How can I maximize my tax-advantaged accounts?
An example of an AI chatbot conversation about maximizing tax-advantaged accounts.
How can I maximize my tax-advantaged accounts?
To maximize your tax-advantaged accounts, consider contributing the maximum allowed to accounts like 401(k)s and IRAs.
What are the contribution limits for 401(k)s and IRAs?
For 2023, the 401(k) contribution limit is $22,500, and for IRAs, it's $6,500. If you're over 50, you can contribute more.
Are there any strategies to reduce taxes on withdrawals?
Yes, consider withdrawing from your tax-advantaged accounts in years when your income is lower to minimize tax impact.
What about health savings accounts (HSAs)? How do they fit in?
HSAs are great for tax savings! Contributions are tax-deductible, and withdrawals for qualified medical expenses are tax-free.
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