As you complete the preparation of your 2014 income tax returns — due by April 15, 2015 — it is the perfect time to begin thinking about 2015. Here are a few notes and considerations to be aware of:
- The contribution limits to 401(k) and 403B accounts have increased to $18,000 ($24,000 for those age 50 or older).
- The contribution limits for Roth IRA or Traditional IRA accounts remain at $5,500 ($6,500 for those age 50 or older).
- The contribution limits to Health Savings Accounts (HSAs) for 2015 have increased to $3,350 single or $6,650 family. You can also add an additional $1,000 if age 55 or older. To make contributions to an HSA account, you must be covered under a high deductible health plan.
- Qualified Charitable Contributions (QCDs) for 2015 have not been approved yet. As in past years, the provision is expected to be approved for all of 2015. We recommend moving forward with QCDs if they are part of your charitable contribution plans for 2015.
- If you had a larger than expected balance owed or refund on your 2014 tax return, consider making adjustments to your income tax withholdings or consider whether you should be making estimated tax payments. The first estimated tax payment for 2015 is also due on April 15, 2015. Contact us if you need assistance in making these adjustments.
In general, if you are aware of significant changes to your tax or financial situation in 2015 as compared to 2014, please set up a meeting with us to discuss any opportunities or adjustments that would be advised. We can walk through various scenarios or options for you in order to reach proactive and informed decisions.