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In the 2024 tax year (for filing taxes in 2025), the saver’s credit phases out at $76,500 for married couples filing jointly, $57,375 for heads of household and $38,250 for singles and married ...
Changes to retirement plan contributions. The Internal Revenue Service announced record-high maximum annual contributions to 401(k) and similar retirement accounts for 2023. Workers who have a 401 ...
Final IRS rules on a feature of the Secure 2.0 Act, make it possible for people under age 59 ½ with tax-deferred retirement accounts to take up to $1,000 per year from the plans without owing ...
The SECURE Act was signed into law by President Trump in December 2019 as part of the Further Consolidated Appropriations Act, 2020. It made changes to retirement plans, such as raising the minimum age for required minimum distributions, allowing workers to contribute to IRAs after 70.5, and eliminating the stretch IRA.
Section 409A regulates nonqualified deferred compensation paid by a service recipient to a service provider and imposes a 20% excise tax for violations. Learn about the history, exceptions, rules, penalties and impact of this section on privately-held companies and their employees.
ERISA is a federal law that sets minimum standards for private pension and health benefit plans in the U.S. It was enacted in 1974 to protect plan participants and beneficiaries, and regulate plan fiduciaries, funding, vesting, disclosure, and benefits.
A Roth IRA is an individual retirement account that is not taxed upon distribution, provided certain conditions are met. It is named for Senator William Roth, who proposed the idea in 1989 and sponsored the legislation in 1997.
The fine print Like with any tax law change, there are a number of nuances and exceptions to the law that make it advantageous to work with a financial advisor or tax planner who can explain them.