Category: Required minimum distributions
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Two Important Tax Deadlines Are Coming Up — And They Don’t Involve Filing Your 2022 Tax Return
April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Here are the basic details about these two deadlines. Taking a first RMD RMDs are normally made by the end of the year. But anyone who…
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Retiring Soon? Four Tax Issues You May Face
If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts.…
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CARES ACT Changes Retirement Plan and Charitable Contribution Rules
As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief,…
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Four New Law Changes that May Affect Your Retirement Plan
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions…
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Congress Gives a Holiday Gift in the Form of Favorable Tax Provisions
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every Community Up for Retirement…