Our 2020 year end newsletter is here! Below are a few of the great articles from our year end newsletter. We hope you enjoy the great tax, tips and news! Social Security Benefits are increasing for 2021. Americans who collect Social Security will receive a 1.3% increase in their monthly payouts in 2021. The extra […]
Required Minimum Distributions (Rmds) Now Begin At Age 72 Many taxpayers are working longer and will no longer be required to withdraw assets from IRAs and 401(k)s at age 70½. RMDs now begin at age 72 for individuals who turn 70½ in the calendar year 2020. SECUREAct NEW for calendar year 2020, are provisions included […]
Required Minimum Distributions (RMDs) waived in 2020. This includes Traditional, SEP, and SIMPLE IRAs, and employer plans such as 401(k)s, 403(b)s and governmental 457(b)s. 403(b)s and governmental 457(b)s. If you already took your RMD for 2020 and wish to return those funds to the account to avoid paying tax, there are two options: If the […]
Traditional IRA A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. You can set up a traditional IRA if you receive taxable compensation during the year. You can have a traditional IRA even if covered by an employer- sponsored retirement plan. However, the deductible amount of contributions to […]
If you have money in a tax-deferred retirement account such as a 401(k), IRA or 403(b), you’re sitting on a tax time bomb. Here’s why… Conventional wisdom says, “Maximize your contributions to tax-deferred plans. Your money compounds without being reduced by taxes and you’ll end up with more money during retirement.” But like much conventional […]
