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End-of-Year Money Moves12/2/2019

Presented by the MEMBERS Financial Services Program* located at SLFCU. The MEMBERS Financial Services program is offered through CUNA Brokerage Services, Inc.*, a broker/dealer focused on serving credit union members. CUNA Brokerage Services, Inc. is an affiliate of CUNA Mutual Group. For more information about CUNA Brokerage Services, Inc., please visit cunabrokerage.com.

For potential ways to decrease your tax bill and/or build more wealth, ask yourself these questions before saying goodbye to 2019.

WHAT CHANGED FOR YOU IN 2019?

Did you start or leave a job, or retire? Did you start a family? If notable changes occurred in your life, you may want to review your finances before 2020 begins.

DO YOU WANT TO ITEMIZE DEDUCTIONS?

The standard deduction for 2019 is now $12,200 for single filers and up to $24,400 for joint filers. If it’s better for you to itemize, now is a good time to get receipts and paperwork together.

While many deductions have disappeared, key ones still include mortgage interest, charitable contributions, medical or home office expenses, and the state and local tax (SALT) deduction.1,2

ARE YOU WITHHOLDING THE RIGHT AMOUNT ON YOUR W-4?

If you discover that you have withheld too little, you may need to adjust your withholding before the year ends.

COULD YOU RAMP UP 401(K) OR 403(B) CONTRIBUTIONS?

Doing so may lower your yearly gross income. Lower it enough and you might qualify for tax credits or breaks. Contributions to Roth 401(k)s and Roth 403(b)s are made with after-tax dollars; they are not deductible and will not lower your taxable income for the year.3,4

ARE YOU RETIRED AND OLDER THAN 70½?

If so, Required Minimum Distributions must be taken from traditional IRAs, 401(k)s, 403(b)s, and profit-sharing plans by December 31 to avoid a penalty.5

CAN YOU TAKE ADVANTAGE OF THE AMERICAN OPPORTUNITY TAX CREDIT?

This allows individuals whose modified adjusted gross income (MAGI) is $80,000 or less (and joint filers with MAGI of $160,000 or less) to claim a credit of up to $2,500 for qualified college expenses.6

TALK TO A FINANCIAL OR TAX PROFESSIONAL NOW.

Small year-end moves might improve your financial situation. SLFCU members can take advantage of personal financial management services through our collaboration with MEMBERS Financial Services.* Learn more at slfcu.org/InvestmentServices.

Contact MEMBERS Financial Services to make a no-cost, no-obligation appointment at an SLFCU branch, or contact a financial professional online.

  • Juan Tabo, Jefferson, Cottonwood, Paseo, Rio Rancho, or Los Lunas branches: Call 505.237.3930
  • Edgewood, Kirtland, Tech Park, or Livermore branches: Call 505.237.7330

To learn more about the background of your financial professional and the firm for which they work, visit BrokerCheck by FINRA.

*MEMBERS Financial Services Financial Professionals are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty States of the United States of America. FR-2741242.1-0919-1021

1 nerdwallet.com/blog/taxes/itemize-take-standard-deduction/ [9/6/19]
nerdwallet.com/blog/taxes/get-charitable-contribution-tax-deduction-3-steps/
3 investopedia.com/articles/retirement/06/addroths.asp [7/28/19]
4 marketwatch.com/story/how-the-new-tax-law-creates-a-perfect-storm-for-roth-ira-conversions-2018-03-26 [2/24/19]
5 irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions [10/25/19]
irs.gov/newsroom/american-opportunity-tax-credit-questions-and-answers [6/28/19]


THINKING ABOUT GIVING TO A CHARITY THIS HOLIDAY SEASON?

If you donate money to a qualified charity or non-profit organization before 2019 ends, your gift may qualify as a tax-deductible charitable contribution (up to 60% of adjusted gross income)1.

Making a monetary donation to the New Mexico Credit Unions Connected Academy (NMCUCA) helps provide the funding to employ an accredited full-time teacher at UNM Children’s Hospital as part of the Mimbres School – a state-accredited, year-round elementary and high school which operates in a hospital setting.

SLFCU has raised $55,152.13 for the NMCUCA as of November 25, 2019. Donated funds are dedicated to a 501(c)(3) non-profit organization and, if you itemize your tax return, a donation to the NMCUCA could potentially reduce your taxable income.

To help us reach our $80,000 goal, you can:

  • Buy a Hope Heart in New Mexico branches from any SLFCU Teller.
  • Purchase a Sandy the Lab stuffed animal in New Mexico branches* for a donation of $20 or more.
  • Donate by calling us at 505.293.0500 or sending a secure message in online or mobile banking.
  • Join us at one of our local fundraising events listed at slfcu.org/Calendar.

* In California, proceeds from Sandy the Lab stuffed animal sales will benefit UCSF Benioff Children’s Hospital Oakland. 
1SLFCU representatives are neither tax advisors nor attorneys. For information regarding your specific tax situation, please consult a tax professional.



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