640 Class 12 Outline

640 Class 12 Outline - Class 12 Outline Business Finance...

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Class 12 Outline Business Finance 640 Winter Quarter, 2008 This class will be divided into several parts. The first part provides a brief review of traditional and Roth IRA’s. Then discussion shifts to several individual health insurance coverages, including basic hospital-surgical insurance, major medical insurance and individual disability income insurance. The importance of coverage for catastrophic major medical bills by a major medical policy and high quality individual disability income policy are stressed. Next, health savings accounts (HSAs) are introduced, along with their potential for reducing the cost of health insurance and the number of uninsured in the population. The remainder of the class focuses on certain health insurance policy provisions and suggestions for purchasing health insurance. I. Traditional and Roth IRA’s – Similarities and Differences A. Tax Deduction and Income Limits 1. Traditional IRA a. For 2007, a fully deductible traditional IRA is limited to single taxpayers with modified adjusted gross incomes of $50,000 or less ($80,000 or less for married couples filing jointly). b. The full IRA deduction is gradually phased out as modified adjusted gross income increases. c. For 2007, the phase-out range is $50,000–$60,000 for single taxpayers and $80,000 – $100,000 for married taxpayers filing jointly. 2. Roth IRA a. For 2006, the maximum annual contribution to a Roth IRA was limited to single taxpayers with modified adjusted gross incomes of $95,000 or less and to married couples filing jointly with modified adjusted gross incomes of $150,000 or less. b.
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640 Class 12 Outline - Class 12 Outline Business Finance...

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