Page 24 - Pakistan Link - April 26, 2019

P24 – PAKISTAN LINK – APRIL 26, 2019 COMMENTARY
2019 Planning Ideas - 3

n By Saghir Aslam do not aff ect eligibility for Medicaid
Rawalpindi, Pakistan benefi ts (Note: Medicaid pay-back
rules may apply upon the benefi cia-
(The following information is ry’s demise.) Account balances great- FOUNDATION
provided solely to educate the Mus- er than $100,000 and distributions P.O. BOX 5481, Santa Clara, CA 95056 | (408) 244.3282 | www.hidaya.org
lim community about investing and for housing costs may aff ect eligibil-
fi nancial planning. It is hoped that ity for SSI benefi ts.
the Ummah will benefi t from this ef- If you have a family member FIDYA
fort through greater who may be eligible for ABLE ac-
fi nancial empower- count contributions, talk with your Compensation for Missed
ment, enabling the tax and legal advisors to determine Fasts During Ramadan
community to live in poses. A limited number of states if this type of account is suitable for For those who are unable to fast (elderly,
security and dignity allow contributions through the Tax your situation. terminally ill, pregnant, breastfeeding etc.),
and fulfi ll their reli- fi ling deadline to claim or prior year a compensation must be given by feeding
gious and moral obli- state tax deduction. Benefi ts of savings accounts a poor person for every day of fasting not
gations towards charitable activities) • ESA contributions for 2018 Take advantage of employer- observed in Ramadan.
can be made up to April 15, 2018cus- provided tax-advantaged benefi t Young and healthy people who miss any
Retirement plan accounts to programs: days of fasting due to illness or traveling
Consider the tax benefi ts of re- • 529 or ESA distributions • Flexible Spending Ac- should make up those days after Ramadan
tirement plan strategies: must occur in the same tax year as counts (FSAs) and Health Savings or after regaining their strength. Currently,
• In 2018, you can defer the payment of qualifi ed education Accounts (HSAs) typically require the suggested minimum cost for Fidya in the U.S.A. is approx. $3.50 for
$18,500 ($24,400 if you’re age 50 or expenses to be eligible for tax-free annual re-enrollment. each day of missed fasts, however, donors may give more if they are
older) of your compensation by the treatment. • Review 2018, out –of- able, and the poor will benefit.
calendar year-end deadline for many • Qualifi ed expenses for 529 pocket expenses and adjust 2019 Hidaya distributes Fidya by providing dry ration meals to the poor.
employer-sponsored retirement plan plan purposes now include up to contribution amounts accordingly.
accounts. $10,000 per year per benefi ciary for • If you have not fully funded Donate online via check or card at
• Consider your current and tuition for grades K-12. your HSA in 2018, you may still be
future tax rates, evaluate whether • For students attending col- able to do so. Talk with your health www.hidaya.org
contributions to a Traditional 401(k) lege in the 2019-2020 school year, plan administrator about eligibility
or Roth 401(k), if available, will pro- the fi nancial aid application period to make additional contributions.
vide more tax benefi ts. opens October 1, 2018. Note this • Generally, FSA funds must or call us at (408) 244-3282
• If available, consider start- date since early applications typically be used within the same plan year Hidaya Foundation is a non-profit 501 (c)(3) charitable organization with Tax ID # 77-0502583
ing or increasing contributions to receive better fi nancial aid off ers. unless your employer off ers a grace
your employer’s nonqualifi ed de- • If your planning to make period or carryover. If you fi nd your-
ferred compensation (NQDC) plan. some changes to your child’s income self with FSA funds near year-end
• Evaluate converting a Tra- and talk with your tax advisor to un- and do not anticipate needing them, Exchange Rates for Currency Notes*
ditional IRA to a Roth IRA. derstand the impact of the new “kid- see IRS publication 502 for permit-
• With the passing of the Tax die tax” rules. ted medical expenses, such as fi rst
Cuts and Jobs Ac of 2017, amounts aid kits, bandage, contact lenses and Countries Buying Selling
converted in 2018 or later are ir- Understanding the ABLE ac- solutions, etc. You may fi nd some Rs. Rs.
