Recovering Women Wealth

Sober Women Managing Money & Mental Wealth

  • Twitter
  • Instagram
  • Pinterest
  • Facebook
  • Home
  • FKA Ms. Fiology
  • About Me
    • Testimony
    • Mission Statement
    • Contact Me
  • Operating Procedures
  • Resources
    • Recovery Resources
    • Books I Recommend
      • Recovery & Self Growth Favs
      • Money Favs
      • Christian Favs
      • Non-Fiction Favs
      • Fiction Favs
    • Financial Resources
  • Public Speaking
  • Investment Policy Statement
  • Debt Freedom
  • Series
    • Brain Health
    • Inspiring Women in Recovery Interview Series
    • People are Basically…

Tax-Advantaged Contribution Limits for 2020

November 11, 2019 By Deanna 6 Comments

The IRS has announced most tax-advantaged contribution limits for 2020. I was waiting to release this post until they announced the Flexible Spending Account (FSA) contribution limits. For some reason, that one was the last to be released.

Being that I’ve started saving for retirement late, I max out all the tax-advantaged accounts I can get my hands on now. That being said, I have an end of the year calendar reminder to notify the accountant who handles payroll at my job to up my contributions accordingly. Each year as the IRS raises the allowable contribution limits, I raise my pre-tax contributions.

This post is to inform you of all tax-advantaged contribution limits for 2020. If I’ve missed any, please feel free to let me know. Additionally, if you are not able to max out any of these accounts, don’t let that intimidate you. Just begin!

Photo by Danielle MacInnes on Unsplash

Continue Reading

The power of being wrong; I’m switching to a Traditional IRA

December 20, 2018 By Deanna 11 Comments

I never liked to be proven wrong in my past. In fact, it still stings when it happens today but the difference is I welcome a challenge! I want to get better at life and that means allowing for corrections. My choice to max out a Roth IRA was under a false assumption on my part. I’ve been challenged and am switching to traditional IRA!

Why I chose a Roth IRA

As I’ve revealed in multiple places on my blog and most recently in my article on 2019 contribution limits, I’m maxing out three tax-advantaged accounts:

  1. Employer-Sponsored Simple IRA ($12,500 for 2018 ; $13,000 for 2019)
  2. HSA ($3,450 for 2018; $3,500 for 2019)
  3. Roth IRA ($5,500 for 2018; $6,000 for 2019)

I made the false assumption that I could not max both a simple IRA and a traditional IRA and deduct the contributions both. Why? Because I failed to verify.

Continue Reading

Have you planned your 2019 contribution limits?

December 6, 2018 By Deanna 3 Comments

It is December and we are nearing the end of another year. Do you know what that means?? It means new contribution limits for our tax-advantaged accounts!! Just today I sent the bookkeeper at my job an email asking her to up my 2019 contribution limits for my two pre-tax accounts.  Now is the time to be planning our 2019 contributions.

Each year the IRS may increase the contribution limits on tax-advantaged accounts so it’s worthy to be aware of them. Especially if you are maxing out your contributions each year.

Continue Reading

The Magic of Health Savings Accounts

September 17, 2018 By Deanna 24 Comments

Health Savings Accounts (HSAs) can be a great tool for trifecta tax efficiency. Yep, I said trifecta!  Additionally, they can be used as an investment vehicle.

Who doesn’t love to legally avoid paying taxes?? I do!

I wanted to invest in an HSA account. However, formerly my employer-sponsored health plan did not allow for that.

I did some research and was able to convince my boss into providing an HSA qualified option for me. Which leads me to the next point…

Continue Reading

About Me

My name is Deanna and I am happy to be on this redemptive path. I got sober from drug addiction/alcoholism in 2010 and returned to a faith in Christ. Additionally, I finished digging my way out of debt in 2017. Today, I’m learning to be a wise steward/investor of my resources while helping other women find their victories too. More about me.

Join my email list!

Subscribe to be notified of my latest posts via email.

Please wait...

Thank you for signing up!

Affiliate Link – Click Image

Affiliate Link – Click Image

As Featured On

Recent Posts

  • We Got Engaged During the Year to Forget!!!
  • My Biggest Lesson in 2020, We Need One Another!
  • Are you Ready for a Money Coach?

Categories

  • Blogging
  • Career Hacking
  • Financial Independence
  • Frugality
  • Healthy Living
  • Inspiration
  • Investing
  • Minimalism
  • Personal Finance
  • Stories of Recovery
  • Tax Efficiency
  • Travel Hacking
  • Tribute

Archives

  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018

Copyright © 2021 Recovering Women Wealth

We use cookies to ensure a good experience. If you continue to use this site, I will assume that you are happy with it. :)Ok