We were happy to collaborate last week with U.S. News & World Report and journalist Kimberly Lankford on last minute tax tips for 2020!
Here’s a couple of our favorite tax moves you can still take advantage of right now:
A perfect time for the non-working spouse to start on the path to financial freedom
You still have time to contribute to a spousal IRA, even if you don’t work, as long as your spouse makes enough to cover your combined contributions.
“It is so important to strive for financial independence, and a spousal IRA is a good start,” said Mari Adam. “So many women find themselves later in life with no retirement assets, so the sooner they start the better.”
Roth IRAs put kids on the fast track
Kids of any age can contribute to a Roth IRA if they have working income from a summer job, babysitting or any other work for which they are paid. If they’re under age 18, you can open a Custodial Roth IRA for them at your favorite brokerage firm.
“Probably the No. 1 way you can help your kids, or grandkids, is to encourage them to set up a Roth IRA,” Mari told U.S. News.
You can read the complete article here.