What you don’t know can hurt you. That’s especially true when it comes to tax planning and reporting. Do yourself a favor and take advantage of a few strategies to help reduce your taxes and potentially build your assets, while learning about the latest changes in tax-year legislation.
Start this year’s process by talking to your tax advisor and TIAA-CREF Financial Consultant/advisor about the following topics:
1 Source: irs.gov, In 2013, Various Tax Benefits Increase Due to Inflation Adjustments , October 2012
2 The donor (owner of the plan) can make five years of annual gifts all at once (i.e., an individual donor can make a gift of up to $70,000 to a 529 account, or the donor and spouse may give up to $140,000 combined, all at once to a 529 Plan for the benefit of a beneficiary without incurring gift taxes. When doing this, the donor (or the donor and spouse) must elect to treat the contribution as made over a five calendar-year period for gift tax purposes.
The tax information contained herein is not intended to be used and cannot be used by any taxpayer for the purposes of avoiding tax penalties. It was written to support the promotion of TIAA-CREF Wealth Management Services. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Examples included herein are hypothetical and for illustrative purposes only.
TIAA-CREF and its affiliates do not provide tax or other legal advice. Please consult your own advisors regarding your particular situation.
Wealth Management Group Services are provided through Advice and Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a Registered Investment Adviser.
While we don’t offer tax advice, we are familiar with the tax situations that face our clients regularly. At no additional cost to you, one of TIAA-CREF’s experienced financial consultants or advisors can discuss your financial situation. Start by calling 800 842-2252 to speak with one of our consultants, or if you already have an assigned Advisory Team, please contact the team directly.