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Individual Retirement Arrangements: Terms To Know

Posted on November 2nd, 2020

While many taxpayers already know about Individual Retirement Arrangements, or IRAs, and have set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker, there are other taxpayers such as those new to the workforce who may not understand how IRAs help them save for retirement. With this in mind, here is a list of basic terms to help people better understand their IRA options: Read More…

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Taking Early Withdrawals From Retirement Accounts

Posted on October 2nd, 2020

While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know. Read More…

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Choosing a Retirement Destination: Tax Considerations

Posted on October 1st, 2020

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside. Read More…

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Preparing for a Successful Retirement

Posted on September 4th, 2020

As you approach retirement, it’s vital that you pay attention to several important financial matters to ensure a smooth transition. Here are five of them: Read More…

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Temporary Relief for Retirement Plan Participants Issued

Posted on August 3rd, 2020

Temporary administrative relief has been issued that helps certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Generally, signatures of the individual making the election must be witnessed by a notary public or in the presence of a plan representative. This includes a spousal consent as well. Read More…

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rollover relief for rdm on retirement accounts

Retirement Accounts: Rollover Relief for RMDs

Posted on July 3rd, 2020

Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before January 1, 2020). The RMD for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table” and is the minimum amount you must withdraw from your account each year. Read More…

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It’s Not Too Late to Make an IRA Contribution

Posted on March 2nd, 2020

If you haven’t contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th due date, not including extensions. Read More…

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Individual Taxpayers: Recap for 2019

Posted on December 4th, 2019

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2019. Read More…

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Retirement Contributions Limits Announced for 2020

Posted on December 3rd, 2019

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2020 are as follows: Read More…

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Take Retirement Plan Distributions by December 31

Posted on December 1st, 2019

Taxpayers born before July 1, 1949, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Read More…

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October 1 Deadline to Set up SIMPLE IRA Plans

Posted on September 1st, 2019

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you’ll need to set it up by October 1st. Here’s what you need to know. Read More…

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Deadline for Retirement Plan Distributions is April 1

Posted on March 2nd, 2019

In most cases, taxpayers who turned 70 1/2 during 2018 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Monday, April 1, 2019.

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Retirement Contributions Limits Announced for 2019

Posted on December 2nd, 2018

Dollar limitations for pension plans and other retirement-related items for 2019 are as follows:

In general, income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the saver’s credit all increased for 2019. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan also increases from $18,500 to $19,000. Contribution limits for SIMPLE retirement accounts for self-employed persons increase in 2019 as well – from $12,500 to $13,000. Read More…

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Choosing a Retirement Destination

Posted on October 6th, 2018

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one they currently reside in.

But some retirees may be in for a surprise. While federal tax rates are the same in every state, retirees may find that even if they move to a state with no income tax, there may be additional taxes they’re liable for including sales taxes, excise taxes, inheritance and estate taxes, income taxes, intangible taxes, and property taxes. Read More…

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Early Withdrawals from Retirement Plans

Posted on October 1st, 2018

Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here are five things taxpayers should know about early withdrawals from retirement plans: Read More…

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