As 2015 comes to a close, here are some important financial items to keep in mind.
- FSA Accounts
Does your plan require you to use the entire balance by December 31st each calendar year? Check with the plan administrator to be sure you aren’t leaving money on the table going into 2016.
- IRA Contributions
Thinking about contributing to an IRA account for 2015? The total contribution limit toward all your traditional or Roth IRA’s is $5,500 ($6,500 if you’re age 50 or older) in 2015. Limits are the same for 2016. Consult with a tax advisor with questions concerning your specific tax situation.
- Moved residences during the past year
Be sure all financial entities that will be sending you tax information through the mail have your new address to allow your tax returns to be completed in a timely manner in 2016.
- Charitable Donations
A great way to lower tax liability is to donate cash or useful items to a charitable organization. Be sure to get a detailed receipt which will help when filing your tax return next year.
- Review named beneficiaries
Take a look at all retirement accounts and insurance policies to be sure the correct and current beneficiaries are appearing in each account per your wishes.
This post was written by Steve Svenningsen, a Paralegal with Colorado PERA. If you’d like to submit a guest post, please email us at firstname.lastname@example.org.