First Half of 2016: Important Reminders

Taxable Income for 2015

• It’s not too late to reduce your taxable income in 2015!
• The deadline to make your 2015 IRA contribution is April 18, 2016.
• The contribution limit is $5,500 if you are under age 50; $6,500 if you are 50 or over.

FREE Application for Federal Student Aid (FAFSA)

• This year, the application is due on 5/1/16. The IRS data retrieval tool is available on 2/7/16. Keep in mind, many final college enrollment decisions are due in early May, so get your FAFSA done as soon as possible to help you make the right financial choice.

Retirement Contribution Limits for 2016 Remain the Same as Last Year

• For an IRA, the limit is $5,500 if you are under age 50; $6,500 if you are 50 or over.
• For a pension plan, the limit is $18,000 if you are under age 50; $24,000 if you are 50 or over.

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