On December 29, 2022, the SECURE Act 2.0 of 2022 was signed into law to enhance America’s retirement savings outlook. Since the original SECURE Act (Setting Every Community Up for Retirement Enhanceme...
Tag: Roth IRAs
Here’s how to report Roth IRA conversions on your taxes
If you made a Roth individual retirement account conversion in 2022, you may have a more complicated tax return this season, experts say. The strategy, which transfers pretax or non-deductible IRA fu...
Year-End Changes To Lower Your Liability
Getty Images Key takeaways Tax season lies just around the corner, which means it’s time to seek those last-minute tax breaks While tax rates haven’t changed, each tax bracket (income range) has adjus...
How to save above 401(k) deferral limits with after-tax contributions
If you’ve already maxed out 401(k) plan contributions for 2022 and you’re eager to save more for retirement, some plans have an under-the-radar option, experts say. For 2022, you can defer...
Investors can contribute up to $22,500 in a 401(k) and $6,500 in IRAs in 2023
If you’re eager to save more for retirement in 2023, there’s good news from the IRS: higher limits for your annual 401(k) plan and individual retirement account contributions. The employee...
Backdoor Roth IRA: Pros, Cons, and Examples
Contents If your income exceeds the limits to contribute directly to a Roth IRA, you may have heard about the so-called ‘Backdoor Roth IRA,’ which allows traditional IRA conversions to Rot...
Retirement-Reform Bill Could Slash Taxes
Congress is working on some major revisions to the 2019 law that overhauled retirement tax rules for older Americans – and the changes could mean big savings for your investment portfolio and nest egg...
Americans are pausing investments because of the Russia-Ukraine war
The ongoing Russia-Ukraine war is degrading Americans’ financial outlook, sparking the desire to save more and postpone investing, according to a survey from MassMutual. But steering clear of st...