New Inherited IRA Rules For Non-Spouses

As older generations are the biggest holders of retirement accounts, including the approximately $11.5 trillion held in IRAs today, a significant percentage of the assets is likely to be transferred through inheritance to non-spouse beneficiaries of all ages. Requirements for withdrawals from inherited IRA accounts can be complex so take time to understand the new rules, and consider consulting with a tax professional.

Average 401(k) Balance by Age In 2024: Benchmarking Your Retirement Savings

A 401(k), 403(b), or other retirement plan is more than a savings account. Retirement savings plans are a wealth-building tool to ensure a comfortable, secure, and stress-free retirement. By understanding how age, income, and gender impact your retirement savings, you can make better-informed decisions that align with your demographic and investment goals.

IRS Warns On Social Media Tax Credit Scam

In a just issued consumer alert, the IRS said bad advice is circulating on social media regarding an non-existent self-employment tax credit that is misleading taxpayers into filing false claims. In reality, the underlying credit being referred to on social media is a much more limited and technical tax credit for sick leave and family leave.

A Tax Planning Roadmap For Four Life Events

While taxes may not be on your mind while experiencing big life events such as marriage, buying a house, having children, and divorce, all four can impact tax planning by changing income, tax filing status and eligibility for various tax breaks.

Great Savers Could Face A ‘Tax Time Bomb’ In Retirement, Advisor Says — Here’s How To Avoid It

Starting in 2023, Secure 2.0, a $1.7 trillion legislative package signed by President Joe Biden in December 2022, raised the age that savers must start taking required minimum distributions, or RMDs, to 73. RMDs are typically tied to pre-tax retirement accounts, which incur regular income taxes for withdrawals. Those RMDs could push some retirees into a higher tax bracket.

Five Common Errors To Fix In Your IRA Before The IRS Flags Them

You might receive IRS Form 5498 for the previoous year if you had reportable deposits for your IRA, such as regular IRA and rollover contributions, and Roth IRA conversions. The form provides the basis for auditing such IRA activities and helps you to identify and fix related errors before the IRS flags them.