that s $6500 you can put into this ira. you can also put about $5500 for everyone else. the other thing to think about is ira rollovers because you may have money in the ira fund and you may want to take it out tax-free in retirement. you will have to pay taxes up front on the money, but you can take it out after 59 1/2 tax free. the roth ira rolling over from a traditional to a roth irs is something some people want to consider. and there s another break for seniors that is really only for them this year, if you re 65 or older in terms of medical expense deductions. you need to have 7.5% of your gross income, the threshold you have to reach to claim that deduction. for everyone else, it s 10%, the threshold is much higher. so seniors need to realize they can still take advantage of the lower threshold in terms of claiming the deduction for their medical expenses, which is as health care costs rise, very important to be able to do. great advice, sharon. thank you for coming in. my
i ll also note that hillary clinton, if she doesn t run, the field is completely wide open. the bench after her is, i would say, in many ways relatively weak in terms of someone who could found a national campaign quickly and effectively in an organized manner. except maybe joe biden, maybe. thank you, ladies. have a great weekend. thank you. thank you. it s getting close to tax crunch time. 26 days until you need to file your tax return. need some motivation? how about this? the irs just announced that nearly $760 million in unclaimed refunds may be due to more than 900,000 people who didn t file their last return in 2010. but uncle sam will get to keep it if the 2010 return isn t filed by this year s tax deadline. here to talk taxes is cnbc personal finance correspondent sharon epperson. great to have you here. great to be here. the moral of the story is file your tax returns. don t leave the money on your
table. you have three years to file an amended return. if you find things and say, wait, i could have saved on this last year, think about filing an amended return, but do it within three years. let s talk about this year s return, because there are ways to save money. depends on where you are in your life. let s startnewlyweds. a lot has changed in your life. one thing is you re going to have to do your taxes two ways to figure out the best option. there are two options. married filing jointly or married filing separately. this is particularly important for newlyweds who are same-sex couples because this is the first time they can file their taxes this way under the irs rule. a lot of single people also take the standard deduction, which may not be what you want to do if you re a married couple. think about itemizing. let s talk about panchts. some of those rules have changed about the kinds of breaks you get if you have kids. right off the back, you get $3,900 personal exempt