Free File Enhancements

The IRS has announced enhancements to the Free File program, through which many taxpayers can obtain free tax preparation services from commercial software companies. Some aspects of this program continue to be frustrating, but millions of taxpayers have found it useful, and it is now less likely that you’ll be snared into paying for tax prep while you still qualify for Free File.

details: IRS Free File

Retirement Plan Contribution Limits for 2019

The IRS has announced increases in the amount you can save for retirement in 2019. The IRA contribution limit goes from $5,500 to $6,000, and the elective deferral limit (for 401k and similar plans) goes from $18,500 to $19,000. There is no change in the additional amount individuals age 50 or older can contribute as makeup contributions.

Be careful: You can make an IRA contribution for 2018 until April 15, 2019, but the lower $5,500 limit applies to contributions for 2018 even if made in 2019.

Roth IRA Contributions

How well do you know Roth IRA contributions? Learn how the income limitation works, how to get around that limitation with a backdoor contribution, and limitations on that technique. Is there really such a thing as a spousal IRA? What about Roth IRAs for minors? Is it possible you’ve overlooked the retirement savings contribution credit? Our pages dealing with contributions to Roth IRAs have been updated to reflect changes in the law that took effect in 2018.

detailsContributions to Roth Accounts