Social Security Report

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Uncashed payout checks from retirement plans are still taxable

The IRS’s Revenue Ruling 2019-19 spells out that you owe tax on the amount for the tax year in which the plan distributed the money even if you don’t receive your check or cash it until the following year. The ruling makes it clear that you cannot hold off on paying taxes by taking a distribution at the end of the year, but not cashing the check until January or beyond of the following year. Read article here…

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