Here’s Your Guide To 2020 Rates For 401k’s, Student Loans & More

Finally, a financial planning guide with helpful information you need in one place.

Here’s what you need to know.

Financial Planning

If you want to know the latest rates for your major financial planning needs, here is a helpful summary.

Retirement Plans

There are many different retirement plans that range from 401k’s through your employer to after-tax vehicles such as Roth IRAs. Here are the latest contribution limits for each type of retirement plan:

Income Tax

Here are the latest income tax brackets and tax rates for single taxpayers, head of households, married individuals filing joint tax returns and married individuals filing separate tax returns.

Income Tax Deductions

The latest tax deductions and credit include everything from the standard deduction to the child tax credit:

Student Loans: Deductions and Tax Credits

Many borrowers ask what is the best way to pay off student loans. Borrowers also ask if they qualify for tax deductions and tax credits for student loans. Here are the latest student loan interest deductions and student loan tax credits, including the Lifetime Learning Credit, American Opportunity Tax Credit, and the Education Loan Deduction:

Estate and Gift Tax

Here are the latest estate and gift tax exclusions, credits, exemption and tax rate:

Health Savings Account (HSA)

A Health Savings Account (HSA) is an account that allows you to contribute pre-tax dollars to pay for medical expenses. Here are the latest deductibles, out of pocket amounts, and contribution limits:

Mileage Deduction

If you use a vehicle for business, charitable or medical purposes, you may be entitled to a tax deduction. Here are the latest standard mileage rates:

This article was written by Zack Friedman from Forbes and was legally licensed by AdvisorStream through the NewsCred publisher network.