Part 5

Retirement Contributions

As always, as an individual taxpayer you should consider making your maximum allowable contributions for the year to their IRAs, 401(k) plans, and other tax-advantaged retirement accounts. For 2019, you can contribute up to $19,000 to 401(k)s and $6,000 for IRAs. Those age 50 or older are eligible to make an additional catch-up contribution of $1,000 to an IRA and, so long as the plan allows, $6,000 for 401(k)s and other employer-sponsored plans. 

A new plan that most have not heard of is the 401(h). This is a medical retirement account. In other words it is a way to save for medical expenses when you retire. The money you contribute is tax deductible and when you take it out for medical reasons it is also tax free. If you would like more information set up an appointment with us. We would be happy to share this great information with you.