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Archive for the ‘Retirement’ Category.

Here’s what people should know about taking early withdrawals from retirement plans

The IRS reminds taxpayers what happens in the event they decide to  raid their retirement plans---early withdrawals may be taxable or non taxable and subject to penalty. Taxpayers may need to take money out of their individual retirement account or retirement plan early. However, this ...

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Tax Time Guide: Seniors who turned 70½ last year must start receiving retirement plan payments by April 1

The IRS reminds taxpayers that, in most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans.  The payments are called required minimum distributio...

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Facts to help taxpayers understand Individual Retirement Arrangements

IRS explains the Individual Retirement Account (IRA) different types, their purpose, deductibility, taxability, rollovers and when you are required to withdraw funds called a Requirement Minimum Distribution or RMD. Individual Retirement Arrangements – better known simply as IRAs –...

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Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Irma

In a compassionate move realizing the extent devastation from Hurricane Irma and Harvey before it to taxpayers in FEMA designated areas, the IRS has included in the definition of Hardship under IRC Sections 401(k) and 403(B) distributions to victims of hurricane Irma as followed hurricane ...

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New Procedure Helps People Making IRA and Retirement Plan Rollovers

IRA and Retirement Plan Rollovers WASHINGTON — The Internal Revenue Service today provided a self-certification procedure designed to help   recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retir...

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Still Time to Make Your IRA Contribution for the 2015 Tax Year

Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA: Age Rules. You must be under age 70½...

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Many Retirees Face April 1 Deadline to Take Required Retirement Plan Distributions

IR-2016-48, March 28, 2016 WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned 70½ during 2015 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Fri...

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Early Retirement Distributions and Your Taxes

Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay. Here are a few key points to know about taking an early distribution: 1. Early Withdrawals.  An earl...

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Avoid tax on early retirement distributions

By Jillian K. Poyzer, CPA, and Timothy R. Yoder, CPA, Ph.D. January 1, 2016 Money invested in retirement accounts reaps the benefits of tax-deferred earnings and is therefore good for tax planning purposes. But putting money into retirement accounts limits the availability of funds bec...

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There is Still Time to Make your IRA Contribution for the 2014 Tax Year

Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA. Age rules.  You must be under age 7...

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Key Points to Know about Early Retirement Distributions

Some people take an early withdrawal from their IRA or retirement plan. Doing so in many cases triggers an added tax on top of the income tax you may have to pay. Here are some key points you should know about taking an early distribution: Early Withdrawals.  An early withdrawal norm...

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Early Retirement Plan Withdrawals & Your Taxes

Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans: 1. An early withdrawal normally means taking money from your plan before you reach age 59½. 2. If ...

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