IRS
Tomorrow is World Elder Abuse Awareness Day (WEAAD)
A recent post on IRS Newswire focused attention on the rising threat of impersonation scams targeted at older adults by scammers pretending to be government officials and attempting to obtain sensitive, personal information including social numbers. The details of this…
2025 contribution limits for HSAs
The IRS has announced the 2025 contribution limits for Health Savings Accounts (HSA), Health Reimbursement Arrangements (HRA), and High Deductible Health Plans (HDHP). The inflation-adjusted annual limit amounts for 2025 are smaller if you compare them to the largest-ever increase…
Who pays the most and least in taxes
Does the average American pay too much in taxes? A recent poll from AP-NORC found “only about 18% of adults correctly identified the group facing the highest federal tax burden, which is high-income Americans.” Alex Muresianu, a senior policy analyst…
New Limits for ABLE Accounts Now in Effect
Amid the slew of changes for 2024, the IRS announced new limits on the amount of savings available to holders of Achieving a Better Life Experience (ABLE) accounts. ABLA accounts allow states to create tax-advantaged savings programs for eligible people…
The IRS has postponed the catch-up contribution requirements until 2026.
Recently, the IRS announced the new catch-up contribution requirement under the SECURE 2.0 Act. The new rule affects older, higher-paid 401(k) participants to make catch-up contributions into an after-tax Roth account instead of the pre-tax traditional accounts. Although Congress meant…
Retirement Tax Planning: Avoiding Surprises
If you’re a new or soon-to-be retiree, you need to be aware of some of the nuances concerning your cash flow in this life phase. Specifically, you need to adjust your financial plans to account for the chunk that will…
2023 will be a savers year
Although the stocks and bonds market will continue to be volatile next year by all indications; however, retirement savers will have a banner year. Why? The IRS is increasing savings limits on many retirement savings vehicles. John F Wasik discusses…
Retirement savers got some surprising news
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS also issued guidance regarding the cost‑of‑living adjustments affecting dollar limitations for pension…
Changes may be coming to your 403(b)
If you have a 403(b), you may need to re-evaluate your retirement plans and how your plan beneficiaries will receive their funds. The IRS has treated 403(b) plans like individual retirement accounts (IRAs); however, that is about to change. Under…
More Confusion on the Stimulus Front
Although the House of Representatives passed the Heroes Act earlier this month, passage of the Act remains stalled in the Senate and the Act’s provisions–including a new round of stimulus payments–remain in discussion. Meanwhile, some folks are reporting that “extra”…