The age milestone — also called the Required Beginning Date (RBD) — for Required Minimum Distribution (RMD) rules changed with the 2022 SECURE Act 2.0, so it’s helpful to look at birthdates to know which timeline to follow for your 401(k) orTraditional IRA withdrawals. If you were bo...
This page contains a summary of the latest individual contribution limits, income thresholds and eligibility rules for popular tax-advantaged retirement plans. Unless noted or for future estimates, all data is from the official IRS website and relevant procedures. Use the section finder below to ju...
IRA Transfer Rules When considering an IRA transfer, keep the following IRS rules in mind:2 All distributions may be transferred over, except therequired minimum distribution (RMD)and any distribution of excess contributions and related earnings. The transfer must be deposited in the new account wit...
IRA RMD Reporting Early Withdrawal of an IRA or 401(k) - SOSEPP Arguments in Favor of a Rollover Converting an Inherited 401(k) to Roth History of the Individual Retirement Arrangement (IRA history) The Post-55 Exception to the 10% Penalty for Withdrawals from 401(k) Social Secur...
Early Withdrawal of an IRA or 401(k) - SOSEPP IRA RMD Reporting Windfall Elimination Provision May Impact Spousal Benefits but not Survivor Benefits Windfall Elimination Provision (WEP) for Social Security When is Your Social Security Birthday? Previous Article Archives… Previous Article Archive...
Often when dealing with an issue regarding a prior year’s tax return it is necessary to get a copy of the information that the IRS has on record for your return as filed. Of course, you should always keep a copy of your original return, but in the absence of an original, the IRS’...
Below is the text of IRS’Tax Tip 2015-23, which details some of the reasons that it makes sense to use direct deposit for your tax refund. On the other hand, it can also be easy and convenient to use direct debit for any tax payments that you need to make as well. You can sched...