No sooner are the holidays over than it’s time to think about taxes. Here is some useful information that could help Travis Credit Union members save money.
Save on TurboTax Software
Tax laws change often, so how do you know you’re filing correctly if you don’t hire a CPA? TurboTax software is up to date on the latest tax laws to ensure that even do-it-yourself filers don’t miss out on important information. TurboTax even guarantees 100% accurate calculations, for the biggest possible refund and the confidence your taxes are done right. TCU members can save up to $15 on TurboTax this tax season. Access your discount by clicking here and save!
Tax Preparation Help, In Person
If your income in 2019 was $55,000 or less, you could receive free tax preparation help! United Way Bay Area partners with the Internal Revenue Service (IRS), churches, nonprofits, AARP, and other organizations such as Travis Credit Union, for a combined free tax preparation effort across the region. Some locations require appointments; some allow walk-ins on a first-come, first-served basis. Locations include the Travis Credit Union Corporate Offices on One Travis Way in Vacaville. On-site tax preparation with an IRS-certified volunteer preparer helps you understand how to file taxes properly and what kinds of deductions are available. Visit: earnitkeepitsaveit.org/what-to-bring/ for more information on the program and what to bring to your appointment.
Earn It, Keep It, Save It
IRAs & Distributions in the New Year: How Not To Be Penalized
If you will be at least age 72 by December 31, 2020, the Internal Revenue Service mandates that you begin taking the required minimum distribution (RMD) from each Individual Retirement Account (IRA) plan you own.
It’s possible to delay your first required distribution, but only up until April 1 of the year following the year you turned 72. Your RMD must also be taken by December 31 for that year. It’s important to withdraw the full RMD each year because if you fail to do so on time in any year, you’ll owe the IRS a stiff penalty of 50 percent of the required amount that was not distributed.
If you have any questions about RMDs from your IRAs, visit a TCU branch or call our Member Service Center at (800) 877-8328 during normal business hours. We’ll be happy to help you calculate the amount you’re required to withdraw.
IRA Information Center