Great news for all you retirement savers out there, the IRS says you will be able to contribute more to your retirement accounts in 2019. These changes to individual retirement accounts like 401(k) plans, Traditional IRAs and even Roth IRA are part of the annual inflation adjustments made by the IRS. Larger retirement contribution can mean lower tax bill. Not to mention more income in retirement.
A year as unusual and challenging as 2020 means there may be some additional factors that can impact your tax return, from stimulus payments, potential job changes and unemployment benefits, to virtual work transitions and more.