If your household income last year was $57,500 or less, you could be leaving money on the table this tax season. Uncle Sam offers a tax credit that can be worth up to half of what you contribute to a traditional individual retirement account (IRA), Roth or workplace retirement plan. The Retirement Savings Contribution Credit [...] [...more]
It was a small but important line item in the recent “fiscal cliff” deal. As part of the American Taxpayer Relief Act of 2012, Congress made it possible for all retirement savers to convert their 401(k) accounts to a Roth 401(k) without moving money out of the workplace plan. The law permits all retirement savers [...] [...more]
The U.S. “fiscal cliff” is bad news for retirement security – whether we fall off it or not. If the White House and Congress don’t steer clear of the cliff, taxes on income and investments will jump, beginning January 1. And if a deal is reached in Congress, it could herald entitlement benefit cuts, higher [...] [...more]
Ed Slott is one of the nation’s top experts on IRAs and retirement saving. An author, public speaker and CPA, he emphasizes the importance of strategies for minimizing the tax burden on retirement saving. Ed recently published a brief book laying out fundamental principals for young retirement savers, called Fund Your Future: A Tax-Smart Savings [...] [...more]
When the Internal Revenue Service talks, Americans generally listen. But many will ignore the message the agency sent last week: You can save more in your tax-qualified retirement accounts next year. The IRS announced a $500 cost-of-living increase for the maximum tax-qualified contributions for 2013: $17,500 for 401(k) accounts and $5,500 for IRAs. Most retirement [...] [...more]
