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This guy has 800K in his CPF. (AK responds to HWZ Forum.)

A reader pointed me to a thread in HWZ Forum which discussed about my CPF savings being more than $800K. He wanted to clarify certain que...

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"E-book" by AK

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Voluntary contribution to CPF MA in 2019.

Sunday, November 25, 2018

Reader says...

AK sifu.. Wah next year MA up to 57200...

Excited siah..

Can top up again to get tax relief.

Can I ask u if the interest from the existing MA for 2018 will flow back to MA to meet the 2019 BHS?

If yes then sian.. Cos I cannot top up in cash in Jan 2019 to MA.

Many ppl said why increase nearly 5%..

I think if they don't increase..

Health care inflation in Singapore will eat up our BHS eventually.

I do welcome such increase. Give me a chance to earn more interest n tax relief. 😂

AK says...

Interest earned this year in MA will go to SA if MA is full and will go to OA if MA and SA full.

So, beginning of 2019, you can top up the MA $57,200 - $54,500 = $2,700 😀

Reader says...

Song song Gao jookoon

It's your fault..

Make me so excited every Jan lol

AK says...

Sorry for giving your heart stress. 😛

Bad AK! Bad AK!

Reader says...

I also say.

Nvm I got sufficient MA to do body checkup and buy free insurance 😂

So, do you want free medical insurance in Singapore?

If you still don't know how, read the related posts at the end of this blog.

If AK can do it, so can you!

Related posts:
1. Medisave voluntary contribution in 2018.
2. How to get free medical insurance in SG?


AK71 said...

Steve Chua says...
Are we able to claim the $2700 for tax rebate if we are still working and contributing to MA next year?

AK says...
Income tax relief for the recipient?
Of course. ;)

AK71 said...

CH CH Ng says...
I was wondering if I topped up the SA 7k for tax relief am I able to claim the $2.7k in the MA increase also..looks like need a phone call to CPF again

AK says...
One is a Top Up and another one is a Voluntary Contribution.
I would say "yes" but I am not the CPFB. :p

The passive investor said...

I would also agree with AK. Top up of 7k can claim tax relief. 2.7k for MA depends on whether contribution ceiling is hit. One more consideration would be the total tax relief cap. If I remember correctly(apologies if i remember wrongly), currently at 80k per year.

AK71 said...

PK Jan says...
for those of us still working, if we topup $2.7k to MA in Jan, will the contributions from monthly salary all go into OA and SA?

AK says...
If your MA is max, mandatory contributions will only go to OA and SA.

AK71 said...

Jimmy Ng says...
Next year, Yr 2019, BHS will be $57,200.

With today's MA at $54,500, plus Yr 2018 interest of $2180 = $56,680.

So, to reach new BHS. We only need to top up S$520, to max it.

Tax relief of $7k, can help a bit but may not mean much to low income like me. Will rather keep that balance cash to top up the MA later in the year, after those PMI premiums.

AK says...
Interest earned this year in MA will go to SA if MA is full and will go to OA if MA and SA full.

So, beginning of 2019, you can top up the MA $57,200 - $54,500 = $2,700

Must read my blog carefully. :p

Siew Mun said...

I anticipate I will hit $37,740 employer/employee contribution for 2019. Can I still top up MA to $57,200?

WK Yap said...

If MA is maxed out, the 5% interest given by CPF will go to SA or go back to MA?

AK71 said...

Hi Siew Mun,

If you already hit the CPF Annual Contribution Limit through Mandatory Contribution, you don't have to do this because you would already get the full income tax relief from hitting the Limit already.

When not to do VC to CPF?

AK71 said...

Hi WK Yap,

See my reply to Jimmy Ng two comments before yours. ;)

WK Yap said...

Scenario : MC already maxed out for myself.
Can I do a VC to my spouse & still get the tax relief?

AK71 said...

Hi WK Yap,

The tax relief here is given to the recipient of the VC.

In this case, the recipient is your spouse.

Nick said...

If you are also making cash top-ups for your loved ones - parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings, you can enjoy additional tax relief of up to $7,000 per calendar year.

To qualify for tax relief for cash top-ups made to your spouse's/siblings' CPF accounts, your spouse/siblings must meet one of the following conditions:
1. Income (e.g. salary or tax exempt income such as bank interest, dividends and pension) not exceeding $4,000 in the year preceding the year of top-up*; or
2. Handicapped said...

Hi AK,

Happy new year to you!

Just to share on my Medisave top up - I tried this morning and the allowable contribution was stated as $1253, as my employer's contribution just came in today and boosted my MA ! lol too late.

One interesting observation is that the contribution made 3rd Jan was from my Dec 2018 bonus. Hence, it appears that CPF also take contributions from 2018 into consideration for my 2019 MA if it was only credited in 2019.

Maybe I misunderstood- thought it should be diverted to my OA and SA since my MA already hit basic sum in 2018.

Anyway I shall check again later this month to see if CPF will make any adjustments.


AK71 said...

Hi Elsie,

CPFB will transfer everything in the MA that is in excess of the BHS at the end of 2018 into your SA/OA (whichever is applicable).

At the start of 2019, your MA should only have 2018's BHS.

So, you have a small window to top up your MA to 2019's BHS before the mandatory contribution from employment comes in. :)

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