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Consolidating roth iras

So if you make your January mortgage payment by Dec.31, you can deduct the interest from that payment on your coming tax return. For the 2016 tax year, mortgage insurance premiums can be deducted.

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If your remaining pay will push you into the top tax bracket, defer receipt of money where you can. Put more money into your tax-deferred workplace retirement plan.This strategy works even if you’re not in the top tax bracket, but just about to cross into the higher one.RATE SEARCH: Looking for a high-yielding savings account? Even if you’re nowhere near the top tax bracket, putting as much money as you can into your company’s 401(k) or similar workplace retirement savings plan is a good idea.He also has proposed eliminating exemptions and most itemized deductions, except those for child care, mortgage interest and charitable contributions.But for now, we have to go with the tax rules currently in place.Normally, when such debt is forgiven via short sale or foreclosure, the amount of the discharge is added to your gross income and taxed.

But you do get a little relief from that deadline as long as you enter into an agreement before the end of the year to get your mortgage debt discharged.

In most cases, you can modify your 401(k) contributions at any time, but double-check with your benefits office to be sure of your plan’s rules.

Another workplace benefit, the medical flexible spending account, or FSA, also requires year-end attention so you don’t waste it.

This surtax, part of the Affordable Care Act, applies to the unearned income of taxpayers with modified adjusted gross incomes, or AGIs, of more than $200,000 if they are single or head of the household; $250,000 if married and filing jointly; and $125,000 if married and filing separately.

High earners with investment income can reduce this tax burden — as long as it remains in effect — by using capital losses to reduce their taxable amount.

RATE SEARCH: Get some interest on your savings starting today by shopping money market accounts.