Are You looking for quick cash? Your retirement savings may look tempting. However, early withdrawals can mean paying income tax and a 10% early-distribution tax.
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Two recent pieces of tax legislation have created several tax changes for 2023. The legislation includes the Inflation Reduction Act and the Secure 2.0 Act.
DOL announced 2023 annual adjustments to penalties for benefits-related violations. 2023 adjustments are effective for penalties assessed after 1/15/2023.
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The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) recently became law. Provisions in the law will kick in over several years.
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The IRS announced the 2023 dollar limits and thresholds for 401(k)s and other qualified retirement plans. Changes reflect latest cost-of-living adjustments.
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Year-end is approaching as are the holidays. Before the seasonal celebrations, consider year-end tax planning moves to benefit you for both 2022 and 2023.
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An RMD is a required taxable distribution from a qualified retirement plan. Often associated with traditional IRAs, they also apply to 401(k)s and SEP IRAs.
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