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Tax Time Tips for American Heritage Members

03.12.20
By: American Heritage

With Tax Season upon us, here are several tips and offers to help you make the most of your tax return and refund!

The fastest way to receive your tax return is using direct deposit into your American Heritage account. All you need is our routing number 236082944 and your account number. You can find your full 13-digit account number on your checks or on Online Teller/Mobile Teller under the “Member Service” tab. Of course, you can always visit a local branch to deposit your refund check.

 

You can also access important IRS Tax Forms on your online account. These form are located under the "IRS Tax Forms" Tab.

 


New IRA Contribution Limits

The IRS increased the Traditional and Roth Individual Retirement Account (IRA) contribution limits effective 1/1/2020. The new amounts can be found here. Here's a quick look at the basics — remember that contribution limits are shared between Traditional and Roth IRAs:

 

Traditional IRA
2020
2019
2018
Contribution Limit$6,000$6,000$5,500
Contribution Limit (Over 50)$7,000$7,000$6,500
Contributions (Over 70 1/2)No age limitCannot make contributionsCannot make contributions
Deduction Income Limits
Phase Out Range 2020
Phase Out Range 2019
Phase Out Range 2018
Covered by an employer plan, single filer or head of household$65,000-$75,000$64,000-$74,000$63,000-$73,000
Covered by an employer plan, married filing jointly or qualifying widow(er)$104,000-$124,000$103,000-$123,000$101,000-$121,000
Only spouse is covered by an employer plan, married filing jointly$196,000-$206,000$193,000-$203,000$189,000-$199,000

 

 

Roth IRA
2020
2019
2018
Contribution Limit$6,000$6,000$5,500
Contribution Limit (Over 50)$7,000$7,000$6,500
Deduction Income Limits
Phase Out Range 2020
Phase Out Range 2019
Phase Out Range 2018
Single, head of household, or married filing separately and you did not live with your spouse at any time during the year$124,000-$139,000$122,000-$137,000$120,000-$135,000
Married filing jointly or qualifying widow(er)

$196,000-$206,000

$193,000-$203,000$189,000-$199,000

 

Protecting your Information

Remember, the IRS and state tax authorities will never reach out by phone, email, text, or through social media to ask for personal or financial information or demand immediate payment. They also will not require that taxes be paid with a prepaid/reloadable debit card, gift card, or money wires through services like Western Union or MoneyGram. 

Here are a few tips to help you avoid a tax scam:

  • Never reply to any emails regarding your federal or state tax returns/bills
  • Don’t provide personal information via any such emails
  • Forward any tax scam emails to phishing@irs.gov 
  • Delete the email

If you're looking for more ways to boost your security during this hot time of year for scammers, check out these tips

 

IRA Specials

We have several IRA specials for your shorter, intermediate or long-term retirement needs. Our 6-Month and 20-Month IRAs feature competitive rates that help you reach your goals faster!

Don't forget, Traditional IRA as well as Roth IRA contributions must be made by the April tax deadline of any given year. The due date for taxes and IRA contributions this year is Wednesday, April 15, 2020.

Still deciding whether a Traditional or Roth IRA is right for you? Here's the breakdown.

 

Share Loans

If you’re looking to repair or establish your credit, using your tax refund for a Share Certificate Loan may be an answer for you! This way, you can still use your refund to pay off debt, take a vacation, or make a special purchase while building credit at the same time. Borrow and earn interest on your return with a Share Certificate Loan!