Tag Archives: retirement
On July 18, 2024, the Internal Revenue Service (IRS) finalized rules regarding the withdrawal of funds from inherited retirement accounts. These new regulations state that most beneficiaries must withdraw a minimum amount each year over a 10-year period. This is a significant change from the previous policy, which allowed heirs to stretch withdrawals over their […]
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If you are an American looking to stash away some money for next year, you need to take advantage of this unknown tax break that has been recently updated by the IRS to reduce liability next year. The condensed term saver’s credit from the retirement savings contribution credit offers up to $1,000 in credit to […]
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The Internal Revenue Service has announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period for any RMDs already taken this year has […]
— Read moreSaving your money isn’t easy, though when retirement rolls around, you’ll be happy you have some cash stored away. If you work and make contributions to a retirement plan or Individual Retirement Account (IRA), you may be eligible for a specific tax benefit called The Saver’s Tax Credit. Found on tax forms under the name […]
— Read moreKnowing the difference between capital gains and losses, and how each factors into your tax return can make a big difference on your stress level. Continue reading to learn more about each. Capital Gain Profits made from the sale of assets, such as stocks, real estate and mutual funds is called capital gain. Short term […]
— Read moreSaving for retirement is a great way to gain financial strength. Many taxpayers opt for a 401(k) savings plan. There are two different types of 401(k) plans, and you should be aware of what makes them different from each other. Traditional 401(k) This type of plan is sponsored by your employer and allows you to […]
— Read moreOnce you’ve put your day job behind you, and settled into the sweet life of retirement, it doesn’t mean tax time has come to an end. Likely, you’ll receive a Form SSA 1099, Social Security Benefit Statement (or RRB – 1099 if you are in Railroad Retirement). If you have additional income, your benefits may […]
— Read moreThere’s a chance you may not have to file a tax return if your Social Security or equivalent railroad retirement benefits are the only source of income you’ve received throughout the tax year. If you have received additional forms of income, the aforementioned benefits are typically tax-free providing your modified adjusted gross income (MAGI) is […]
— Read moreWithdrawing money or assets from an eligible retirement plan and transferring it to another eligible plan can result in a rollover, provided the transfer happens within sixty days. The actual transaction is not taxable, however it is reported on your tax return to the IRS. Some distributions are not eligible to be rolled over. These […]
— Read moreWhen collecting retirement allowances through annuity or pension payments from a qualified employer retirement plan, it’s important to note that all or some allocation of the amounts you accept may be subject to taxation. The benefits that you collect are completely taxable if you accept no investment in the contract because any of the following […]
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