Additional Tax Deadlines Pushed Back by IRS
Taxpayers are getting more time to meet some tax deadlines that would normally fall on April 15, such as making IRA contributions and filling certain claims for a refund.…
IRS Announces 2021 Income Ranges for IRA, Saver’s Credit Eligibility, and More
Taxpayers trying to plan their 2021 deductible retirement plan contributions will be happy to learn that the Internal Revenue Service this week published Notice 2020-79.…
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Aug. 31 is the Deadline to Return Distributions to Retirement Accounts
IRA owners, beneficiaries and workplace retirement plan participants who got a Required Minimum Distribution (RMD) this year have until Aug. 31 to rollover or repay the distribution in order to avoid being taxed on the payments.…
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CARES Act Allows Penalty-Free Withdrawals from Some Retirement Plans
Taxpayers can dip into Coronavirus Aid, Relief, and Economic Security Act-specified retirement accounts without suffering a penalty, according to an Internal Revenue Service press release published yesterday. This reminder comes just days after the $600 unemployment benefits included in that legislation expired.…
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Required Minimum Distributions on Hold for 2020
The Internal Revenue Service says seniors and retirees aren’t required to take money out of their IRAs and workplace retirement plans this year.…
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IRS Unveils New Relief for COVID-19 Retirement Borrowers
The COVID-19 pandemic has forced millions of Americans to take extraordinary steps just to stay afloat financially. For those taxpayers who might want to take distributions against their retirement plans or even borrow against their plans, the IRS has announced new relief.…
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401(k) Contribution Limit Edges Up for 2020
The Internal Revenue Service has released cost-of-living adjustments for tax year 2020 covering dollar limitations for pension plans and other retirement-related items.…
Press Release: Tax-Free Transfers to Charity Renewed For IRA Owners 70½ or Older; Rollovers This Month Can Still Count For 2014
WASHINGTON — Certain owners of individual retirement arrangements (IRAs) have a limited time to make tax-free transfers to eligible charities and have them count for tax-year 2014, the Internal…
