As Someone Who is Working, What Issues Should I Consider When Reviewing My 2018 Tax Return?
It’s nearing the end of the year, and no doubt the dread of taxes are looming in the back of your mind. What issues should you consider when to ensure you receive your biggest tax return yet in 2020? Read below.
Are you a W-2 employee?
Review your W-2 to look for Health Savings Account and Flex Savings Accounts contributions from yourself or your employer. Review your retirement plan contributions and employer matching.
Did you rollover retirement funds during the tax year from one account to another?
If so, ensure that it is treated as a rollover and not a distribution by veryifying that Form 1040, Line 4a, shows the amount of the rollover.
Are there state-specific issues that should be considered?
Some states offer tax credits and/or deductions for 529 plan contributions. Review your state’s rules to see if you qualify.
View Our Checklist
To see our full checklist of important issues to consider, click here.
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Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.
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