Planning for retirement is a primary consideration for individuals.
Historically, taxpayers had to submit a private letter ruling request for a waiver if they missed the 60-day rollover deadline for IRAs or retirement plans, but today taxpayers can take the easier route of self-certification that they qualify for a hardship waiver.
Self Certifying Hardship When Missing IRA 60 Day Rollover Window Read More »
Seniors who turned 70½ last year must start receiving retirement plan payments by April 1 The Internal Revenue Service reminds taxpayers that, in most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans.
70.5 Year Olds Must Receive Retirement Plan Payments by April 1 Read More »
In November 2018, the IRS announced an increase in the dollar threshold for determining who is a highly compensated employee which will affect 401(k) plan’s nondiscrimination testing.
Highly Compensated Employees Read More »
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts.
Taxable vs. Tax-advantaged: Where to Hold Investments Read More »
If you’re currently taking care of your children and elderly parents, count yourself among those in the “Sandwich Generation.” Although it may be personally gratifying to help your parents, it can be a financial burden and affect your own estate plan. Here are some critical steps to take to better manage the situation.
Are You a Member of the Sandwich Generation? Read More »
Individual Retirement Arrangements – better known simply as IRAs – are accounts into which someone can deposit money to provide financial security when they retire.
Facts to help taxpayers understand IRAs Read More »
With tax reform bringing major changes for the year ahead, the Internal Revenue Service today urged retirees to make sure they are paying in enough tax during the year by using the Withholding Calculator, available on IRS.gov.
Retirees: Avoid a surprise tax bill Read More »
For some people, Roth IRAs can offer income and estate tax benefits that are preferable to those offered by traditional IRAs. However, it’s important to take note of just what the distinctive features of a Roth IRA are before making the choice.
Distinctive Features of Roth IRAs Read More »
Retirement can affect someone’s tax situation. Anyone who has retired recently — or who plans to retire soon — can visit IRS.gov for information that can help them prepare for filing their taxes next year.
Retirees can visit IRS.gov for helpful tools and resources Read More »
The clock is ticking down to the tax filing deadline. The good news is that you still may be able to save on your impending 2017 tax bill by making contributions to certain retirement plans.
Making 2017 Retirement Plan Contributions in 2018 Read More »