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Kick Back, Relax, & Retire How Your Tax Refund Can Fund Your Retirement

KICK BACK, RELAX, ORETIRE HOW YOUR TAX REFUND CAN FUND YOUR RETIREMENT know you can deposit your tax refund directly into your retirement account? We'll explore the options, steps, and benefits of funding your future with your IRS refund. you THIS YEAR, IT'S ALL ABOUT THE REFUND 2 IN 3 46% Americans are of those Americans are Up 4.5% from 2013 expecting a tax refund this year planning on putting their refund money into savings $3,034 > Average tax refund as of Feb. 28, 2014 RETIREMENT OPTIONS FOR EVERY SCENARIO If you have a 401(k): Funds can be deposited through elective paycheck deductions and employer matching A: Divert your regular paycheck into your plan for a month or two, and live off your tax refund If you have a traditional or Roth IRA: $3,034 deposited into your account and averaging 7% growth per year will be worth $23,096 in 30 years . Contribution limits for $3,03% traditional and Roth IRAS still apply ($5,500 per year, or $6,500 for those 50 and older) 2000 2030 If you don't have a retirement account: You can open one with seed funds from your tax refund! MAMD. T. Opening a traditional IRA allows qualified taxpayers to take an immediate deduction! HOW UNCLE SAM MAY MATCH YOUR PLAN Plan ahead for those tax credits that reward you for saving. Some taxpayers may be eligible for an additional benefit: a match up to 50% of $2,000 contributed if single or $4,000 if married and filing jointy Qualification checklist for the retirement saver's credit: AGE 18 Income up to $29,500 in 2013 for individuals or $59,000 for married couples Contributed to a 18 years or older retirement plan before April 15, 2014 Not claimed as a dependent on someone else's 2013 Not a full-time student for 5 calendar months out of the filing year Don't file your taxes using form 1040EZ if you plan on taking tax return this credit Don't overlook your retirement planning this tax season. INVEST IN YOUR FUTURE WITH YOUR REFUND! Sources: U.S. Internal Revenue Service | The Wall Street Journal's Market Watch | National Retail Federation | Bankrate | USA Today U.S. News inturt. TurboTax

Kick Back, Relax, & Retire How Your Tax Refund Can Fund Your Retirement

shared by killerinfographics on Apr 29
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Did you know you can deposit your tax refund directly into your retirement account? We'll explore the options, steps, and benefits of funding your future with your IRS Refund.

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