revocable. You no longer have the count qualifying expenses that will help
ability to Re- characterize (undo) a ABLE accounts are tax-advan- you use up the remaining FSA dol- USA 142.00 142.50
Roth conversion. Th e last day to re- taged savings accounts for individu- lars. Discuss your situation with your UK 185.00 187.25
characterize a 2017 conversion is/ als with disability must have oc- tax advisor prior to taking FSA dis- S.Arabia 37.70 37.95
was October 15, 2018. curred before turning age 26). Any tributions. Japan 1.26 1.29
• If you are working but person, family member, or friend (Continued next week) Euro 159.25 159.75
do not have access to an employer may contribute to the account, and (Saghir A. Aslam only explains UAE 38.70 39.00
plan, talk with your fi nancial advi- balances have the potential to grow strategies and formulas that he has
sor about your IRA contribution tax-deferred. In 2018, total contri- been using. He is merely providing (*April 24, 2019)
options. If self-employed, consider butions up to $15,000 plus a limited information, and NO ADVICE is
setting up a retirement plan to help amount of earned income are al- given. Mr. Aslam does not endorse
reduce your taxable income. lowed; contributions are not feder- or recommend any broker, broker- US VISA AVAILABILITY IN APRIL 2019
ally tax-deductible, but some states age fi rm, or any investment at all,
Education savings may allow a state income tax deduc- nor does he suggest that anyone will For Pakistan, Bangladesh & India
Save on taxes while saving for tion. Balances in 529 college saving earn a profi t when or if they pur- Compiled by Hasan Chishti
education: plans may now be rolled to an ABLE chase stocks, bonds or any other in-
• Contributions to Educa- account up to the annual contribu- vestments. All stocks or investment
tion savings Accounts (ESAs) or 52 tion limit. Also, beginning in 2019, vehicles mentioned are for illustra-
plan accounts can grow tax-deferred. these contributions are eligible for a tive purposes only. Mr. Aslam is not FAMILY SPONSORED PREFERENCES Pakistan/Bangladesh India
• 529 plan contributions limited tax credit. an attorney, accountant, real estate
st
must be invested with the vendor in As long as withdrawals are used broker, stockbroker, investment ad- 1 Unmarried sons & daughters
time to be reportable on a 2018 ac- to pay qualifi ed disability expenses, visor, or certifi ed fi nancial planner. Of U.S. Citizens Dec., 01, 2011 Dec., 01, 2011
count statement to be considered a withdrawals are tax free. Most im- Mr. Aslam does not have anything
2018 contribution for gift ing pur- portantly, ABLE account balances for sale.) 2-A Spouses and unmarried
childrens of permanent residents March 01, 2017 March 01, 2017
MODI FROM P6
the nation’s fabric for a millennium World countries. Th eir repudiation sectors of the future. Ignite’s part-
and are genetically indistinguishable now will be a betrayal of all the noble nership with Facebook, one of the 2-B Unmarried sons & daughters (21 yrs.
from Hindus. values with which India, and indeed world’s leading AR/VR development of age or older) of permanent residents Oct., 22, 2012 Oct., 22, 2012
Modi is a charismatic and the Hindu faith, have been associated platform, will help launch this crucial
shrewd politician and the BJP has since ancient times. 4IR technology in Pakistan in a big 3 Married sons & daughters of US citizens Sept., 22, 2006 Sept., 22, 2006
rd
cleverly decided to capitalize on his (Th e author is a former Assistant way.”
popularity in the 2019 elections. Professor, Harvard Medical School, LUMS Vice Chancellor, Dr Ar-
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His main rival is Rahul Gandhi, the and a health science administrator, shad Ahmad said, “Innovation is the 4 Brothers & sisters of adult U.S. citizens Jan., 01, 2006 July 15, 2004
48-years old, urbane, Cambridge- US National Institutes of Health) backbone of cutting edge research
educated grandson of India’s iconic and quality teaching at LUMS.”
leader, Jawaharlal Nehru, who is CAM FROM P7 He added that the lab provides
relatively inexperienced in the rough Th e fi nal word must go to the leverage to our core off erings and EMPLOYMENT-BASED CATEGORY
and tumble of Indian politics. Should prince of Denmark: “Th ere are more enables us to achieve another level of st
Modi and his BJP, with their retro- things in Heaven and Earth, Horatio, training and mentorship as it prom- 1 Priority workers Feb., 01, 2018 Feb., 22, 2017
grade agenda, prevail in the com- than are dreamt of in your philoso- ises to create social capital amongst
ing elections, as seems likely, India phy.” young entrepreneurs that will drive 2 Members of the professions holding
nd
in time will be transformed into a (Th e writer is the Ibn Khaldun their ideas with no boundaries. advanced degree or persons of
country very diff erent from what its Chair of Islamic Studies at American
founding fathers, Mahatma Gandhi, University, Washington, DC, and au- MARRIAGE FROM P21 exceptional ability Current April 12, 2009
Pandit Jawaharlal Nehru and many thor of Journey into Europe: Islam, overjoyed that I was able to connect
stalwarts of the freedom movement Immigration, and Identity, Brook- with the history on my big day.” 3 Skilled workers Current June 22, 2009
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had envisioned it to be - a secular, ings Press, 2018) Burhan’s mother Barrister Zill- Other workers Current June 22, 2009
tolerant and pluralistic society. e-Huma said that by joining the hon-
Espousal of these sublime val- FACEBOOK FROM P23 orable society of Lincoln’s Inn she
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ues in the fi ft ies and sixties was what “Augmented Reality (AR), VR thought that perhaps she would have 4 Certain special immigrants Current Current
made India a leader of, and a model and Artifi cial Intelligence (AI) are followed the footsteps of Quaid-i- Certain religious workers Current Current
for, the newly-independent Th ird rapidly expanding and will be major MARRIAGE, P26
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www.PakistanLink.com 5 Non-regional centers Current Current
Regional centers Current Current