401(k) Contribution Limits |
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Many employers offer what are commonly referred to as 401(k) plans, named after the tax code section that created the plans. These plans allow employees to defer part of their earnings for retirement. Some employers offer matching contributions that increase the attractiveness of the programs.
Deemed IRAs Can Lead To Tax Problems |
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Tax laws allow a way for taxpayers to make both Traditional and Roth IRA contributions through their employer’s qualified plans. Under this program, employees can make “volunteer employee contributions” which can be designated as either Roth or Traditional IRA contributions.
Don't Mix Required Minimum Distributions! |
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Taxpayers who have reached the age of 70½ and have qualified retirement plans are generally required to take minimum distributions from those plans annually. Quite frequently, taxpayers have multiple IRA accounts in addition to one or more types of qualified plans.This gives rise to a commonly asked question, "Must I take a distribution from each individual account?"
Substantially Equal Payment Exception |
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The decline in the stock market has adversely affected the value of taxpayer’s retirement investments. This decline in value of retirement accounts has uniquely affected taxpayers who have taken early retirement.
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