Tax filing season is here again. If you haven't done so already, you'll want to start pulling things together — that includes getting your hands on a copy of your 2017 tax return and gathering W-2s, 1099s, and deduction records. You'll need these records whether you're preparing your own return or paying someone else to prepare your tax return for you.
We all have certain causes that we choose to support monetarily. In fact, in 2017, Americans gave more than $410 billion to charities, breaking the $400 billion mark for the first time in history.
But anytime that we give our money to an organization, it’s important to do our due diligence, ensuring that the funds that we give will be used effectively.
Using a Tax Refund to Fund an IRA in 5 Easy Steps
What does the basic process entail? An income tax refund can be directly deposited to an IRA up to the annual contribution limit. The contribution limit is $5,500 ($6,500 for individuals age 50 or older) for 2017 and 2018. It can also be split among multiple accounts.