Your Financial Planner-February 2023

Your Financial Checklist for February 

Organize your tax documents

• Get your paperwork in order by gathering your W2's, interest and dividend statements, and other tax documents as soon as they are received, usually by the first week of February. 
• Schedule an appointment with your CPA or organization that prepares your tax paperwork to get your taxes ready for filing.
• File electronically, for faster processing of your refund if receiving one this year.

Make a financial plan for 2023

• Check your 401k to see your progress and make a plan to increase your contributions in 2023
  • You can funnel $22,500 into your 401(k), 403(b) and other such plans for 2023, up from the $20,500 limit in 2022. Employees 50 and older can contribute an extra $7,500, up from $6,500 in 2022.
• Schedule your 2023 IRA contributions
  • The maximum total annual contribution for all your IRAs combined is:  Tax Year 2023 - $6,500 if you're under age 50 / $7,500 if you're age 50 or older.

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