www.qns.com i LIC COURIER i April 2017 43 By John Savignano The IRS said that it has launched an online tool that allows individuals to check their tax account balances online, including tax due, penalties, and interest, after they complete an online registration process called Secure Access. To register for Secure Access the first time, taxpayers must have an email address, a text-enabled cellphone in the taxpayer’s name, and specific account information for the taxpayer, such as credit card accounts and loan numbers. Each time a taxpayer uses the service, he or she will be required to enter a code received from the IRS by email or text. The IRS, mindful of the many scams that try to obtain taxpayers’ information, noted that it will not send emails or texts asking for personal information or login credentials-it will only send codes for onetime use. Taxpayers who previously registered with the IRS for Get Transcript Online or through the online Get an Identity Protection Personal Identification Number service can use the same usernames and passwords. The IRS said that this is the first in a number of online capabilities and that others will be added as they are developed and tested, as part of the IRS’s Future State initiative. IRAs FOR 2016 AN D 2017 • For 2016 and 2017, total contributions to traditional and Roth IRAs cannot be more than $5,500 or $6,500 for those age 50 or older. • IRA contributions cannot exceed taxable compensation for the relevant year. • Contributions to a traditional IRA are prohibited for those for those 70 1/2 or older. • Contributions to a Roth IRA are permitted, regardless of age. • If married couples file a joint tax return, one spouse may be able to contribute to an IRA even without taxable compensation for the year. The amount of the couple’s combined contributions can’t exceed the taxable compensation reported on the joint return. DID YO U KNOW? About 84% of large employers will offer high-deductible health plans in 2017. Indeed, 35% of large employers will offer only high-deductible plans to their workforce. Some workers’ deductibles will be offset by employers’ contributions to health savings accounts: taxfree funds that workers can use to pay for out-of-pocket health care costs. John Savignano Advertorial IRS Access for Individuals
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