Attention, taxpayers!
The deadline to contribute to your Individual Retirement Account(s) (IRA & ROTH) and Health Savings Account (HSA) is approaching–as well as Tax Day itself!
Most of us think of “Tax Day” officially as April 15th, but this year we have a few days grace, as it has been extended to Monday, April 18th. Should you have yet to max out your contributions for 2021, fear not, as you can actually contribute those until Tax Day of the following year–meaning, right about now for 2021!
Tax Year 2021 Eligibility and Limits:
IRA or ROTH: $6000 for those age 50 or less.
Age 50+ (or turned 50 during 2021): $7000
Note: If you want your contributions to count on this year’s Tax Return, remember to designate that your contributions are “For Year 2021”, even if making them now.
HSA: $3600/Individual or $7200/Family
Over age 55: Additional $1000 each
Of Note: Traditional IRA contributions and HSA contributions are tax deductible, meaning you will save the money now and be taxed when you use the money at a later date (except for using HSA’s for Medical Expenses, which are always tax free–ask me about this!).
ROTH contributions are not tax deductible, meaning you pay the tax now rather than later.
Either way, contributing to either of these “tax-advantaged” accounts can really make your money grow over time, and as I like to say, “Time is your greatest asset!”
Unlocking Abundance 