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Retirement Provisions of the Coronavirus Relief Bill

The Senate’s $2 trillion coronavirus-relief bill that passed on March 25 includes benefits for Americans whose retirement accounts have been battered by the stock-market meltdown. Hardship distributions from IRAs and 401(k)s “Hardship withdrawals” of up to $100,000 are available. The withdrawals would still be taxable, but account owners can pay the income tax due [...]

Retirement Provisions of the Coronavirus Relief Bill2020-03-27T13:27:48+00:00

Retirement Contributions Limits Announced for 2020

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2020 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan increase from $19,000 to $19,500. The catch-up contribution [...]

Retirement Contributions Limits Announced for 20202019-12-28T21:52:41+00:00

Take Retirement Plan Distributions by December 31

Taxpayers born before July 1, 1949, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the end of the tax year. The required distribution rules apply to owners of traditional, Simplified Employee Pension [...]

Take Retirement Plan Distributions by December 312019-12-28T21:50:27+00:00

October 1 Deadline to Set up SIMPLE IRA Plans

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st. Here's what you need to know. What is a [...]

October 1 Deadline to Set up SIMPLE IRA Plans2019-12-28T21:16:00+00:00