Here’s the weekly Roundup — a day early this week because we’ll be posting the monthly Tracker/FPR updates tomorrow. Enjoy!
IRS raises 2020 401(k) contribution limit to $19,500 (Investment News). The new limit also applies to 403(b)s, most 457 plans, and the government’s Thrift Savings Plan. (You can see all of the new thresholds and phaseouts in IRS Revenue Procedure 2019-44 PDF).
IRS: Uncashed payout checks from retirement plans are still taxable (Kiplinger). Good to know: If your retirement plan sends you a check for a distribution, you owe tax on it for the tax year in which the money was distributed, even if you didn’t deposit the check until later.
How to give your home to your adult child tax-free (MarketWatch via Fidelity). Of course, to get the best tax result, you have to plan ahead.
So much for a cashless society: Currency is popular again, especially the $100 bill (Bloomberg via the Los Angeles Times). Since 2017, the $100 bill has surpassed the $1 note as the most widely circulated U.S. currency.
Top 50 U.S. ministries – 2019 (MinistryWatch). The 50 largest U.S-based Christian ministries, as ranked by annual (2016/2017) revenue — ranging from $61 million for the #50 entry on the list to more than $1 billion for the top-ranked organization.
And from the bloggers and pundits...
The spectrum of wealth (Morgan Housel, Collaborative Fund Blog). Past a certain income level, the most difficult financial skill is getting the goalpost to stop moving.
Decision 2020 (Richard Connor, Humble Dollar). Step-by-step advice on picking an employer-provided health plan for 2020.
How I paid cash for health care instead of using my insurance plan — and saved money (Harry Sit, MarketWatch). "Paying cash to see the doctor out of network cost less than half of seeing the same doctor in-network with insurance."
There is no opportunity cost with a Roth conversion (Ed Slott, Investment News). Slott, one of the foremost experts on IRAs, says the decision of whether or not to do a Roth conversion is "all about the tax rates."
Three reasons you may not want to convert to a Roth IRA (Jim Blankenship, Financial Ducks in a Row). Converting is a great idea, except for when it’s not.
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