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Tuesday November 12, 2019

Exciting events are happening at Southwestern Michigan College Foundation
Our News
Thank you for your interest in Southwestern Michigan College Foundation. Our hope is to serve you and your family with helpful information.
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How to Choose a Walk-in Bathtub
Savvy Living
Because of my mobility problems, I am thinking about getting a walk-in bathtub that’s easy to get into and out of...
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IRA and 401(k) Contributions in 2020
Washington News
On November 6, 2019, the IRS announced the 401(k) and IRA contribution limits for 2020. The IRA limit remains at $6,000 in 2020. Individuals over age 50 may make a catch-up contribution of $1,000, for a total transfer of $7,000 in 2020. Traditional IRA contributions from pre-tax income are tax deductible. The traditional IRA has two main tax benefits – contributions are tax deductible and grow tax free. If you are covered by a qualified retirement plan at your workplace, the IRA deduction may be reduced or phased out. Single Taxpayers with Workplace Plan – IRA contributions for single taxpayers are phased out for individuals with incomes from $65,000 to $75,000. Married Couple with Workplace Plan – Married taxpayers with joint income of $104,000 - $124,000 will experience the IRA phaseout. Married and No Workplace Plan – If one spouse has no workplace plan and the other spouse is covered by his or her workplace plan, the phaseout on a joint return is...
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Ten Reasons to Update Your Estate Plan
Personal Planner
You have completed a will and perhaps a revocable living trust. Your durable power of attorney for healthcare and a...
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