Industry, Investor News

Nov 22 2024

Final IRS Regulations: Important News on RMDs and Beneficiaries

On July 18, 2024, the IRS released final regulations on required minimum distributions (RMDs) and beneficiary options. These final rules have been anticipated since February 2022, when proposed regulations were published. Significant changes have occurred ...
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Nov 15 2024

IRS Issues Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates

The IRS has issued Notice 2024-81. This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) ...
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IRA, IRA contribution, contribution limit

Nov 1 2024

401(k) Limit Increases to $23,500 for 2025, IRA Limit Remains $7,000

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. The IRS today also issued technical guidance regarding ...
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SEP IRA

Jan 17 2024

SEP IRA Contribution Limits for 2024

Self-employed workers and small-business owners who want an easy and inexpensive retirement plan should consider a Simplified Employee Pension IRA, or SEP IRA for short. SEP IRA plans are easier to establish than other retirement ...
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Nov 17 2023

Tips for Seniors to Avoid Financial Scams

Remember, scammers are constantly evolving their tactics, so staying informed and vigilant is crucial to avoiding financial scams while protecting your finances and personal information. 1. Avoid Suspicious Links Don't click on links or open ...
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Aug 18 2023

Required Minimum Distribution (RMD) Rules After SECURE 2.0

Retirement plan accounts (other than Roth accounts, that is) are tax deferred, but not forever. At a certain age, every retirement plan owner or participant must begin to receive annual taxable distributions. The amount of ...
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Aug 4 2023

SECURE 2.0 Offers a Powerful Retirement Income Planning Opportunity

In this article, the authors examine a little-known provision in the recently enacted SECURE 2.0 retirement legislation concerning the required minimum distribution rules and explain how it can help taxpayers. The federal tax regulations implementing ...
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Jul 21 2023

IRS Gives Extra Time to Fix RMDs Made Erroneously Under SECURE 2.0

The Internal Revenue Service and the Department of the Treasury have issued a notice that provides leniency regarding mistaken required minimum distribution payouts from retirement plans under new SECURE 2.0 Act of 2022 rules and ...
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Jul 14 2023

Roth IRAs: What They Are and How They Work

A Roth IRA is a type of individual retirement account that allows workers to save money for retirement using after-tax dollars. This means taxes are paid on the contributions before they are placed in the ...
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May 5 2023

Can a SEP IRA or Solo 401(k) Get Me More Retirement Money?

When you're self-employed, you're in charge of choosing and funding your own retirement plan. In place of an employer-provided retirement plan like a 401(k), you may consider making contributions to a SEP IRA or solo 401(k) plan. But which ...
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