Saving for retirement can feel overwhelming, and that only becomes truer when the IRS changes the regulations that govern how we do it. However, keeping track of updates to these regulations can have a real impact on your quality of life down the road. Here’s what you need to know to stay current on the changes the IRS will roll out in 2020: RETIREMENT ACCOUNTS AND HSAS WHAT THE IRS WILL CHANGE IN 2020 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will increase to $19,500, up from its 2019 contribution limit of $19,000. In addition, if you haven’t always saved as much as you should have, and you are over the age of 50, the IRS is increasing the catch-up contribution limit by $500. Contribution limits have also increased for HSA accounts. In 2020, the contribution to these tax advantaged accounts will go up to $6,900 for individual coverage and up to $13,800 for family coverage. If you contribute to an IRA, keep doing what you’re doing. Contribution limits are still sitting at $6,000. What has changed about IRA contributions are the income ranges that determine eligibility to make deductible contributions. Taxpayers who found themselves within $1,000–$3,000 of an income range in 2019 should investigate the updates further and ensure they get every deduction they’re entitled to. It’s easy to be overwhelmed by the nuances of the laws that govern our money, but don’t let the nitty gritty details stop you from taking control of your future. Give us a call at 919-322-4113 so we can help you leverage what has changed in 2020 for your future. CONTRIBUTION LIMITS INCREASED INCOME LIMITS FOR DEDUCTIBLE IRA CONTRIBUTIONS INCREASED
HOW TO MAKE YOUR OWN SAUERKRAUT
INGREDIENTS
Inspired by NourishedKitchen.com
• 2 lbs cabbage
• 4 tsp fine sea salt
EQUIPMENT
• Jar • Lid with airlock • Something to weigh down cabbage, ideally made of a nonreactive material like glass
DIRECTIONS
1. Remove outer leaves from cabbage. Slice very thinly. 2. In a large bowl, combine cabbage and salt. Let stand for 20 minutes. 3. Squeeze cabbage to release juices. Let the cabbage continue to soak and release juices for another 20 minutes. 4. Transfer to a jar and press down cabbage until completely submerged in its juices. Weigh down cabbage. 5. Seal jar with airlock. Let cabbage sit at room temperature and away from sunlight for one month. Once fermented, transfer to the fridge. Sauerkraut will keep for six months to one year.
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