Tag Archives: retirement plans
On July 18, 2024, the IRS finalized new rules that change how most beneficiaries inherit retirement accounts like IRAs and 401(k)s. These regulations now require most non-spouse beneficiaries to withdraw all funds within 10 years of the original account holder’s death and, in many cases, take annual Required Minimum Distributions (RMDs) during that period. This […]
— 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 […]
— Read moreTaxes can be one of the biggest expenses that anyone in a professional environment encounters. If you’re one of those professionals, there are many deductions that can help you save. Unfortunately, you may not know some of them exist at all, or be aware of what records you should keep to claim certain deductions. To […]
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