Saturday,
January 13, 2024
Top Story
The week in review
• U.S. regulators approved a new type of crypto ETF that will track bitcoin prices.
• Boeing shares experienced an 8% decline following the Federal Aviation Administration's decision to ground over 100 aircraft, prompted by an incident where a panel of an Alaska Airlines flight detached mid-flight.
• Consumer price inflation increased 0.3% in December, and 3.4% annually, both of which were above expectations and the previous month’s figures, on the back of higher shelter costs. In other economic news, fewer workers than expected filed for jobless benefits last week.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
You can still lower your 2023 taxes
We’re already a week into the new year, but you can still make moves to lower your 2023 tax bill, and one way also benefits your retirement savings.
Contributions to traditional IRAs can be fully or partially tax-deductible. And here’s the good news: You can make contributions until April 15 that will count for the 2023 tax year.
With a traditional IRA, you contribute pre-tax money that grows tax deferred, and withdrawals are taxed as income for withdrawals after 59.5 years of age.
Keep in mind not everyone will be able to claim a deduction for their contributions. Eligibility is determined by different factors, including whether you have an employer-sponsored retirement plan (like a 401(k)), filing status and income level.
What to know for 2024
If one of your new year’s resolutions was to save more for retirement, the IRS increased the limit of annual IRA contributions to $7,000 up from $6,500 for the 2024 tax year. Those ages 50 and older can also save an additional $1,000 as a catch-up contribution.
If you don’t have an IRA yet, SoFi can help you with that.
