The following article was published by the IRS. It’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by April 15, 2019. [...]
In most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans. Two payments in the same year The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those persons [...]
The following article was published by the IRS. The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. Highlights of Changes for 2019 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings [...]
Below are some important steps to keep in mind as we approach the 2019 tax season: 1. Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: 1. NET INVESTMENT INCOME (NII), OR 2. THE EXCESS OF MODIFIED ADJUSTED GROSS INCOME (MAGI) OVER A THRESHOLD [...]
The following article was published by the IRS. Individual Retirement Arrangements – better known simply as IRAs – are accounts into which someone can deposit money to provide financial security when they retire. A taxpayer can set up an IRA with a: bank or other financial institution life insurance company mutual fund stockbroker Here are some [...]
