Posts Tagged ‘retirement planning’

Retirement Planning Classes

University of Florida/IFAS Hillsborough County Extension is providing classes to help those planning for retirement.

Description: Are you 10 years or less from retirement? Get the information you need to secure a comfortable retirement. This 2 session educational course will provide the unbiased information you need to make savvy retirement planning decisions.

Dates: October 10 and 24, from 6:30 p.m. – 8:30 p.m.

Topics include: Evaluating your situation, sources of income, inflation, taxes, asset usage in retirement & choosing financial professionals.

This is an educational program presented by the University of Florida Hillsborough County Extension. Financial products and services will not be endorsed or sold.

Location: Hillsborough County Extension, 5339 County Road 579, Seffner, FL 33584.

Cost: $12.00 and covers both sessions. Late cancellations and no shows are not eligible for a refund.

Registration Deadline: October 3. Seating is limited so register early.

Register at: https://goalretire.eventbrite.com

For more information contact Lisa Leslie at lesliel@hillsboroughcounty.org or 813-744-5519 ext. 54143.

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Credit for Your Retirement Savings Contributions

You may be eligible for a tax credit if you make contributions to an employer-sponsored retirement plan or an Individual Retirement Account (IRA).

A tax credit directly reduces the amount of federal income tax that you are required to pay. Example: Federal income tax liability is $600 and you’re eligible for a $200 Savers Credit. Your tax liability is decreased to $400. In this example you could receive a $200 boost in your refund or a $200 deduction in the amount you need to pay when you file your tax return.

Savers Credit Eligibility Requirements
You are eligible for the credit if you’re age 18 or older, not a full-time student, not claimed as someone’s dependent, and within the income limits.

2017 Income Limits:
-Single, married filing separately, or qualifying widow(er), with income up to $31,000.

-Head of Household with income up to $46,500.

– Married Filing Jointly, with incomes up to $62,000.

The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA contributions up to $2,000 ($4,000 if married filing jointly), depending on your adjusted gross income.

Example: Married couple and they file a joint return. Their Adjusted Gross Income (AGI) in 2017 is $55,000. (AGI is less than taxable income and is on the last line of page 1 of your 1040 tax return form).  If they contribute $1,000 to an IRA, the government will give them a $100 credit.

For more information about income limits and credit amounts visit https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit