Wednesday, March 18, 2009

Money Saving Tax Tip Before April 15

Regarding the last post, for those born in late 1949 or 1950, here’s a tax savings tip you can use before April 15. Provided you earned $6,000 in the 2008 Bush Economic Plan (even Miley Cyrus made less in 2008 than 2007), you can take advantage of this.


Put up to $6,000 in a retirement plan before April 15, or filing your taxes, which ever comes first, and realize hundreds in return on your investment with your tax refund. At 59-1/2 you can pull those funds out without a penalty – you will have to pay taxes as if it were revenue, but with unemployment near 10 percent (or more, see coming posts), many can take advantage of this with minimum tax liability.


IRS confirmed this is okay.

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