or https://calendly.com/new/conversation



 
 
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