Financial Planning Tip July

July 2020

A couple important reminders as tax day (July 15) rolls around:

· July 15 is the deadline for 2019 Roth IRA contributions. The maximum for 2019 is $6000. Add another $1000 if you are 50 or older. Income limits apply. Your 2019 modified adjusted gross income (MAGI) must be under $137,000 for single filers and $203,000 for joint filers. To confirm your eligibility, you can use the handy calculator at https://www.tiaa.org/public/products-services/ira/calculators/eligibility

· Tax payments – if you make estimated tax payments, remember than you will need to write checks for both quarters one and two by July 15, and then write still another check for the balance due (or extension payment) on your 2019 taxes. Many people forget that all of these payments are due on July 15th.


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