today is the last day for topping up CPF/SRS and Jan 1 is the first day to top up again

[ProvenPracticalFlexible]

no worries PNGMK. Just asked in case you happen to know.

You are correct, she's not in cpf life, born earlier than that cut off date.

What I look at cpf faqs, I interpret it this way:
-I can do the cash top up, and upto 7k$ it will be tax deductible to me (this is a good this as long as I keep my income level whole year (= don't quit or get fired).

-My mother in law will get the extra money in her retirement account, and this will increase the monthly payouts and/or extend payout duration. Source:
https://www.cpf.gov.sg/members/FAQ/sche ... id=2188570

-in worst case it will be inherited by my wife as the only child into her cpf account.

Will check with some local colleagues who are more likely to have similar situations and might have studied this a bit more.

[ProvenPracticalFlexible]

PNGMK, sorry to bug you again, but did I get it correctly that if I top up medisave by 3k to 63k now. I can still top up 7k on my SA and both will be fully tax deductible (total 10k). Or is it total 7k only (3k medisave and can only add 4k to SA)?

BTW you guys are absolutely right that this stuff didn't interest me much 10 years ago, but now learned some of the benefits of the CPF system, as I need to start thinking life after 55-65, I'm quite happy to contribute cpf these extras where I can.

[PNGMK]

PNGMK, sorry to bug you again, but did I get it correctly that if I top up medisave by 3k to 63k now. I can still top up 7k on my SA and both will be fully tax deductible (total 10k). Or is it total 7k only (3k medisave and can only add 4k to SA)?

BTW you guys are absolutely right that this stuff didn't interest me much 10 years ago, but now learned some of the benefits of the CPF system, as I need to start thinking life after 55-65, I'm quite happy to contribute cpf these extras where I can.

Medisave is always tax deductible up to 7k. The others are not once you hit the min sum (aka "BRS" I think). I believe the total is 7k for tax deduction to your own account but you can also contribute to your spouse etc for more tax deductions I believe.

[ProvenPracticalFlexible]

Thanks again. Yes, checked the additional conditions for the topping up other accounts, if spouse is working and has an income over 5k per year. So practically it means that only applicable to stay home spouse.

And with 2 kids and parents tax deductions, wife already maxed out to 80k tax deductions. So it only makes sense to me to add the in-laws. According to a colleague who used it for his father it was paid out over 2 years, so it's like giving ~300$ monthly allowance but will get the income tax break from your top tax rate.

[PNGMK]

PPF - at this point I think we're on the same page... where do we go next to make more money (and hopefully more tax deductions) and the only answer is equities (stocks), property (bleh) and your side businesses (which can pay for things on a tax deductible manner if they involved in generating revenue). I assume you're both contributing to SRS. I wish we could income split (i.e. file taxes with shared income split evenly) but cannot.

[Finedine]

I’m trying to do lumsum top up to SA but only allow me to do 1 k.

Anyone knows why is it so?

Thanks

[PNGMK]

I’m trying to do lumsum top up to SA but only allow me to do 1 k.

Anyone knows why is it so?

Thanks

You've either hit the max level of VC (which is unlikely this early in the year but is $37,400) or you have close to the max limit for SA (which is the FRS - $179,000 or so) or most likely you are using PayNow which seems to have a daily limit of $1,000.

To get around the PayNow limit you can either do a top up every day until you reach your amount or you can post a cheque in with a form (which you need to request from CPF via an email - they don't keep it on the website now) or go into their office with a cheque and fill form on the spot (but need booking now because of Covid19).

[ProvenPracticalFlexible]

you can have higher limits for PayNow, just did this week 3k for the medisave topup. you just need to make your limits higher. at least UOB allows that. 1000 might be the default.

[Finedine]

It is stated under “My messages” that i can top up up to 1000.31 so I assume my SA account has reached the max limit.

[PNGMK]

It is stated under “My messages” that i can top up up to 1000.31 so I assume my SA account has reached the max limit.

How much is in your SA?

Top up Medisave to 63k already? (While this may not make sense remember that maxing out your medisave pushed future contributions from the EE/ER into OA and SA exclusively and Medisave top ups are always tax deductible up to 7k).

[PNGMK]

you can have higher limits for PayNow, just did this week 3k for the medisave topup. you just need to make your limits higher. at least UOB allows that. 1000 might be the default.

Yeah 1000 is the default but Maybank won't change it for me.

[ProvenPracticalFlexible]

you can have higher limits for PayNow, just did this week 3k for the medisave topup. you just need to make your limits higher. at least UOB allows that. 1000 might be the default.

Yeah 1000 is the default but Maybank won't change it for me.

You must be in their high risk drinking and gambling profile or something like that. Maybank for me has given the highest default credit card limit; 8 months salary by default. Citi and SCB 5-6 month and local banks UOB and OCBC max 2 months. Not that it matters as I could ask it to be changed but just my experience in default credit limits and how easy on those the banks are has always been that local banks are really conservative and international not to mention regional like Maybank or ANZ (when still here) were pretty loose with their limits and credits.

[PNGMK]

you can have higher limits for PayNow, just did this week 3k for the medisave topup. you just need to make your limits higher. at least UOB allows that. 1000 might be the default.

Yeah 1000 is the default but Maybank won't change it for me.

You must be in their high risk drinking and gambling profile or something like that. Maybank for me has given the highest default credit card limit; 8 months salary by default. Citi and SCB 5-6 month and local banks UOB and OCBC max 2 months. Not that it matters as I could ask it to be changed but just my experience in default credit limits and how easy on those the banks are has always been that local banks are really conservative and international not to mention regional like Maybank or ANZ (when still here) were pretty loose with their limits and credits.

My paynow limit is 1000. My credit card limits are similar to yours.

[malcontent]

The banks usually default to $1000 and you can adjust that in the online banking app. It is quick and easy to do, takes effect immediately.

[ProvenPracticalFlexible]

Since Sep last year the limits were raised and it's at least 5k. But local banks and HSBC and maybank has it at 200k.

https://fintechnews.sg/44033/mobilepaym ... o-s200000/