Category Archives: Retirement

Retirement Plan and IRA Rollovers

The following video is from the IRS. Did you know that you can move funds from your Individual Retirement Arrangement and retirement plan to another IRA or plan? There are two ways to do so: you can have the funds … Continue reading

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Here’s What People Should Know about Taking Early Withdrawals from Retirement Plans

The following article was published by the IRS. Taxpayers may need to take money out of their individual retirement account or retirement plan early. However, this can trigger an additional tax on top of other income tax they may owe. … Continue reading

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Contribute to an IRA by April 15 to Claim It on 2018 Tax Returns

The following article was published by the IRS. It’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax … Continue reading

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Seniors Who Turned 70½ Last Year Must Start Receiving Retirement Plan Payments by April 1

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. Two payments in the same year The payments, … Continue reading

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401(k) Contribution Limit Increases to $19,000 for 2019; IRA Limit Increases to $6,000

The following article was published by the IRS. The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. Highlights of Changes for 2019 The contribution limit … Continue reading

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Year End Tax Planning Considerations For The Individual

Below are some important steps to keep in mind as we approach the 2019 tax season: 1. Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: 1. NET … Continue reading

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Facts to Help Taxpayers Understand Individual Retirement Arrangements

The following article was published by the IRS. Individual Retirement Arrangements – better known simply as IRAs – are accounts into which someone can deposit money to provide financial security when they retire. A taxpayer can set up an IRA … Continue reading

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