Pretend for a while that you are 40 years old and about to make an additional $10,000 per year with your new job that just started today, January 2, 2024. You are ecstatic about your future, and you go into your new HR manager’s office with all smiles ready to discuss details of your benefits package. You sit down and see that you have a 401(k) available with a Roth option and the ability to...
BFSG Blog
Financial Resources & News
There’s Still Time to Fund an IRA for 2023
The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2023. If you had earned income last year, you may be able to contribute up to $6,500 for 2023 ($7,500 for those age 50 or older by December 31, 2023) up until your tax return due date, excluding extensions. For most people, that date is Monday, April 15, 2024. You can contribute to a traditional IRA,...
Tax Planning Strategies to Reduce Your Tax Burden Now (2023 Update)
By: Arash Navi, CFP®, CPA, Controller & Wealth Manager Our goal is to help our clients build and grow their wealth and tax planning plays an important role in this process. We recommend that you mark your calendar to review your finances in the first week of October, annually. Take this time to review your income for the year from employment, businesses, investments, or any other...
RMD Relief and Guidance for 2023
In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The IRS has held off on releasing final regulations so that it can address additional changes to RMDs made by the SECURE 2.0 Act of 2022, which was passed in late 2022. In the meantime, the...
There’s Still Time to Fund an IRA for 2022
The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2022. If you had earned income last year, you may be able to contribute up to $6,000 for 2022 ($7,000 for those age 50 or older by December 31, 2022) up until your tax return due date, excluding extensions. For most people, that date is Tuesday, April 18, 2023. The IRS has postponed the deadline to...
Federal Income Tax Returns Due for Most Individuals
The federal income tax filing deadline for individuals is generally Tuesday, April 18, 2023. The IRS has postponed the deadline to file federal income tax returns and make tax payments for certain New York storm victims until May 15, 2023, and to July 31, 2023, for certain Mississippi storm victims. The deadline has been postponed for disaster-area taxpayers in most of California and parts of...
Five Ways SECURE ACT 2.0 Changes the Required Minimum Distribution Rules
The SECURE 2.0 legislation included in the $1.7 trillion appropriations bill passed late last year builds on changes established by the original Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) enacted in 2019. SECURE 2.0 includes significant changes to the rules that apply to required minimum distributions from IRAs and employer retirement plans. Here's what you need to...
The Best Strategies for your Required Minimum Distributions
By: Henry VanBuskirk, CFP®, Wealth Manager The current rule states that you must take your first Required Minimum Distribution (RMD) by April 1st of the year after you reach 72 and annually thereafter by December 31st of each year. When the SECURE Act became law on December 20, 2019, the RMD age was pushed back from age 70.5 to age 72. Plans affected by RMD rules are: 401(k) plans, 403(b)...
IRS Announces 2022 Retirement Account Contribution Limits
The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2022. While contribution limits are up for workplace plans, contribution limits for Individual Retirement Accounts are stuck at 2019 levels. Inflation means you can—and probably should—contribute more to your workplace retirement account in 2022. Check out the new limits here. Disclosure: BFSG...
There’s Still Time to Contribute to an IRA for 2020
Even though tax filing season is well underway, there's still time to make a regular IRA contribution for 2020. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2020 ($7,000 if you were age 50 or older on or before December 31, 2020). The Internal Revenue Service (IRS) delayed the April 15th tax-filing deadline to May 17th, giving taxpayers an...
IRS Extends Rules to Put Back RMDs Taken for 2020
The Internal Revenue Service recently announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. Some individuals had already taken out their RMD for the year prior to the CARES Act and had little recourse after the...
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