IRS
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”…
Disposing of Tax Returns: Make Sure You Have Earnings Records for Social Security Purposes
One of the most persistent questions on the minds of Americans is “How long must I keep my copies of my Income Tax returns?” In a post today on www.usatoday.com, The Motley Fool’s Kailey Hagen recaps the IRS recommendations currently in…
An Update on Using “Get My Payment portal” Portal
Cnet Associate Managing Editor Clifford Colby, in a post on their website, offers an update on the distribution of economic impact (stimulus) payments, noting that time is running out for some eligible recipients to input the data necessary to ensure…
Stimulus Update: Decoding the Messages Associated with the the “Get My Payment tool”
People anxious to determine the whereabouts of their economic impact (stimulus) payment have reported some confusion with a frequently received ‘Payment status not available’ message. CNN’s Katie Lobosco, in a post on www.kmov.com, sheds some light on what this cryptic message might actually…
More Details on “Stimulus” Eligibility and Payment Scheduling
It’s fair to say that there has been quite a bit of confusion surrounding the schedule for distribution of the Economic Impact (“Stimulus”) Payments, and according to The Motley Fool’s Sean Williams and the IRS, to-date only about half of the…
IRS Releases Guidance for Non-Filers to Provide Information for Stimulus Payments
Information on the “web portal” promised by the IRS for individuals who have not filed tax returns in 2018 or 2019 was released late yesterday in an announcement from the U.S. Department of the Treasury and the Internal Revenue Service. “The ‘Non-Filers:…