One primary reason individuals contribute to a Traditional IRA is for the tax deduction. But deduction eligibility is different than contribution eligibility, and individuals who do not qualify for a deduction can still contribute to a Traditional IRA.
Read MoreWithholding elections for nonperiodic distributions are now made on the new IRS Form W-4R.
Read MoreThe IRS in Notice 2022-55 has issued the inflation-adjusted retirement savings limitations for the coming year. Those who follow these annual announcements will note some significant year-over-year increases from the 2022 amounts.
Read MoreThe Social Security Administration has announced the 2023 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices. One of these includes the Social Security taxable wage base (TWB), which identifies the maximum amount of an individual’s annual earnings that are subject to withholding for Social Security-administered benefits.
Read MoreThe IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of wildfires and straight-line winds in New Mexico.
Read MoreAs your clients prepare their tax returns, you may find yourself receiving a barrage of tax reporting questions. Hopefully, here are the answers to some of your challenging questions during tax season.
Read MoreSeveral bills with provisions that would alter tax-advantaged savings arrangements have been introduced. If these provisions are approved, they represent important priorities for the House and Senate lawmakers responsible for their drafting and introduction.
Read MoreThe IRS announced that the filing deadline for 2021 tax returns or requests for extension is April 18, 2022, for most taxpayers.
Read MoreThe IRS released the 2022 IRA and retirement savings plan limitations in early November. Most limitations will increase for 2022.
Read MoreThe IRS officially extended the deadline for individuals to file their federal tax returns and make IRA, HSA, and ESA contributions with Notice 2021-21. This notice also gives financial organizations until June 30, 2021, to file and furnish Form 5498 series forms.
Read MoreWhat 2021 will bring is yet to be determined. There is optimism, however, that one or more retirement or health savings-focused bills could be enacted in 2021. Several that were introduced during the past two years will likely be re-introduced in the 117th Congress.
Read MoreThe IRS released the 2021 IRA and retirement savings plan limitations in late October. Several limitations will increase for 2021.
Read MoreIRS Notice 2020-50 provides greater clarity of the CARES Act provisions pertaining to coronavirus-related distributions and plan loan relief.
Read MoreDoes a Roth IRA owner have to wait five years before taking a Roth IRA distribution? What are the five-year waiting periods as they apply to Roth IRA distributions and how do they differ?
Read MoreThe IRS and Department of Labor released tax relief guidance for victims of the severe storms and flooding events in Iowa, Nebraska, and Alabama.
Read MoreEffective consumer education on the part of employers, employee benefit providers, and financial organizations can lead to a better overall understanding of HSAs and, ultimately, an increase in HSA assets.
Read MoreDo you sometimes get asked about the benefits of having a conduit IRA? Anymore it’s a thing of the past, but there are reasons why some of your clients may find value in using a conduit IRA.
Read MoreThe 2018 IRS Form 1040 is noticeably different from previous years as a result of efforts to simplify tax filing. Just how different is it? Find out how reporting retirement savings-related information on Form 1040 has changed.
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