Top Year-End IRA Reminders

Individual Retirement Accounts, or IRAs, are important vehicles for you to save for your future retirement.  There are four key year-end rules that you need to know.

·  Know your contribution and deduction limits.  

      If you are age under 50 and single, you can contribute up to a maximum of $5,500 ($6,500 if you are age 50 or older) to a traditional or Roth IRA. If you file a joint return, both you and your spouse can each contribute to an IRA even if only one of you has taxable earned income. You have until April 17, 2017, to make your IRA contribution for 2016.  If you or your spouse has a retirement plan at work and your income is above a certain level, you may need to reduce your deduction for your traditional IRA contributions.

Tips on Filing Your Amended Tax Returns

   

When you discover that you made a mistake on your tax return, 

you can file an amended return to fix the error.  You can also amend your tax return to claim a tax credit or deduction.   Below are 10 tips for you to consider when you need to amend your return:

• When to amend. You should amend your tax return if you need to correct your filing status, the number of dependents you want to claim or your total income you need to change. You should also amend your tax return to claim tax deductions or tax credits that you did not claim when you filed your original return.  

Finally, I am back

My husband has serious health problems during the past few months.  He has a chrodoma cancer growing behind his neck.  He had 22 + hours of surgery in UCSF few months ago.  Finally, we are back home last week.  He is recovering well at home and my tax posting will be back to normal very soon.  Thank you for all your patient and support.