Your Safe Money Show topics for January 15th

 Coming up on this weeks edition (Saturday January 15th) of Your Safe Money Show. I'll catch you up on filing dates for income taxes, and how the IRS is sending out letters about stimulus checks you need to be aware of. Medicare Part B went up and now there’s a chance the government might scale back that increase. Plus, we’ll look at car prices, new and used and how to stop procrastinating about your retirement plans. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

Color of Money

 Having a financial plan is so important and one way to gather information for that plan is by understanding how much "risk" you can handle with your investments. Go to yoursafemoneyshow.com at our home page and click on our Color of Money risk analysis tool. This can help you understand your risk tolerance as you prepare a financial plan. For a no cost, no obligation appointment call 320-679-5183.

Child tax credit information

 I have an important notice for families if you received the enhanced child tax credit last year. The monthly payments that were sent to millions of families with eligible children from July to December only accounted for half of the credit. Now, those who got the money need to show what they received to make sure they get the second half in their 2021 tax refund. The IRS has begun sending letters to families that show the total amount of advance payments they received. The agency will continue to send out the form, called Letter 6419, to families through the end of January. Families should hold onto the letter and use it to correctly reconcile the child tax credit when they file their 2021 taxes. “If you don’t make that reconciliation, they’re going to hold your refund until you do that,”. It’s important that all families with eligible children file their taxes this year. Because the enhanced child tax credit was made fully refundable for 2021, families with eligible children may get a refund even if they do not owe any taxes for the year. It could amount to thousands of dollars. The enhanced child tax credit is $3,000 for children 6 to 17 and $3,600 for those under the age of 6 in 2021 for those receiving the full credit. Whether you do your own taxes or have a tax preparer help you be aware of this since it is a change from 2020 taxes.

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Your Safe Money Show highlights for January 8th

 Coming up on this Saturday's (January 8th) Your Safe Money Show. We'll look at the top 8 retirement dreams people look forward to. Also there's money moves to make in the decade before you retire we'll go into detail on that and how do you protect your hidden retirement asset if you want to retire early. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at the website podcast page at yoursafemoneyshow.com.

IRA contribution limits for 2022

 The maximum amount you can contribute to a traditional IRA for 2022 is $6,000 if you're younger than age 50. Workers age 50 and older can add an extra $1,000 per year as a "catch-up" contribution, bringing the maximum IRA contribution to $7,000. You must have earnings from work to contribute to an IRA, and you can't put more into the account than you earned.

Your 2022 IRA contributions may also be tax-deductible. If you—and your spouse, if married—don't have a retirement plan at work such as a 401(k), you can deduct the full contribution to your traditional IRA on your tax return no matter how much you earn. You have until the federal tax filing deadline to make your IRA

contribution for the previous year. If you have questions call 320-679-5183 or go to yoursafemoneyshow.com.

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