Found 94 Matching Items; Displaying 31 - 40.
Choosing a retirement plan: Plan options
Starting a retirement savings plan can be easier than most people think. What's more, there are many retirement programs that provide tax benefits to both employers and employees.
General Information
Administrators
Taxpayers should review the 401(k) and IRA limit increases for 2023
Tax Tip 2022-178, November 21, 2022 — The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 - up from $20,500 for 2022. The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute to Roth IRAs, and claim the Saver's Credit will also all increase for 2023.
General Information
Individuals
Retirement plans: FAQs regarding SEPs
Find questions and answers on Simplified Employee Pension Plans (SEP), including contributions, withdrawals, investments and more.
General Information
Administrators
Retirement topics - Designated Roth account
A designated Roth account is a separate account in a 401(k) or 403(b) plan to which designated Roth contributions are made. Designated Roth contributions are not excluded from gross income and are currently taxed. Qualified distributions from a Roth account, including earnings, are excluded from gross income.
General Information
Administrators
When can a retirement plan distribute benefits?
When a retirement plan can distribute benefits, IRA distributions, normal retirement age, vested accrued benefit, termination of employment, required minimum distributions
General Information
Administrators
Individual retirement accounts can be important tools in retirement planning
Tax Tip 2023-116, Sept. 28, 2023 — It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund or stockbroker.
General Information
Individuals, Tax Professionals, Businesses
Seniors can reduce their tax burden by donating to charity through their IRA
Tax Tip 2022-171, November 8, 2022 — In most cases, distributions from a traditional Individual Retirement Account are taxable in the year the account owner receives them but there are some exceptions. A qualified charitable distribution is one of the few exceptions.
General Information
Individuals, Tax Professionals
Plan disclosure documents - Understanding your employer’s retirement plan
Your first step to saving for retirement is to understand how your employer’s retirement plan works. Most employer-sponsored retirement plans that receive favorable tax treatment must operate under a written document. Your employer must follow all plan provisions or risk losing the plan’s tax benefits. For most plans, your employer must give you plan disclosure documents explaining eligibility, contributions, vesting and other plan provisions.
General Information
Administrators